The microkeratome market product description and advantages include microkeratomes are specialized surgical devices used for performing corneal refractive surgeries such as LASIK (Laser-Assisted In-Situ Keratomileusis) by creating a thin corneal flap and a consistent stromal bed. Microkeratomes allow for precise incisions to be made below the epithelial layer of the cornea. This enables corrections to be made to the corneal stroma then replaced accurately once treatment is complete. The growing prevalence of myopia and hyperopia globally along with the rising demand for minimally invasive refractive surgeries are increasing the need for microkeratomes.
The Global Microkeratome Market is estimated to be valued at US$ 910.3 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the microkeratome market are EssilorLuxottica, Bausch & Lomb Incorporated or its affiliates, Johnson & Johnson Services, Inc., CooperVision, Carl Zeiss AG, Hoya Corporation, Alcon, Inc., STAAR Surgical, Marvel Medtech, Novartis AG, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.
Key opportunities in the market include expanding applications of microkeratomes in newer refractive surgical procedures and growing demand in developing economies. Advancements in technology are allowing for smoother, more precise cuts and automated systems for higher throughput and consistency.
Market Drivers
The key drivers fueling growth in the microkeratome market include the rising geriatric population globally susceptible to vision impairment issues. Advanced features in newer microkeratome devices such as automated function, integrated eyetracking, and wireless connectivity offer surgeons greater control and convenience. Increasing healthcare expenditure per capita in developing nations is also enabling more individuals to opt for corneal refractive surgeries.
Current Challenges in Microkeratome Market:
The microkeratome market is facing several challenges currently. One of the major challenges is the availability of alternative customized corneal refractive surgical options like laser eye surgery which has gained popularity over traditional corneal refractive surgery procedures like LASIK. Another challenge is the improving accuracy of laser eye surgery which provides better visual outcomes and requires less time for recovery compared to microkeratome procedures. Maintaining workflow efficiency during microkeratome procedures and reducing procedural risks continues to be a challenge for ophthalmologists. Rising requirements of skilled surgeons for microkeratome procedures also pose manpower challenges. Affordability of care is another limiting factor especially in developing regions with price sensitivity being a key decision factor for patients.
SWOT Analysis
Strength: Precise design of microkeratome cutting heads help achieve consistent, smoothly cut flaps which is critical for vision outcomes. Standardized commercial microkeratomes provide reliability.
Weakness: Requirement of skilled surgeon adds to procedure costs. Risk of complications like irregular flap cuts or wounds is higher compared to laser procedures.
Opportunity: Untapped demand in developing countries and rural areas where laser facilities are unavailable provides growth potential. New multi-use microkeratome devices can reduce costs.
Threats: Increasing popularity of laser eye surgery poses severe competition. Advancements in femtosecond lasers for corneal surgeries can further replace microkeratome usage.
Geographical Regions in terms of value
North America dominates the microkeratome market currently in terms of value due to high penetration of refractive surgeries and availability of advanced healthcare facilities. Countries like the US and Canada contribute major share. Asia Pacific region is expected to exhibit fastest growth supported by rising affluence, growing medical tourism and increasing acceptance of refractive corrections. Developing nations India, China and South East Asia offer significant untapped opportunities.
Fastest growing region
Asia Pacific region especially China, India, South Korea and other Southeast Asian countries are poised to be the fastest growing markets for microkeratomes during the forecast period. This is attributed to factors like rising prevalence of myopia, growing healthcare expenditure, expansion of healthcare infrastructure and increasing medical tourism. Greater acceptability of corneal refractive surgeries over spectacles or contact lenses in Asia Pacific population will drive higher adoption of microkeratome devices. Favorable government initiatives and investments are also supporting regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
