The Microkeratome Market is estimated to be valued at US$ 910.3 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A microkeratome is a surgical instrument used in LASIK procedure (Laser-Assisted In Situ Keratomileusis) to create a very thin flap of corneal tissue. The microkeratome creates the initial cut in the cornea, with the surgeon then lifting the flap and applying an excimer laser to reshape the stroma underneath. Advanced microkeratome devices are equipped with high precision oscillating microtome technology and hydrodissection tool for creating uniform, consistent and precise corneal flaps with minimum trauma.
Market Dynamics:
One of the key drivers boosting growth of the microkeratome market is rising prevalence of myopia and hyperopia across the globe. According to a report by Coherent Market Insights, around 5 billion people globally are estimated to have either myopia or hyperopia by 2050. This rising prevalence has increased demand for refractive surgery procedures such as LASIK, thereby fueling adoption of advanced microkeratome devices in healthcare settings. Additionally, ongoing technological advancements including integration of digital imaging and visualization systems in microkeratomes for enhanced precision and safety during surgery is also expected to support market growth over the forecast period.
Segment Analysis
The Microkeratome Market Size can be segmented into moria microkeratome, hansatome microkeratome and other microkeratome. Moria microkeratome dominates the microkeratome market with around 65% share owing to its precision and safety in creating corneal flaps. It is able to create flaps of uniform thickness and minimize flap complications.
PEST Analysis
Political: Regulations regarding medical device approval and usage differ across countries which can impact the market.
Economic: Increasing disposable income levels globally have boosted expenditures on eye care and surgical procedures driving market growth.
Social: Rising awareness about benefits of laser-assisted in situ keratomileusis(LASIK) and growing preference for minimally invasive procedures are key social factors.
Technological: Advancements in microkeratome design such as incorporation of piezoelectric technology enable creation of thinner flaps with less variability aiding increased adoption.
Key Takeaways
The global microkeratome market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing preference for blade-free laser eye surgeries. The market size for 2023 is US$ 910.3 Mn.
North America is expected to dominate the microkeratome market over the forecast period owing to high prevalence of refractive errors and favourable reimbursement policies in the region. The APAC market is witnessing fastest growth and is projected to reach a value of US$ 200 Mn by 2030 with China and India emerging as high potential markets.
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. EssilorLuxottica and Bausch & Lomb dominate with a combined market share of over 50% owing to their robust product portfolios and geographic footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
