Ophthalmic Knives Market to Reach $461.3 Mn, Globally, by 2031 at 4.3% CAGR: Allied Market Research
Increase in incidence of ophthalmic diseases such as keratosis, cataracts, and others and rise in government initiatives for lowering visual impairment drive the growth of the global ophthalmic knives market.
PORTLAND, Ore., Aug. 31, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Ophthalmic Knives Market By Design (Straight Knives, Crescent Knives, Slit Knives, MVR Knives, Others), By Product (Reusable Ophthalmic Knives, Disposable Ophthalmic Knives), By Application (Glaucoma Surgery, Cataract Surgery, Others), By End User (Hospitals, Eye Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ophthalmic knives industry generated $302.2 million in 2021, and is expected to reach $461.3 million by 2031, witnessing a CAGR of 4.3% from 2022 to 2031.
Prime determinants of growth
Increase in incidence of ophthalmic diseases such as keratosis, cataracts, and others, surge in adoption of surgeries to treat different types of ophthalmic diseases, and rise in government initiatives for lowering visual impairment drive the growth of the global ophthalmic knives market. However, lack of awareness regarding eye-related diseases, high cost of reusable ophthalmic knife products, and scarcity of skilled professionals in low-income countries hinder the market growth. On the other hand, advancements in ophthalmic knife columns in petrochemical applications and improved healthcare infrastructure in emerging countries present new opportunities in the coming years.
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Impact of Covid-19 on Ophthalmic Knives Market-
- The outbreak of Covid-19 disrupted the ophthalmic knives industry as the outpatient visits to clinics and hospitals for treatment of various diseases reduced considerably to avoid possibility of cross-contamination. Moreover, hospitals shifted their resources to take care of patients suffering from Covid-19 infection and postponed non-elective surgeries.
- Manufacturing activities of ophthalmic knives were disrupted due to lockdown restrictions, lack of sufficient availability of raw materials, and disruptions in the supply chain. The demand for ophthalmic knives reduced considerably as hospitals conducted only elective surgeries per week during the pandemic.
- According to the Ophthalmology Times article published in 2020, the number of elective surgeries lowered from 200 surgeries to only 10 surgeries per a week. In addition, there were a huge number of cancellations inpatient visits.
- According to an article published in the British Journal of Ophthalmology 2021, many glaucoma surgical procedures were postponed if there was no urgent threat of vision loss. In addition, governments issued limitations and bans on certain elective surgeries to shift the focus toward treatment of Covid-infected patients.
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The slit knives segment to maintain its lead position during the forecast period
Based on design, the slit knives segment accounted for the largest market share in 2021, contributing to around two-fifths of the global ophthalmic knives market, and is projected to maintain its lead position during the forecast period. This is due to its lightweight nature, easy-to-handle fur physicians, and blunt tips that offer seamless finishing. However, the straight knives segment is estimated to manifest the largest CAGR of 6.0% from 2022 to 2031, owing to its benefit of single-handed blade retraction.
The reusable ophthalmic knives segment to maintain its dominant share during the forecast period
Based on product, the reusable ophthalmic knives segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global ophthalmic knives market, and is expected to maintain its dominant share during the forecast period. This is attributed to great durability as they are manufactured with precision-engineered materials. However, the disposable ophthalmic knives segment is estimated to manifest the highest CAGR of 4.8% from 2022 to 2031, owing to affordability, reduced risk of cross infection, and lack of repair costs.
The cataract surgery segment to continue its highest contribution throughout the forecast period
Based on application, the cataract surgery segment accounted for the largest market share in 2021, holding nearly three-fifths of the global ophthalmic knives market, and is estimated to continue its highest contribution throughout the forecast period. Moreover, this segment is projected to grow at the largest CAGR of 4.4% from 2022 to 2031. This is due to increase in prevalence of cataract and rise in awareness about surgeries. The research also analyzes the segments of glaucoma surgery and others.
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North America to continue its highest contribution throughout the forecast period
Based on region, North America accounted for the largest market share in 2021, holding more than two-fifths of the global ophthalmic knives market, and is estimated to continue its highest contribution throughout the forecast period. This is due to a well-established healthcare infrastructure, surge in number of geriatric patients, and favorable reimbursement policies in the healthcare system. However, Asia-Pacific is estimated to manifest the largest CAGR of 5.6% from 2022 to 2031. This is due to improving healthcare infrastructure and expanding the presence of key market players in the region.
Leading Market Players
- Amar Instruments
- Bausch Health Companies Inc.
- Beijing Bohaikangyuan Medical Devices Co., Ltd.
- Core Surgical Ltd.
- Diamatrix Ltd.
- HAI Laboratories, Inc.
- Kanchan Eye Instruments
- Mani, Inc.
- Micromed International Pvt. Ltd.
- Omni Lens Pvt. Ltd.
- Ophtechnics Unlimited, Inc.
- Ophthalmic Solution, Inc.
- Paramount Surgical Ltd.
- SafeOps Surgical Care Ltd.
- Sidapharm, Inc.
- Surgi Edge, Inc.
- Surgistar, Inc.
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