The global ophthalmic knives market exhibited a value of USD 1.56 billion in 2019 and is projected to reach USD 2.33 billion by 2027, growing at a compound annual growth rate (CAGR) of 5.1%. The increasing prevalence of various eye-related disorders is driving the growth of the ophthalmic knives market. The World Health Organization (WHO) reports that over 2.2 billion individuals worldwide are affected by vision impairment or blindness. The industry is witnessing a surge in the use of disposable knives due to their cost-effectiveness and efficiency. These knives eliminate the risk of accidental or hospital-acquired infections and do not require sterilization processes like reusable knives.
The growth of the ophthalmic knives market is also propelled by the rising number of ophthalmic surgeries, particularly cataract and LASIK surgeries. In the United States alone, approximately 3.8 million cataract surgeries are performed annually. Furthermore, the expanding elderly population, which is highly susceptible to age-related eye diseases like cataract and age-related macular degeneration, is expected to drive the industry significantly. The Centers for Disease Control and Prevention (CDC) estimates that around 3 million Americans will be affected by age-related macular degeneration by 2020.
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Companies considered and profiled in this market study:
The key players in the global Ophthalmic knives includes companies such as Alcon, Inc., Topcon Corporation, Bausch and Lomb Incorporated, Seiko Optical Products Co., Ziemer Group, Sidapharm, Hoya Corporation, Nidek Co., DGH Technology, and Alltion. The players operating in the field have undertaken several strategies related to the industry in the period 2017-2020.
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Factors driving the growth of the Ophthalmic Knives Market include:
- Increasing prevalence of eye-related disorders: The market is fueled by the rising incidence of various eye-related disorders, such as cataracts, age-related macular degeneration, and other vision impairments. The growing global population affected by these conditions drives the demand for ophthalmic surgeries and, consequently, ophthalmic knives.
- Growing demand for ophthalmic surgeries: The increasing number of ophthalmic surgical procedures, including cataract surgery and LASIK surgery, is a major driver for the market. The advancements in surgical techniques and the desire for improved vision and eye health contribute to the demand for ophthalmic knives.
- Technological advancements in ophthalmic knives: The development of innovative ophthalmic knife technologies, such as micro-incision knives and bladeless knives, enhances the precision, safety, and outcomes of eye surgeries. These advancements attract healthcare professionals and contribute to market growth.
On the other hand, there may be certain factors restraining the growth of the Ophthalmic Knives Market, including:
- High cost of ophthalmic surgeries: The cost associated with ophthalmic surgeries, including the use of specialized instruments like ophthalmic knives, can be a barrier to access for certain patient populations, particularly in lower-income regions or countries with limited healthcare resources.
- Stringent regulatory requirements: The market growth may be hindered by strict regulations governing the manufacturing and use of ophthalmic knives. Compliance with these regulations can be time-consuming and costly for manufacturers, impacting market expansion.
- Limited awareness and accessibility: In some regions, particularly in developing countries, there may be limited awareness and accessibility to ophthalmic surgeries and related instruments like ophthalmic knives. Lack of awareness among healthcare professionals and patients may restrain market growth.
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