The rising global incidences of eye diseases such as cataract, glaucoma and corneal transplant, the increasing geriatric population, technological advancements, and rising adoption of ophthalmic knives in surgeries all over the world are expected to drive the market in the forecast period.
Ophthalmic Knives Market Size – USD 1.56 Billion in 2019, Market Growth – CAGR of 5.1%, Market Trends– Rising incidences of ophthalmic surgeries
The current analysis of Reports and Data, the ophthalmic knives market was valued at USD 1.56 billion in 2019 and is expected to reach USD 2.33 billion by the year 2027, at a CAGR of 5.1%. The market is extensively driven by increasing incidences of eye-related diseases in developed as well as developing countries. For instance, nearly 2 billion people had vision impairment across the world, either moderate or severe, due to some eye diseases in 2019, according to the World Health Organization (WHO).
Around 123.7 million people are affected by refractive error, 62.5 million people are affected by cataracts, 6.9 million by glaucoma, 4.2 million by corneal opacities, 3 million by diabetic retinopathy and 2 million by trachoma. The increasing acceptance of affordable and disposable knives and increasing adoption of ophthalmic knives in minimally invasive surgeries for the treatment of disorders like cataract and glaucoma are estimated to boost the market growth. As visual damage and blindness develop as critical public health problem, a number of healthcare professionals and ophthalmologists are using ophthalmic knives so as to improve the efficacy and reliability of the instruments and the procedure. The geriatric population, which is prone to eye disorders due to aging effects, is also driving the sector widely. The rising awareness about eye diseases could be another expected factor that would propel the demand. However, the precision and exquisite training required for the use of ophthalmic knives is expected to hinder the growth of ophthalmic knives.
The COVID-19 impact:
The pandemic outbreak of SARS-CoV-2 has impacted globally with more than 15 million cases. To reduce the impact of infection the restricted lock down and prohibited international trade have impacted negatively the market growth of ophthalmic knives for shorter span of time. Major developed nations like the U.S, U.K are prominently dependent on raw materials needed for manufacturing of ophthalmic knives. Moreover, the strict lockdown led to temporary shutdown of manufacturing plant to follow the physical distancing policy resulted into insufficient inventory of ophthalmic knives. In addition, the postponed or cancelled surgeries in mean time have obstructed the market growth furthermore. However, slow recovery of the market is estimated to bring stability in the market.
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Further key findings from the report suggest
Increasing medical tourism, globalization and rising FDI in major countries like India, Malaysia, Thailand and Tibet are estimated to boom the market growth in the region.
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For the purpose of this report, Reports and Data has segmented the Ophthalmic Knives market on the basis of design, type, material type, application, end use and region:
Design Outlook (Revenue in Million USD; 2017–2027)
Type Outlook (Revenue in Million USD; 2017–2027)
Material Outlook (Revenue in Million USD; 2017–2027)
Application Outlook (Revenue in Million USD; 2017–2027)
End-use Outlook (Revenue in Million USD; 2017–2027)
Regional Outlook (Revenue in Million USD; 2017–2027)
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2016 – 2026
Chapter 3. Indicative Metrics
3.1. Macro-Economic Indicators
3.1.1. Technological Advancements
3.1.2. Rising number of neurodegenerative disorders
3.1.3. Increase in geriatric population
Chapter 4. Global Ophthalmic Knives Segmentation & Impact Analysis
4.1. Global Ophthalmic Knives Segmentation Analysis
4.2. Industrial Outlook
4.3. Market Indicators Analysis
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