by The global Microkeratome Market is estimated to be valued at US$ 910.3 Mn or 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 refractive surgery procedures such as LASIK to gently cut a very precise and thin flap in the cornea. It helps create a uniform thickness flap, allowing for a smoother and predictable laser ablation. Advantages of microkeratome include higher precision, consistency and control over corneal flap thickness as compared to other techniques. The creation of corneal flaps is an essential part of refractive surgeries and rising number of such procedures globally is driving the demand for microkeratome devices.
Market key trends:
One of the key trends in the Microkeratome Market Size is rapid digitalization. Manufacturers are integrating advanced technologies such as artificial intelligence and machine learning in microkeratome devices to improve accuracy and precision of corneal flap cuts. This helps achieve improved clinical outcomes. In addition, data analytics capabilities allow monitoring instrument performance for quality control. Transition to portable digital versions from conventional table-top microkeratomes is another trend being observed. This enables greater flexibility and mobility for eye care practitioners. The focus on technology advancements is expected to increase adoption of microkeratome and support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants in the microkeratome market face high threat as the market is dominated by a few major players. Significant investments are required for R&D, manufacturing, and distribution. Bargaining power of buyers: The bargaining power of buyers is moderate as the market has several global players providing a variety of options. However, the need for specialized products gives an advantage to existing players.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component suppliers. Key materials can be substituted easily.
Threat of new substitutes: Threat from new substitutes is moderate as newer technologies offer improved accuracy and safety. However, microkeratome devices are trusted technologies with established clinical results.
Competitive rivalry: The microkeratome market witnesses high competition due to the large presence of major multinational companies. Players focus on new product launches and geographic expansion to gain market share.
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 refractive error correction procedures.
Regional analysis: North America dominates the microkeratome market owing to rapid adoption of advanced technologies and a large patient pool undergoing refractive surgeries in the US and Canada. Asia Pacific exhibits high growth prospects led by expanding healthcare infrastructure and increasing medical tourism in countries like India and China.
Key players: 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. These players are focusing on new product launches and geographic expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
