The microkeratome market consists of sharp microkeratome and elective microkeratome used for corneal flap creation in ophthalmic surgery procedures. These devices help in creating a consistent, smooth and predictable flap that leads to better visual outcomes and faster recovery for patients undergoing refractive error correction procedures like LASIK.
The global 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 Opportunity:
The increasing adoption of refractive error correction surgeries offers high growth potential for the microkeratome market. Refractive errors like myopia, hyperopia and presbyopia are leading causes of vision impairment globally. According to WHO, around 2.19 billion people suffer from refractive errors worldwide. Growing awareness about minimally invasive refractive error correction procedures like LASIK and PRK is driving their adoption. These procedures involve use of microkeratome for corneal flap creation which is expected to drive the demand for microkeratome devices. Furthermore, improving standards of living in developing countries is increasing healthcare expenditure on elective surgeries for better quality of life which will further propel the adoption of refractive error correction procedures using microkeratomes over the forecast period.
Porter’s Analysis
Threat of new entrants: The microkeratome market requires significant RD investments and regulatory approvals which pose high entry barriers for new players.
Bargaining power of buyers: The buyers have moderate bargaining owing to availability of alternative technologies for refractive surgery.
Bargaining power of suppliers: A few key players dominate the supply market, giving them significant power over pricing.
Threat of new substitutes: Technological advancement have introduced newer LASIK systems as an alternative but microkeratomes still have demand for flap making.
Competitive rivalry: The market sees intense competition with major players differentiating through design and technological innovations.
SWOT Analysis
Strength: Microkeratomes offer precise, smoothly cut flaps with minimal debris compared to other techniques. Advances like single use heads reduce risk of infection.
Weakness: Microkeratomes require skilled surgeons and are at risk of complications like irregular flaps. Procedure takes longer compared to newer methods.
Opportunity: Growing geriatric population prone to vision disorders and rising cataract cases will boost demand for refractive surgeries using microkeratomes.
Threats: Newer femtosecond lasers offer improved outcomes and are adopted faster being fully-automated. Post-Covid slowdown impacted capacity utilization.
Key Takeaways
The global microkeratome market is expected to witness high growth over the forecast period backed by rising prevalence of ophthalmic conditions. North America dominates the market currently owing to high refractive surgery adoption rates and presence of major companies. Europe follows in terms of revenue share on account of growing geriatric population burdened by cataract, glaucoma and related vision disorders requiring surgical interventions. Asia Pacific exhibits highest growth potential led by countries like China, India and Japan where increasing healthcare expenditure and awareness is boosting the volume of cataract and refractive surgeries.
Key players operating in the microkeratome market are EssilorLuxottica, Bausch Lomb Incorporated or its affiliates, Johnson Johnson Services, Inc., Carl ZEISS AG, Hoya Corporation, Alcon, Inc., STAAR Surgical, Novartis AG, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, and Glaukos Corporation. New product launches, capacity expansions and strategic alliances remain top priorities to strengthen market presence.
