The microkeratome market consists of devices used to create a precise lamellar flap in the cornea during laser eye surgery procedures such as LASIK. A microkeratome features an oscillating steel blade that cuts a thin flap in the cornea, which is then folded back to access the areas beneath for laser ablation to modify refractive errors. Traditional microkeratomes use a mechanical microkeratome containing a diamond precision blade to create uniform predictable flaps. Newer technology includes fluid-based and femtosecond laser-assisted keratomes offering enhanced accuracy and safety benefits over mechanical devices.
The Global Microkeratome Market is estimated to be valued at US$ 910.3 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
- 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
- Rising prevalence of refractive errors globally and increasing demand for LASIK surgeries are driving the microkeratome market growth. Over 30 million people undergo LASIK surgery annually worldwide.
- Technological advancements in microkeratome blade technology, such as introduction of fluid-based and femtosecond laser-assisted keratomes, are improving procedure safety and accuracy compared to traditional mechanical devices.
Market Trends
- Increasing adoption of blade-free or all-laser LASIK - Femtosecond lasers create superior thin uniform flaps without blades, reducing flap complications. All-laser LASIK offers greater accuracy and versatility during flap creation.
- Multi-specialty partnerships and service offerings - Established eye care players partnering with LASIK surgeons to provide one-stop services, improving patient access and experience.
Market Opportunities
- Untapped growth potential in developing Asian and Latin American markets - Many countries have sizeable population needing vision correction but low penetration of refractive surgery.
- Emergence of customized laser treatment profiles - Advancements enabling precise laser profiles tailored to individual patient's corneal properties/vision needs. This improves outcomes.
Impact of COVID-19 on Microkeratome Market Growth
The outbreak of COVID-19 pandemic severely impacted the growth of microkeratome market globally in both short term and long term. During the initial phase of lockdowns imposed worldwide to contain the spread of virus, all elective surgeries using microkeratomes including laser eye surgeries were postponed. This led to significant decline in demand for microkeratomes from 2020 to 2022. Though surgical procedures have resumed post lockdowns, supply chain disruptions caused by restrictions on import-export of goods internationally affected the availability of microkeratomes. This along with reduced spending on non-essential healthcare by people due to economic uncertainties limited the market growth during the period. However, with vaccines roll out and reopening of economies, the demand is recovering gradually. But concerns over new variants can again impact the growth if strict restrictions are reimposed. For long term, increased awareness about eye care and rise in refractive errors will aid market recovery. But companies will need to focus on stockpiling, diversifying supplier base and maintaining competitive pricing to counter future disruptions.
The value concentration of Microkeratome Market differs geographically. North America represents the largest region where maximum value of microkeratomes is generated, led by high prevalence of refractive procedures and access to advanced technology in countries like United States. Within North America, United States accounts for major share due to supportive reimbursement policies and awareness levels. Coming next is Europe, driven by presence of prominent players and focus on quality healthcare systems across Western European countries. Asia Pacific is the fastest growing region for microkeratome market driven by rising medical tourism, increasing healthcare expenditure and growing middle class population willing to spend on eye care in major countries like China and India. However, other emerging regions also represent high growth opportunities for players given rising living standards and demand for enhanced vision care.
The Asia Pacific region presents high growth potential for Microkeratome Market over the forecast period 2023-2030. This is credited to factors like rising healthcare infrastructure and spending, growing medical tourism industry along with increasing cases of myopia and other refractive errors mainly in densely populated countries like China and India. Rapid urbanization and economic development in these nations have augmented the disposable incomes enabling more individuals to opt for advanced vision correction procedures using microkeratomes. Growing awareness about availability of refractive surgery options through effective promotional activities of market players also support the regional market growth. Further, supportive government initiatives to improve access to quality healthcare strengthen the developmental environment for microkeratomes in Asia Pacific. With anticipated economic and industrial expansion, the need for enhanced vision care is expected to surge dramatically in the region presenting immense opportunities for market participants.
