The Microkeratome Market is Estimated To Witness High Growth owing to Automation in Surgical Equipment Trend

The 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 Overview:

A microkeratome is a specialized surgical instrument used in refractive eye surgery to cut a thin flap in the cornea, allowing it to be lifted and reshaped to change the eye’s refractive error and improve vision. The precision and thinness of the corneal flap is critical for achieving good refractive outcomes. Advances in microkeratome design have improved flap consistency and safety.

Market key trends:

One of the key trends spurring growth in the Microkeratome Market Size is increasing automation and advancement in surgical equipment. Traditionally, microkeratomes relied on manually set parameters for flap creation. However, newer microkeratomes are fully automated and integrate features such as pressure sensors, automatic stop mechanisms and integrated pachymetry to precisely determine and control flap thickness. This reduces errors and variability compared to manual microkeratomes. Fully automated microkeratomes also simplify the surgical workflow. For example, models integrate with laser systems enabling one-touch ablation once the flap is lifted. Automated equipment enhances surgical accuracy and consistency, improves practice efficiency and enables achieving superior refractive outcomes. This drives increasing adoption of advanced microkeratomes.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. While capital requirement to establish new manufacturing facility is moderate, significant R&D investment is required for developing new microkeratome products which poses barrier for new players.

Bargaining power of buyers: Buyers have moderate bargaining power as several established players operate in the market providing multiple options. However, specialized nature of microkeratome limits impact of bargaining power.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power given availability of substitute raw materials and components. Established players can switch to alternate suppliers if needed.

Threat of new substitutes: Threat of new substitutes is low as microkeratome devices have well defined niche for LASIK procedures without direct substitutes.

Competitive rivalry: High as major players compete on basis of product innovation, quality and pricing.

SWOT Analysis

Strength: Established distribution channel and brand presence of key players. Availability of customization options for corneal flap thickness.

Weakness: High reliance on reimbursement policies for market growth. Comparatively high pricing of advanced microkeratome devices limiting their adoption.

Opportunity: Untapped growth potential in developing countries. Development of femtosecond laser-assisted microkeratome devices.

Threats: Stringent regulatory approval process increases new product development timelines. Risk of product recalls affecting brand image.

Key Takeaways

The global microkeratome market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of myopia and cataract globally. The market size for 2023 is estimated to reach US$ 910.3 Mn.

Regional analysis – North America dominated the overall microkeratome market in 2022 and is estimated to maintain its dominance over the forecast period. Asia Pacific is expected to exhibit fastest growth owing to rising medical tourism and increasing healthcare spending in the region.

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.

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