The global ophthalmic knives market size is expected to reach USD 2.4 Billion by 2026, as per a new report by Grand View Research Inc. It is projected to register a CAGR of 4.9% during the forecast period. Introduction of advanced knives and rising incidence of age related ophthalmic diseases are some of the major factors driving the growth.
Increasing overall life expectancy and rising geriatric population is expected to cause steep increase in age related ophthalmic disorders. Along with these, incidence of lifestyle associated ophthalmic devices including myopia and hypermetropia are expected showcase significant growth during the forecast period. Most of these ophthalmic conditions cannot be treated by drugs. Increasing number of ophthalmic surgeries are expected to boost the market during forecast period.
High competition and introduction of local players are the factors encouraging market players to introduce advanced knives at affordable prices. Major players are focusing on developing innovative manufacturing techniques along with advanced raw materials to reduce the device price.
Incorporation of new reimbursement policies in developed countries along with growing efforts of non-profit organizations to increase awareness about ophthalmic conditions and to provide affordable/free ophthalmic procedures in rural regions are the factors expected to boost the number of ophthalmic surgeries.
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Further key findings from the report suggest:
- North America captured the largest ophthalmic knife industry share in 2018 owing to favorable reimbursement policies, presence of major market players, and rise in geriatric population
- Straight knives segment is anticipated to expand at a CAGR of 4.10% during the forecast period owing to fine design, durability, and sharpness of the knives
- Slit knives segment is also expected to register lucrative CAGR in near future owing to extensive use for entry in anterior chamber/phaco stab incision (single bevel) in eye-related surgeries
- Single-use/disposable knives segment is expected to witness significant growth over the forecast period due to features such as safety and affordability
- The key players profiled in the ophthalmic knife market comprise Alcon, Inc.; Hoya Corporation; Essilor; Topcon Corporation; Hai Laboratories, Inc.; Bausch and Lomb Incorporated; MANI Inc.; Seiko Optical Products Co., Ltd.; Nidek Co., Ltd.; Ziemer Group; Alltion; and DGH Technology