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Microkeratomes are surgical instruments used to cut a thin flap in the cornea for laser treatment in refractive surgeries such as LASIK. It offers effective and minimally invasive procedure for correcting refractive errors like myopia, hyperopia and astigmatism. Growing prevalence of refractive errors globally and availability of advanced microkeratome systems with user-friendly design are contributing to the growing adoption of refractive surgeries.
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 are EssilorLuxottica, Bausch & Lomb Incorporated or its affiliates, Johnson & Johnson Services, Inc. Microkeratomes offer greater precision and control during surgeries while minimizing complications.
The market provides ample opportunities for market players in terms of new product launches catering to diverse requirements. Growing emphasis on non-invasive procedures also presents growth prospects.
Key manufacturers are focusing on geographic expansion especially in emerging nations of Asia Pacific and Latin America through distribution agreements and acquisitions to tap the market potential.
Market drivers:
Growing geriatric population prone to vision disorders along with rising awareness about availability of corrective procedures is a key driver. Also, ongoing advancements in technology enhancing microkeratome functionality and safety are expected to support market growth over the forecast period.
PEST Analysis
Political: Regulations surrounding medical device approval and standards impact the speed of new product introduction.
Economic: Overall economic growth and disposable healthcare spending influence market growth.
Social: Growing elderly population and focus on eye care is driving demand.
Technological: Advancements in materials and lasers enable more precise cuts and faster procedure times. Innovation is also allowing newer applications.
North America accounts for the largest share of the microkeratome market in terms of value, with the U.S. being the major revenue generating country. This can be attributed to the presence of advanced healthcare systems, availability of reimbursement, growing geriatric population and rising prevalence of refractive errors. Additionally, growth in private insurance coverage and increase in spending on eye care are supporting market growth in the region.
The Asia Pacific region is projected to witness the highest CAGR during the forecast period. Increasing incidences of eye diseases, growing medical tourism, expanding healthcare infrastructure and rising disposable incomes are some key factors driving the market in Asia Pacific countries. Additionally, increasing awareness regarding vision correction procedures and presence of less stringent regulations compared to developed countries are contributing to market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
