Ophthalmic Knives Market - Global Emphasis on Improving Vision Quality to Underpin Market Growth
As visual impairment and blindness emerge as critical public health issues, a number of healthcare professionals and ophthalmologists are opening up to discussions on these aspects. As the world battles these scenarios, the focus remains on vision quality improvement with minimally-invasive procedures, bringing precise surgical instruments into the spotlight. While a lot is said and done about the surgical instruments used in the field of ophthalmology, improving the efficacy of these instruments remains paramount for manufacturers. In case of surgical instruments such as ophthalmic knives, smooth penetration and accurate incision remains paramount requirements that need be to be addressed.
TMR’s new study reveals exclusive insights into the ophthalmic knives market, allowing readers to gain a holistic market glance. According to the TMR study, revenue from the ophthalmic knives market was valued at nearly US$ 298.40 million in 2018. Remarkable technology advancements in eye care, tremendous growth in the number of eye surgeries, and an increasing aging population are likely to fillip the growth of the ophthalmic knives market in the foreseeable future.
Rising incidents of ophthalmic disorders, coupled with the growing risk and complexities of surgeries remain significant propellants for innovations in ophthalmic surgical devices and instruments, spawning the availability of precise and advanced microsurgical ophthalmic knives. Moreover, the remarkable uptick in the preference for precision surgical instruments across a slew of applications has further offered growth prospects for the providers of ophthalmic knives.
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Key Industry Trends Bolstering Ophthalmic Knives Market Growth
- Single-Use Ophthalmic Knives Gain Traction – The preference for sterile surgical instruments has been around for long, where healthcare professionals emphasize on high-level hygiene, particularly during surgeries. Moreover, minimizing the risk of cross contamination from exposure to elements has been a vital necessity for ophthalmologists. Aligned with this, numerous sterilization regulations regarding reusable ophthalmic knives are stringent, resulting in an inclination towards single-use disposable ophthalmic knives.
- Increasing Awareness of Ophthalmic Disorders - Aligned with the increasing rate of blindness observed worldwide, healthcare professionals and ophthalmologists are engaged in key activities to boost consumer awareness. Major investments targeted at conducting awareness programs are further likely to educate individuals pertaining to the seriousness of ophthalmic disorders, driving consumer attention towards timely diagnosis and treatment.
- Technological Developments Spark a Wave of Innovation – The expansion of the healthcare industry is closely linked to key technological advancements carried out globally. Ultra-precision and ease achieved in ophthalmic surgical instruments such as ophthalmic knives with the incorporation on cutting-edge technology is likely to provide a push to the applications of these devices.
- Growing Adoption of Microsurgeries to Create Future Scope - Continuous technological developments have led precision to become a mainstream aspect across the healthcare sector. Spawned by this evolution, there is a major adoption of microsurgeries cited across numerous healthcare fields, including ophthalmology. As microsurgery is gaining ground, the utilization of precision medical instruments, such as ophthalmic knives, is likely to spur.
- Training Initiatives for Surgeons to Improve Applicability - Training initiatives by providers of ophthalmic knives such as Alcon, as well as governments, in a bid to improve the skills of surgeons and healthcare providers, are further expected to boost market growth.
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Ophthalmic Knives Market: Winning Strategies of Competitors
The rising aging population along with an expansion in the global economy has positioned ophthalmic surgical instrument providers at an essential inflection point in the ophthalmic industry. Inspired by similar scenarios in the ophthalmic knives market, market competitors are implementing unique success strategies to gain an edge over their competitors.
Expansion of Distribution Network
Key providers of ophthalmic knives are emphasizing on expanding their businesses in the global market. In an attempt to make their products available on a global scale, providers are expanding their distribution networks to support their broader objective of exporting ophthalmic surgical devices, not just to local but also international markets. A strong distribution channel coupled with the emergence of local players is expected to create major opportunities for stakeholders.
Private Label Contract Manufacturing
Ophthalmic surgical device manufacturers are considering the private label contract manufacturing strategy as a key success factor. With the manufacturing of private label goods, established companies dealing in ophthalmic knives are expanding their scope of business across various regions.
Leveraging Opportunities in Developing Regions
Investments centered at expanding healthcare infrastructure and key initiatives taken by the governments of developing countries such as India to offer clinical care providers with precise and accurate surgical instruments have created growth opportunities for ophthalmic knives market players. Furthermore, players are tapping the opportune potential in Asia on account of the significant rate of the import of medical devices observed across developing countries in the region. With such scenarios, key ophthalmic knives market players are emphasizing on expansion in developing countries.
Product Customization Remains Imperative
The choice of customization offered by the providers of ophthalmic knives is offering immense flexibility to the end users. Contract manufacturing enables companies to fulfil the targeted needs of the clients. Companies such as Unique Technologies offer contract manufacturing, and enable customers to access their custom manufacturing facilities and simple inventory management. The perquisites of maintaining healthy relationships with trustworthy contract manufacturers are further enabling the rapid penetration of competitors in the ophthalmic knives market.
Ophthalmic Knives Market - Competitive Landscape
- Educating consumer bases about various eye disorders and enlightening them regarding their negative impacts remain a part of the continued commitment of the providers of ophthalmic knives. Alcon, a globally-recognized leader in eye care, recently launched a new art-focused campaign with respect to the Cataract Awareness Month. This campaign showcases the impact that cataract could have on seeing color, and encourages patients diagnosed with cataract to understand the benefits of cataract surgery.
- Novartis recently announced its agreement with Takeda Pharmaceutical Company Limited for acquiring the assets associated with Xiidra, (lifitegrast ophthalmic solution) 5% globally. The additional commercial experience established with Xiidra is likely to better position the former for front-of-the-eye pipeline products that are presently in development.
- Bausch Health Companies Inc.’s wholly-owned subsidiary and leading eye health company, Bausch + Lomb, recently announced 26 new scientific analyses. These novel scientific presentations reveal the positive experiences of ophthalmic surgeons with Bausch + Lomb products, including their vision enhancement system and intraocular lenses.
The ophthalmic knives market continues to witness the dominance of front runners, with a significantly major share held by them. The leading position of these giants is mainly attributed to their strong product lines and distribution networks, which allows them to cater to the needs of consumer bases overseas. The excellent quality-to-price ratio reflected by the ophthalmic knives market players has further fostered their strong market position. The production of OEM components and acquisitions are slated to be the key strategies driving business growth for key players in the ophthalmic knives market.
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Analyst Viewpoint of the Ophthalmic Knives Market
The authors of this report have a positive outlook about the market. Increasing consumer awareness pertaining to minimally-invasive surgeries and ophthalmic disorders have opened key opportunities for ophthalmic surgical instrument providers, as the demand from clinical care providers continues to rise.
First movers in the ophthalmic knives market can leverage from this robust demand by delivering top-selling types of ophthalmic knives. Another aspect that could form the basis of future business strategies for new players is the introduction of advanced and specifically-designed ophthalmic knives for ophthalmic surgeries, which has been a success-strategy for established players.
Rising awareness among patients regarding glaucoma, along with the introduction of favorable reimbursement policies across North America, are likely to spur the demand for glaucoma surgery devices, such as ophthalmic knives. Moreover, as North America is expected to be the leading region for ophthalmic knives, emerging companies should have considerable focus on this region. As consumers have several product options to choose from, innovative product development and differentiation could act as profit-gaining strategy for upcoming ophthalmic knives market players.
Consumer inclination towards heat-tempered knives, and the growing adoption of bio blades, owing to their smooth and precise incision, present significant opportunities for the manufactures of ophthalmic knives. The growing preference for disposable ophthalmic knives is also likely to influence the product-level strategies of the providers of ophthalmic knives.
The global ophthalmic knives market was valued at US$ 298.40 Mn in 2018, and is projected to expand at a CAGR of nearly 5% from 2019 to 2027. Advancements in technology, increase in the geriatric population, and rise in the patient population suffering from eye disorders are fueling the growth of the global ophthalmic knives market.
- Ophthalmic knives are microsurgical surgical devices specifically designed for eye and ophthalmic surgeries. Ophthalmic knives are specifically designed for accurate incisions during eye surgeries. Moreover, increasing minimal invasive surgeries is anticipated to fuel the demand for ophthalmic knives.
- Increase in ophthalmic disorders, availability of various types of ophthalmic knives, rise in preference for minimal invasive surgeries, surge in awareness regarding ophthalmic diseases and treatment, and increase in initiatives and investments by governments and companies are expected to boost the growth of the global ophthalmic knives market.
- The rise in the global geriatric population is likely to increase the number of people with avoidable blindness, primarily due to age-related vision impairment. The geriatric population is projected to increase by 56% (i.e. nearly 1.4 billion) by 2030. It is anticipated to increase from 901 million in 2030 to 2.1 billion by 2050. These factors are expected to contribute to the rise in the number of ophthalmic surgeries, which, in turn, is likely to boost demand for ophthalmic knives.
- Significant improvements and increase in initiatives adopted by governments to provide better healthcare services are projected to create awareness about eye disorders and treatments. Technological advancements are anticipated to lead to the development of ophthalmic knives with various angles and shapes.
Market Segmentation: Global Ophthalmic Knives Market
- The global ophthalmic market has been segmented based on product type, usage, blade type, application, end user, and region
- In terms of product type, the global ophthalmic knives market has been classified into crescent knives, slit knives, MVR knives, stab knives, and others.
- The stab knives segment dominated the global ophthalmic knives market in 2018, and this trend is projected to continue during the forecast period. This is because stab knives are the most common knives utilized during ophthalmic surgeries, including cataract surgeries. These are used to make precise incisions, and are available in various blades sizes. This type of knife improves the efficiency of surgeries and is recommended for cataract surgeries.
- In terms of usage, the global ophthalmic knives market has been bifurcated into reusable and disposable. The disposable segment is anticipated to be a prominent segment in the market, and this is expected to continue during the forecast period, owing to the convenience or ease of storage offered by disposable knives. The handling of disposable ophthalmic knives is easy, and the probability of these knives getting damaged or worn out is less. Moreover, disposable ophthalmic knives prevent contamination, and hence, infection control becomes easier. These knives are available at a lower cost as compared to reusable knives, and are affordable, especially for private practitioners and in developing countries.
- Based on blade type, the global ophthalmic knives market has been categorized into diamond, stainless steel, and others. The stainless steel segment is expected to be a prominent segment in the market, owing to the increase in the demand for stainless steel in the manufacturing of microsurgical devices such as ophthalmic knives. Attempts are being made to develop stainless steel ophthalmic knives with smaller edge radii and bevel angles to enhance performance.
- In terms of application, the global ophthalmic knives market has been divided into cataract, glaucoma, endothelial keratoplasty, and others. The cataract segment is likely to have a substantial share in the market, owing to the high cataract patient pool and increase in its incidences among the geriatric population.
- Based on end user, the global ophthalmic knives market has been classified into hospitals, specialized clinics, and others. The hospitals segment dominated the global ophthalmic knives market in 2018, owing to frequent and efficient usage, and availability of ophthalmic knives in these settings. Moreover, increasing admissions in hospitals and promising healthcare coverage are likely to boost the growth of the hospitals segment.
Regional Segmentation: Global Ophthalmic Knives Market
- In terms of region, the global ophthalmic knives market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- North America dominated the global market in 2018, due to the increase in the geriatric population, presence of key players, and awareness about ophthalmic disease treatments in the region
- Moreover, a large number of key suppliers offering ophthalmic knives and other microsurgical instruments is driving the demand for ophthalmic knives in the region.
- The market in Asia Pacific is projected to expand at a higher CAGR during the forecast period, due to the large patient pool suffering from eye disorders and rise in investments in healthcare in countries in the region.
Major Players: Global Ophthalmic Knives Market
- Key players operating in the global ophthalmic knives market include Sidapharm, Surgical Specialties Corporation, Pfm medical ag, Alcon, Surgi Edge, Eagle Lab, Mani. Inc., Optitech Eyecare, Shah Eye Care Pvt. Ltd., and Unique Technologies, Inc.
- These players are adopting strategies such as launching innovative products, large distribution networks across regions, and the introduction of new divisions to promote microsurgical devices so as to remain competitive in the global ophthalmic knives market.
TMR’s recent publication includes an extensive analysis on the ophthalmic knives market, where readers can get a holistic market overview with an evaluation of the key aspects pertaining to the market. The TMR report offers a detailed analysis based on the historical and current market data, offering readers a long-term forecast for the period of 2019–2027. The report includes crucial findings and exclusive insights pertaining to the ophthalmic knives market, allowing clients to make key decisions that support long-term business growth. The research states the changes in business models, along with key predictions, to help new market entrants analyze the various possibilities in the market. The evaluation of transforming consumption patterns, market dynamics, key industry trends, and a competitive assessment of the ophthalmic knives market included in the report further boosts the value of this business tool. The section-wise categorization of the ophthalmic knives market study, with the inclusion of exclusive insights and independent assessment of key market aspects, helps readers understand the market in greater detail.
Key Questions Answered in the Ophthalmic Knives Market Study
- Who are the key top competitors in the market?
- What is the expected market size and growth rate of the ophthalmic knives market for the coming five years?
- Which regions are slated to show growth opportunities for the players in the market?
- Which type of ophthalmic knives are expected to gain major applicability in the next five years?
- What are key growth strategies adopted by leading providers of ophthalmic knives to sustain in the market?
- Among reusable and disposable ophthalmic knives, which usage is likely to become popular over the coming years?
The report on the ophthalmic knives market begins with a preface that highlights the aspects of the market in a concise manner. Key research objectives and research highlights are also included in the report. This section is followed by an executive summary that helps readers in understanding the market briefly.
The next chapter is the ophthalmic knives market overview, which offers the market outlook at a glance, making it easier for readers to understand the avenues of the market, commencing with its definition, evolution, and brief introduction. Apart from this, key market dynamics are also discussed in the report, shedding light on the growth drivers, restraining factors, strong industry trends, and future opportunities. Furthermore, the analysis and forecast of the market involves key market revenue projections, volume projections, and Porter’s five forces analysis. Ahead, the report on the ophthalmic knives market also discusses the regional reimbursement scenario, and disease prevalence and incident rates, along with technological developments.
This section of the ophthalmic knives market report offers an in-depth segmentation analysis of the market, which is bifurcated on the basis of product type, usage, blade type, application, end user, and region. The segmentation analysis of the market offers a Y-o-Y growth projections and basis point share analysis to better understand the segments. Furthermore, the market attractiveness analysis included in this chapter allows report audiences to gain a complete understanding of the key segments in the market.
The section that follows after the segmentation analysis in the TMR study on the ophthalmic knives market offers a detailed overview of the regions across which the market is spread. The regional analysis of the market allows new entrants and established players to evaluate the performance of the market in respective regions. The individual regional assessment of the market backed by Y-o-Y growth predictions helps readers in tracing key regional opportunities, helping them in informed decision-making.
The final section of the study on the ophthalmic knives market offers a detailed analysis of the companies operating in the market. The competitive landscape is a thorough assessment of the companies, highlighting the nature of the market. The key growth strategies implemented by these companies, and the regions focused by them, are also included in the market study. The section begins with a unique competitive dashboard that offers the readers with a brief outlook of the market competitors. In addition, the competitive structure, key developments made by market competitors, and the factors driving their business are discussed in this section.
The TMR study on the ophthalmic knives market is based on a detailed evaluation of the market with the help of extensive primary and secondary research, along with an in-depth assessment of the competitive landscape. The analysis of the historical and current market for ophthalmic knives, with focus on the key market segments, regional analysis, pricing assessment, and other qualitative inputs, are taken in consideration while deriving at significant predictions for the market. Readers can access the market report to gain a forecasted market assessment for the period of 2019–2027
Ophthalmic Knives Market Taxonomy
Age-related Macular Degeneration (AMD)
Middle East & Africa