Ophthalmic Knives Market: Current Analysis and Forecast (2022-2028)

Global Ophthalmic Knives Market is expected to grow at a significant rate of around 5% during the forecast period. ophthalmic surgical knives are the surgical instrument used to perform eye surgeries and manage ocular emergencies such as retinal detachment, vitreous hemorrhage, retinoblastoma surgery, and pars plana lensectomy. Ophthalmic surgeries are among the most exacting and sensitive procedures done on the eyes and the smallest error can lead to the loss of an eye as well as visual loss. Ophthalmic surgical knives are extremely complex, specialized instruments with sharp blades that are designed to reduce harm from rough handling. In recent years, the increasing incidences of ophthalmic diseases such as glaucoma and cataract are majorly driving the growth of the market. For instance, as per the data of Bright Focus Foundation, more than 80 million people are living with glaucoma worldwide in the year 2022 and this number is expected to reach 111 Million by the year 2040. Further, the adoption of affordable and disposable knives over reusable knives, and increasing product launch are also some other factors driving the market growth.

Alcon, Inc., Hoya Corporation, Topcon Corporation, HAI Laboratories, Inc., Bausch + Lomb Incorporated, MANI, INC., Seiko Optical Products Co., Ltd., Nidek Co., Ltd., Ziemer Ophthalmic Systems AG, and Alltion (Wuzhou) Co., Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst Design, Straight Knives category to witness higher CAGR during the forecast period"

Based on Design, the market is segmented into Straight Knives, Crescent Knives, Slit Knives, MVR Knives, Stab Knives, and Others. The straight Knives category is to witness higher CAGR during the forecast period owing to its increasing adoption rate in ophthalmic surgical procedures along with its benefit related to single-handed blade retraction.

"Amongst Product, the disposable ophthalmic knives segment is expected to witness higher CAGR during the forecast year"

On the basis of Product, the market is categorized into reusable and single-use. The disposable ophthalmic knives segment is expected to witness the fastest CAGR during the forecast period owing to the increasing adoption of reusable products. By using disposable surgical knives, the risk of cross-infection is reduced. Disposable knives are primarily used in hospitals and larger clinics that place bulk orders due to their affordability. Additionally, because they are affordable and give beginners and students the opportunity to try a variety of designs, sizes, and forms, disposable or single-use ophthalmic knives are suitable for these users.

"Amongst End Use, the disposable ophthalmic knives is expected to grow with significant CAGR"

Based on End Use, the ophthalmic knives market is classified into hospitals, ambulatory surgery centers, and clinics. The clinic segment is expected to witness significant CAGR during the forecasted year due to increasing number of ophthalmologists and optometrists offering individual clinical services. Additionally, it is anticipated that the participation of charitable organizations like Rotary International and rising awareness of eye problems will accelerate the segment's growth.

"Asia Pacific to grow with highest CAGR during the forecast period"

Asia Pacific to grow with the highest CAGR during the forecasted year. The drivers such as rising need for sophisticated ophthalmic knives along with increasing number of local market participants in nations like China, India, and South Korea, are driving the Asia Pacific ophthalmic knives market. Further, medical tourism has dramatically increased in places like Thailand, India, and Malaysia. For instance, as per the data of the Malaysia Healthcare Travel Council (MHTC), the healthcare traveler volume in Malaysia increased from 859,000 in 2015 to 1,220,000 in the year 2019. This is brought on by the growing number of healthcare service providers who give top-notch services at reasonable prices. Additionally, it is anticipated that the demand will increase during the projection period due to the growing number of non-profit organizations that offer free or inexpensive healthcare services in the region's rural areas.

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