Ophthalmic Knives Market: Current Analysis and Forecast (2022-2028)
Emphasis on Design (Straight Knives, Crescent Knives, Slit Knives, MVR Knives, Stab Knives, and Others); Product (reusable and single-use), End Use (Hospitals, Ambulatory Surgery Centers, and Clinics); Region/Country.
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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Ophthalmic Knives Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Ophthalmic Knives market were the three major steps undertaken to create and analyze the adoption of Ophthalmic Knivess in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Ophthalmic Knives market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Ophthalmic Knives market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Ophthalmic Knives market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as design, product, and end use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Ophthalmic Knives market. Further, we conducted factor analysis using dependent and independent variables such as various design, product, and end use of Ophthalmic Knivess. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Ophthalmic Knives market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Ophthalmic Knives market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Ophthalmic Knives market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Ophthalmic Knives market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Ophthalmic Knives market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of design, product, and end use in the global Ophthalmic Knives market.
The main objective of the Global Ophthalmic Knives Market Study
The current & future market trends of the global Ophthalmic Knives market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Ophthalmic Knives market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of design, product, and end use.
- Define and analysis of the regulatory framework for the Ophthalmic Knives
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Ophthalmic Knives market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Ophthalmic Knives market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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