April 24, 2024

Microkeratome Market Trends: Shaping the Future of Vision Correction

Microkeratome Market

The microkeratome market comprises devices and accessories that are used in refractive surgery procedures such as LASIK (laser-assisted in situ keratomileusis) to cut corneal flaps for improving vision. Microkeratomes help generate thin flaps on the cornea using a diamond or oscillating blade that creates uniform and precise cuts. The advantages of microkeratomes include highly precise incisions, minimal complications, rapid visual recovery, and durable results. With increasing prevalence of myopia, hyperopia, and presbyopia worldwide, the need for vision correction procedures like LASIK is growing rapidly.

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 market are EssilorLuxottica, Bausch & Lomb Incorporated or its affiliates, Johnson & Johnson Services, Inc., CooperVision, Carl ZEISS AG, Hoya Corporation, Alcon, Inc., STAAR Surgical, Marvel Medtech, Novartis AG, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation. These players are focusing on developing advanced keratomes with automation and digitization features.

The demand for microkeratomes is growing significantly driven by the rising prevalence of refractive errors and increasing LASIK procedures globally. Technological advancements in keratomes offering features like precision, reproducibility, and speed have further increased their adoption.

Geographically, the microkeratome market is expanding globally led by countries like the US, China, Japan, and India. Growth opportunities exist in developing Asian and Latin American countries due to increasing healthcare investments and accessibility.

Market Key Trends
The microkeratome market is witnessing a key trend of automation and digitization. Players are focusing on automated microkeratomes integrated with advanced optical coherence technology and sensors for automated corneal thickness measurement, flap cutting alignment, and precision. This enhances safety, reproducibility, customization, and reduces procedural errors. For instance, Bausch & Lomb Incorporated launched the LADARWave Custom Corneal Wavefront Guided LASIK platform integrating a digitally controlled femtosecond laser and keratome. This enables fully automated customized flaps. Similarly, Hoya Corporation offers the iFree Style, an artificial intelligence-guided femtosecond laser. Such advanced automated microkeratomes are increasingly adopted to improve precision and clinical outcomes.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to low capital required and available new technologies. However, established players have strong brand recognition and distribution networks.

Bargaining power of buyers: Moderate bargaining power due to availability of substitutes but customized solutions offered by suppliers.

Bargaining power of suppliers: High bargaining power of few large suppliers due to proprietary technologies and intellectual property.

Threat of new substitutes: Low threat as microkeratomes provide unique solutions for refractive errors compared to LASIK and other procedures.

Competitive rivalry: High competition between major players to gain market share through innovative product launches and expansion strategies.

Geographical regions: North America is currently the largest market for microkeratomes accounting for over 40% of total value sales due to rising prevalence of refractive errors and availability of advanced healthcare facilities.

Fastest growing region: Asia Pacific region is expected to witness highest growth during forecast period supported by growing medical tourism, rising healthcare standards and large untapped population base in countries like China and India seeking refractive surgeries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it