According to a new report published by UnivDatos Markets Insights, the Ophthalmic Knives Market was valued at more than USD XX million in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into 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.
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The Ophthalmic Knives market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Ophthalmic Knives market. The Ophthalmic Knives market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Ophthalmic Knives market at the global and regional levels.
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Market Overview
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.
Factors such as the adoption of affordable and disposable knives over reusable knives, and increasing product launch in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include 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.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The Ophthalmic Knives market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
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The global Ophthalmic Knives market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Design, the market is segmented into Straight Knives, Crescent Knives, Slit Knives, MVR Knives, Stab Knives, and Others. 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 the single-handed blade retraction.
· 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 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.
· 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.
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Ophthalmic Knives Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is dominating the ophthalmic knives market, which is mainly due to the continuously increasing cases of ophthalmic diseases such as glaucoma and cataract. For instance, as per the data of Bright Future Foundation, more than 3 Million Americans are living with glaucoma in year 2022, among which 2.7 Million cases are related to open-angle glaucoma. Further, Glaucoma costs the U.S. economy US$2.86 Billion every year in direct costs and productivity losses. Furthermore, some other factors such as the presence of major market players in the region along with the other driving factors including favorable reimbursement scenarios, and rising trends of disposable knives are some of the factors expected to play an important role in regional market dynamics.
The major players targeting the market include
· 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
· Alltion (Wuzhou) Co., Ltd.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Ophthalmic Knives market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Ophthalmic Knives market?
• Which factors are influencing the Ophthalmic Knives market over the forecast period?
• What are the global challenges, threats, and risks in the Ophthalmic Knives market?
• Which factors are propelling and restraining the Ophthalmic Knives market?
• What are the demanding global regions of the Ophthalmic Knives market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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