Global Ophthalmic Knives Market Overview

• Ophthalmic knives, also known as microsurgical knives, are specifically designed for uncomplicated and hassle-free eye surgeries. Ophthalmic knives are available in different shapes and angles for accurate incisions in the cornea and sclera during an eye surgery. These knives consist of blades that are strong and break-resistant, and made of different materials such as stainless steel, diamond, sapphire, and silicon to provide sharpness and an accurate opening.
• Growth of the global ophthalmic knives market is attributed to increase in the global geriatric population, which is more prone to cataracts and refractive eye errors. Moreover, increase in the incidences of glaucoma, vitreoretinal, diabetes retinopathy, corneal transplantation, and technological advancements are boosting the growth of the global ophthalmic knives market.
• North America dominated the global ophthalmic knives market in 2018, and this trend is anticipated to continue during the forecast period. This is attributed to rise in the prevalence of ophthalmic diseases, awareness about minimal invasive surgeries, and surge in vision impairment in the region.
• However, increase in the number of local manufacturers is creating a pricing pressure, which is likely to hamper the growth of the global ophthalmic knives market in North America in the latter half of the forecast period. Asia Pacific is expected to be a highly lucrative market for ophthalmic knives during the forecast period.

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High Prevalence of Eye Disorders and Rise in Awareness to Drive Usage of Ophthalmic Knives

• The incidences of eye diseases has increased across the globe, and is expected to rise significantly in the near future. Ophthalmic disorders that need surgery are cataract, glaucoma, age-related muscular disorders, corneal transplantation, and others. Globally, eye disorders such as cataract, glaucoma, and age-related macular degeneration (AMD) are the leading causes of blindness and visual impairment. The high prevalence of eye disorders is fueling the demand for minimal invasive surgeries with ophthalmic knives.
• Cataract is the most prevalent eye disorder across the globe. Hence, the demand for eye surgeries to treat this disorder is high. Rise in cataract surgeries has induced manufacturers to focus on developing efficient and versatile ophthalmic knives. According to the NCBI journal, the rate of blindness caused by cataract is rising at 1 million per year, globally, and the number of people undergoing cataract operations is increasing by 4 million to 5 million per year. According to a WHO report (2010), glaucoma was estimated to cause blindness in 4.5 million people, which is around 12% of all global blindness, while AMD was the third-leading cause of blindness after cataract and glaucoma, with a global prevalence of 8.7%.
• The incidences of eye disorders such as cataract are expected to rise, due to the increase in the geriatric population. According to research, the prevalence of cataract is three times higher in India compared to that in the U.S., with 82% people in India aged between 75 years and 83 years affected by cataract as compared to only 46% in the U.S. in the same age group.

Increase in Geriatric Population Increases the Need of Surgeries

• The geriatric population is likely to suffer from cataract more often than the younger population. Moreover, the geriatric population is increasing at a faster pace than the younger population.
• Increase in the geriatric population aged above 65 years is projected to surge the incidences of eye disorders, which, in turn, is anticipated to boost the need for corrective surgeries and treatment of these disorders. Eye surgeries require ophthalmic knives for successful incisions. These factors are likely to boost the global ophthalmic knives market.
• According to the United Nations, the geriatric population aged above 60 is expected to double by 2050 and triple by 2100, an increase from 962 million in 2017 to 2.1 billion in 2050, and 3.1 billion by 2100.

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Adoption of Technologically-Advanced Blades

• Technological advancement is key for the growth of the medical devices market. Hence, manufacturers are keen on developing and offering innovative solutions to surgeons and patients.
• Bio blade is an innovative ophthalmic surgical blade recommended for uncomplicated eye surgeries, with excellent sharpness and consistency for smooth and uniform incisions.
• Bio blades are manufactured from highly purified stainless steel, which makes the blade hard and break-resistant, and are highly preferred by surgeons. Rise in the adoption of bio blades offers considerable opportunities to the providers of advanced ophthalmic care across the world.

North America to Dominate the Global Ophthalmic Knives Market

• Geographically, the global ophthalmic knives market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global market in 2018, followed by Europe. North America accounted for a major share of the global ophthalmic knives market in 2018, owing to high prevalence of ophthalmic diseases and awareness about eye surgeries.
• According to the National Eye Institute, 38.7 million people in the U.S. are expected to get affected cataract, 11.3 million people are likely to have diabetic retinopathy, and 4.3 million are estimated to have glaucoma, by 2030
• The ophthalmic knives market in Asia Pacific is projected to expand at a high CAGR from 2019 to 2027. This can be attributed to the increase in healthcare expenditure and large patient population, especially in countries such as India and China. Increase in the cataract population is anticipated to contribute to the rise in the usage of ophthalmic knives.

Key Players Driving Global Ophthalmic Knives Market

• The global ophthalmic knives market is fragmented in terms of number of players. Key players in the global ophthalmic knives market include Sidapharm, Surgical Specialties Corporation, Pfm medical ag, Alcon, Surgi Edge, Eagle Lab, Mani, Inc., Optitech Eyecare, Unique Technologies Inc., and Shah Eye Care Pvt. Ltd.
• Strong distribution network, launch of innovative microsurgical devices, and expand geographic presence are the key strategies followed by these major players to be competitive in the global ophthalmic knives market.