Ophthalmic knives Market Expected to Reach $565.88 Million by 2032

According to a new report published by Allied Market Research, titled, “Ophthalmic knives Market: Opportunity Analysis and Industry Forecast, 2024–2032," The global ophthalmic knives market was valued at $385.70 million in 2023, and is projected to reach $565.88 million by 2032, registering a CAGR of 4.3% from 2024 to 2032.

Ophthalmic knives are fine blades designed for performing deep, fine, and precision cuts during ophthalmic surgeries to reduce the surgical footprint. These are manufactured using special alloys and have low tolerance.

Increase in the incidence of ophthalmic diseases, such as cataracts, keratosis, and others, coupled with the surge in adoption of surgery is the prime driver of the global ophthalmic knives market. For instance, in August 2023, the World Health Organization estimates that cataract is the most common eye ailment, which has caused blindness in 23 million people or 51% of the world’s blindness. The World Health Organization further states that an estimated 285 million people are visually impaired globally, of which 246 million people have low vision. Thus, there is a large market for ophthalmic knives owing to an increase in the number of treatments for cataract and national plans for the prevention of blindness. Furthermore, the increase in the number of ophthalmic surgeries also increases the adoption of ophthalmic knives, which further boosts the growth of the market.

However, high cost of the ophthalmic surgeries and reusable ophthalmic knives, and dearth of skilled professionals, coupled with lack of awareness about eye care in low-income economies are some of the factors hampering the growth of the ophthalmic knives market. Conversely, high growth potential in untapped emerging economies provides opportunities for the growth of the market. The ophthalmic knives market is segmented into design, product, application and end user.

According to design, the ophthalmic knives market is categorized into straight knives, crescent knives, slit knives, MVR knives, and others. The slit knives segment dominated the market in 2023 and is expected to remain dominant during the forecast period, owing to the fact that, slit ophthalmic knives are light in weight, easy to handle fur physicians, and have blunt tips that offer seamless finishing. However, the straight knives segment registered highest CAGR during forecast period owing to its benefit of single-handed blade retraction. These possess superior sharpness and are also available in double bevel type. The metal blades in straight knives are disposable, which drives their popularity over reusable blades, owing to advantages such as minimal cross-infection risks and affordability.

By product, it is segregated into reusable ophthalmic knives and disposable ophthalmic knives. The reusable ophthalmic knives garnered largest revenue to the market in 2023, owing to higher durability as these are manufactured with precision-engineered materials, which makes them reusable by physicians several times. However, the disposable ophthalmic knives segment is expected to register highest CAGR during the forecast period, owing to its affordability, reduced risk of cross-infection, and no risk of the knife becoming worn or damaged, which eliminates repair costs along with the risk of accidents or broken implements during surgery.

By application, the ophthalmic knives market is segmented into glaucoma surgery, cataract surgery, vitreoretinal surgery, and others. The cataract surgery segment dominated the market in 2023 owing to a high prevalence of cataracts and the increase in number of cataract surgeries worldwide. However, the glaucoma surgeries segment is expected to register highest CAGR during the forecast period owing to the rise in incidence of glaucoma.

On the basis of end user, it is segmented into hospitals, ophthalmic clinics, and others. The hospitals segment garnered largest revenue in 2023. This is attributed to the increase in number of ophthalmic surgeries, improving healthcare facilities, and favorable reimbursement policies. However, the others segment is expected to register highest CAGR during the forecast period. Increase in preference of patients toward ambulatory surgical centers for performing glaucoma surgery, due to reduced medical cost, easy access for patient, increased physician accessibility, and easy scheduling.

Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market was dominant, in terms of revenue, among other regions in 2023, owing to well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies in healthcare system. On the other hand, Asia-Pacific is expected to register fastest CAGR of 5.2% during the forecast period, owing to improving healthcare infrastructure in the region and large patient populations for target diseases. In addition, expanding presence of key market players in the region propels the ophthalmic knives market growth.

Key Findings of the Study

• On the basis of design, the slit knives segment dominated the market in 2023, and is expected to continue this trend during the forecast period.
• On the basis of product, the reusable ophthalmic segment dominated the market in 2023 and is expected to continue this trend during the forecast period.
• On the basis of application, the cataract surgery segment dominated the ophthalmic knives market in 2023 and is expected to continue this trend during the forecast period.
• On the basis of end user, the hospital segment is projected to grow at a CAGR of 3.7% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2023. However, Asia-pacific is anticipated to grow at the highest CAGR of 5.2% during the forecast period.