Public health issues are expanding with every passing year and donning a prominent place in the list are visual disorders and blindness, paving the way for heated discussions on the way forward. On the other side, these are creating lucrative opportunities for market players of ophthalmic knives to dabble with, leading the market to chart a healthy CAGR (Compound Annual Growth Rate) between 2019 and 2027. As per a Transparency Market Research (TMR) study, the market worth will be pegged at USD 460 million by the end of the forecast period.
This is interesting because it is in sync with better ophthalmic knives making the rounds, bringing too fore uncomplicated and hassle free surgeries of the eyes. As these play a critical role by facilitating accurate incisions, demand rises. One of the most significant factors leading to growth in the global ophthalmic knives market is the rise in geriatric population.
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Geriatric Population t Propel Growth in the Global Ophthalmic Knives Market over the Forecast Period
By 2050, 2 billion people will mark the age bracket of geriatrics – 60 and over. This is in direct contrast with a mere 900 million in 2015. As per a study, one in every six people will be aged 65 and above – one in every four in North America and Europe. It is interesting to note here that in 2018, the world witnesses making of history in terms of demographic shift. This year, for the first time in the history of mankind, there were more people aged 65 and above that those people aged five and below.
As this age group os prone to cataracts, glaucoma, vitreoretinal, and other refractive eye errors. This leads to much growth in the global ophthalmic knives market. This is further fuelled by technological advancements in the product.
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North America to Hold Lion’s Share over the Forecast Period
2018 was dominated by North America and the trend is set to continue over the forecast period owing to steep increase in geriatric population in the region and high level of technology adoption in healthcare. Besides, a high disposable income supports the growth of market in the region. Moreover, demand for minimally invasive surgeries and rise in incidence of vision impairment will lead to growth in the market heavily.
Another region that players will set eye on is the Asia Pacific (APAC) region that will create a plethora of untapped growth opportunities in the market, owing to rising disposable incomes, improvement in awareness levels and government efforts to improve healthcare outcomes. The growth would be notable in India and China in particular owing to a large patient pool and increases healthcare expenditure, leading to a significant CAGR over the forecast period.
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