Home > Healthcare & Medical Devices > Ophthalmic Sutures Market
Ophthalmic Sutures Market size was valued at more than USD 297 million in 2020 and is expected to witness over 7.2% CAGR from 2021 to 2027. An ophthalmic suture is a filament of material widely used to ligate blood vessels and to hold tissues together. Growing awareness regarding different eye disorders and surging funding for several eye-based research through government bodies and private as well as public companies stimulates the market demand. Similarly, surging emphasis of various industry players on developing innovative and efficient ophthalmic sutures will prove beneficial for the overall market growth.
Get more details on this report - Request Free Sample PDF
Moreover, the COVID-19 pandemic had a significant impact on the industry. Following the guidelines published by the Government of India (GoI) related to COVID-19, surgical procedures that can be safely postponed without additional notable risk to the patient, were delayed after the pandemic. Thus, in 2020, the impact of COVID-19 on ophthalmic sutures in first and second quarter was extensive. This resulted in a substantial drop in ophthalmic suture business revenue generation in 2020 as compared to the historic figures. However, on the good side, government of different countries have given clearance for functioning of eye care facilities for better patient engagement and care. Thus, it will open several lucrative growth opportunities for the market in the coming years.
Rising incidence of eye ailments in developing as well as developed countries will drive the market expansion during the forecast timeframe. Demographic shift has led to an increased prevalence of several ophthalmic and ocular conditions including age-related macular degeneration, diabetic retinopathy, glaucoma, cataract and blindness or low vision. Globally, the leading causes of vision impairment and blindness are cataracts and uncorrected refractive errors.
Report Coverage | Details |
---|---|
Base Year: | 2020 |
Market Size in 2020: | USD 297.1 Million |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 7.2% |
2027 Value Projection: | USD 528.6 Million |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 167 |
Tables, Charts & Figures: | 253 |
Segments covered: | Type, Absorption, Application, End-use and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
The synthetic segment accounted for USD 210 million in 2020. Synthetic sutures are the modern sutures, extensively used in different ophthalmic treatments. These sutures diminish the chance of eye contagion and is accessible in different sizes. Synthetic sutures are strong enough to hold tissue and flexible enough to be knotted proving beneficial for the market progression.
The absorbable segment is estimated to showcase around 7.5% growth rate till 2027. Absorbable sutures break down safely in the body over a certain period of time without intervention that will increase the industry demand. The type of suture used in different ophthalmic procedures varies depending on the discretion, treatment and professional experience of surgeons. In addition, absorbable sutures are often placed internally and does not require re-opening of the wound thus, enhancing its usage in surgical procedures thereby favouring the industry growth.
Get more details on this report - Request Free Sample PDF
The cataract surgery held 35% of the ophthalmic sutures market share in 2020 and is forecasted to observe similar growth trend as cataract is the second leading cause of blindness throughout the globe. Cataract diminishes the alertness of vision and is usually predominant among the geriatric population base that surges the industry progression. Moreover, numerous risk factors responsible for cataract including long-term exposure to UV rays, diabetes, hereditary influences, eye injuries and smoking will favour the overall market expansion.
The hospitals segment captured 28% of revenue share in 2020 due to increasing prevalence of eye disorders such as glaucoma, cataract, retinitis, and others in most parts of the world. Availability of emergency facilities along with well-established healthcare infrastructure in developed countries along with developing scenario in low-income economies will augment the market revenue.
Get more details on this report - Request Free Sample PDF
North America ophthalmic sutures market is predicted to attain a CAGR of over 6.5% through 2027. Increasing number of ophthalmic surgeries along with technological advancement in the region will enhance the demand for eye procedures thereby fuelling the market demand. Continuous investments in R&D and rising usage of ophthalmic sutures is poised to boost the industry expansion. Furthermore, the industry will similarly prosper owing to rising awareness and acceptance rate of ophthalmic sutures in regional hospitals and ambulatory surgical centers.
Some of the prominent companies operational in the market include Alcon, Assut Medical, Aurolab, B. Braun, BVI, DemeTECH, FCI (Carl Zeiss Meditec AG), J&J, Mani, Medtronic, Orion Sutures, Surgical Specialties, Teleflex and Unilene among others. These variant industry leaders are undertaking numerous progressive strategies to capture a higher revenue share in this overall market.
Market, By Type, 2016-2027 (USD Million)
Market, By Absorption, 2016-2027 (USD Million)
Market, By Application, 2016-2027 (USD Million)
Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: