Home > Healthcare & Medical Devices > U.S. Ophthalmic Sutures Market
U.S. Ophthalmic Sutures Market size crossed USD 100 million in 2019 and is projected to grow at 4.8% CAGR from 2020 to 2026.
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Increasing prevalence of eye diseases in the U.S. has resulted in surge for numerous surgical procedures, thereby, driving the demand for ophthalmic sutures. Favourable reimbursement scenario for various procedures along with increasing out of pocket expenditure in the country will further drive the market growth.
Report Coverage | Details |
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Base Year: | 2019 |
Market Size in 2019: | USD 109.5 Million |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 4.8% |
2026 Value Projection: | USD 153 Million |
Historical Data for: | 2015 to 2019 |
No. of Pages: | 65 |
Tables, Charts & Figures: | 14 |
Segments covered: | Type, Absorption, Application, End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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Moreover, rising investment in R&D activities and focus of manufacturers on ophthalmic sutures innovation has led to advancements in the field of surgical sutures. Thus, growing demand for advanced ophthalmic sutures in surgical procedures will accelerate the industry market growth during the forthcoming years.
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Rising frequencies of eye diseases in the U.S. will propel the ophthalmic sutures market growth in the forthcoming years. The increased incidence of various ocular and ophthalmic conditions such as glaucoma, age-related macular degeneration, cataract, and diabetic retinopathy further positively impacts the market growth. According to the American Academy of Ophthalmology, 24.4 million people aged 40 years and above are affected by cataract in the U.S. alone. Thus, people from ophthalmic diseases opt for surgical procedures in order to improve their vision, thereby, augmenting the U.S. ophthalmic sutures market growth.
Furthermore, advancement in technology propels ophthalmic sutures industry growth during the forecast period. The industry players focus to introduce advanced and novel sutures for eye surgeries. For instance, Ethicon (Johnson & Johnson), introduced a synthetic absorbable sterile surgical suture, increasing its adoption in surgical procedures. Thus, advanced functionalities in ophthalmic sutures will propel its adoption, thereby, boosting the market growth for ophthalmic sutures. However, risks associated with ophthalmic sutures may negatively impact the market growth.
Based on type, synthetic sutures segment is expected to witness around 5% growth during the forecast period. Synthetic sutures, known as the most modern sutures, are widely used in several ophthalmic procedures thereby, enhancing its market demand over the forecast period. Synthetic suture reduces the chance of eye infection and is available in specific sizes with absorbable and non-absorbable properties. It is suitable for ophthalmic surgeries as it is chemically inert, possesses excellent knot security, high tear resistance and excellent tissue passage. Availability of such products will further favour the segmental growth.
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Based on absorption, absorbable sutures segment is predicted to grow over 5% during the analysed timeframe. The absorbable suture material is metabolized by endogenous proteolytic enzymes. Growing adoption of absorbable sutures such as polyglactin 910, poliglecaprone 25, polydioxanone sutures and catgut in the internal body tissue procedures, will surge its market demand during the analysis period.
Based on application, the U.S. ophthalmic sutures market covers corneal transplantation surgery, cataract surgery, oculoplastic surgery, vitrectomy, iridectomy, and others. Cataract surgery segment was valued over USD 40 million in 2019. Increasing incidence of cataract in the U.S. will surge the need for cataract surgeries and boost the market growth. Furthermore, the National Eye Institute stated that, cataract removal is the highly common procedures performed in the U.S. the above-mentioned factors will further enhance the market growth, thereby, accelerating segmental market growth over the coming years.
Hospitals segment will witness around 3.5% CAGR owing to availability of high-tech equipment and technologies in hospital settings. Availability of emergency facilities along with well-established healthcare infrastructure in the country will augment segment market growth.
Some of the key players operating in the ophthalmic sutures industry are Aurolab, DemeTECH Corporation, B. Braun Melsungen AG, Alcon Inc., FCI Opthalmics, Johnson & Johnson, among others. These key industry players operating in ophthalmic sutures market are undertaking various strategic initiatives in order to increase their market share.
Market Outlook, By Type, 2015 - 2026 (USD Million)
By Absorption, 2015 - 2026 (USD Million)
By Application, 2015 - 2026 (USD Million)
By End-use 2015 - 2026 (USD Million)