Ophthalmic Sutures Market worth over $528mn by 2027
Published Date: April 14, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Ophthalmic Sutures Market size is set to surpass USD 528 million by 2027, according to a new research report by Global Market Insights, Inc.
Rising elderly population globally, resulting in large patient population with ophthalmic disorders requiring ophthalmic surgeries will augment the market growth during the forecast period. Moreover, recent technological advancements in ophthalmic sutures have resulted in rapid transformation in ophthalmology field, thereby driving the market expansion.
Growing prevalence of diabetes leading to ophthalmic disorders will foster the market value
Increasing prevalence of diabetes owing to lifestyle modifications will ensure profitable scenario for the ophthalmic sutures market over the coming years. Diabetes is a rising challenge in several countries such as the U.S., India, and China. According to the WHO, as of November 2019, India is estimated to have around 8.6% diabetic population in the age group of 20 and 70 years. Similarly, there are about 60 million people living with diabetes in the European region. Lifestyle changes, unhealthy dietary habits and other environmental factors will surge the number of people suffering from diabetes. This may further lead to development of diabetic retinopathy. Blindness and vision impairment are some of the major consequences of diabetic retinopathy. Increasing prevalence of diabetes leading to various eye conditions including cataract, diabetic retinopathy, diabetic macular edema (DME), and glaucoma will surge the need for ophthalmic surgeries, thereby boosting the industry growth. Additionally, rising elderly population along with their age-related ailments, such as vision impairment will fuel the market revenue during the forecast timeframe.
Benefits of natural ophthalmic sutures will propel the market demand
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Natural ophthalmic sutures segment is expected to witness 6.5% growth rate till 2027 driven by its adoption in procedures involving tissues that regenerate faster. These sutures are mainly used due to their ability to lose their tensile strength after implantation, resulting in quick healing. Natural sutures are derived from purified animal tissues and are sometimes made of the purified serosa of bovine intestines. Silk and catgut sutures are common types of natural ophthalmic sutures. These sutures sometimes may cause inflammatory reactions, thereby slowing down its acceptance among the end-users within this industry.
Non-absorbable sutures dominate the ophthalmic sutures market
The non-absorbable ophthalmic sutures accounted USD 186 million in 2020 led by their growing usage for soft tissue repair. Also, non-absorbable sutures may be less likely to break prematurely or elicit an inflammatory response. These kinds of sutures are used to provide long term tissue approximation. Innovations and development in ophthalmic sutures will influence the market progression.
Browse key industry insights spread across 167 pages with 235 market data tables & 18 figures & charts from the report, “Ophthalmic Sutures Market Size By Type (Natural, Synthetic), By Absorption (Absorbable, Non-absorbable), By Application (Corneal Transplantation Surgery, Cataract Surgery, Vitrectomy, Iridectomy, Oculoplastic Surgery), By End-use (Hospitals, Ambulatory Surgical Centers [ASCs]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing corneal transplantation surgery will spur the industry expansion
The corneal transplantation surgery held around 11% of the market share in 2020 on account of growing geriatric population base susceptible to eye diseases Also, the surge in demand for Descemet’s Stripping Endothelial Keratoplasty (DSEK) and Descemet’s Membrane Endothelial Keratoplasty (DMEK) procedures for corneal transplant will favor the overall market expansion.
Growing ophthalmic procedures conducted in ASCs will favor the industry value
The ambulatory surgical centers segment dominated around 66% of the ophthalmic sutures market share in 2020 impelled by increasing patient preference towards cost-effective and advanced ophthalmic procedures in the ASCs. In addition, shorter stays and minimal risk of catching hospital-acquired infections in ASC facilities will bolster the segment progression, proving beneficial for the industry demand.
Rising elderly population base across several countries of Europe will enhance the market growth
Europe ophthalmic sutures market is predicted to attain a CAGR of over 6.4% through 2027. Effective regulatory framework and favorable reimbursement scenario in European countries propels the usage of ophthalmic surgeries. Increasing elderly population in several countries of Europe along with surging need for ophthalmic surgeries will boost the regional growth. Furthermore, presence of advance hospitals and specialty clinics in Europe providing high quality of patient care and eye surgeries will prove beneficial for the industry revenue.
Adoption of several organic and inorganic strategies assists major industry leaders to maintain their market share
Some of the leading companies operating in ophthalmic sutures market include Alcon, Assut Medical Sarl, Aurolab, B. Braun, BVI, FCI Ophthalmics, DemeTECH Corporation, Johnson & Johnson, Medtronic, Mani, Surgical Specialties Corporation, Teleflex Incorporated, and Unilene. These industry participants are implementing several business strategies to withstand the market competition.