Ophthalmic Sutures Market size to exceed $443.5 mn by 2025
Published Date: May 31, 2019 Authors: Sumant Ugalmugle
Ophthalmic Sutures Market Size is set to exceed USD 443.5 million by 2025; according to a new research report by Global Market Insights.
Rising prevalence of diabetes in developed and developing economies will foster the business growth in near future. According to Centers for Disease Control (CDC), in 2017 there were more than 100 million people in the U.S. alone living with diabetes and pre-diabetic conditions. Various diabetes associated complications often result in severe ophthalmic disorders such as diabetic retinopathy, cataracts, diabetic macular edema and glaucoma. For treating such ophthalmic conditions, surgical procedures are recommended. This scenario favors business growth as demand for surgical sutures will augment in analysis timeline.
Increasing geriatric population globally will positively impact industry growth in analysis timeframe. According to the United Nations 2017 report, about 78.4 million people in the U.S. were in age group of 60 years and above. Elderly population base is susceptible to eye diseases. For instance, weakened blood circulation and pancreatic functionality result in harsh ophthalmic disorders. Thus, rising geriatric population will surge demand for surgical procedures, thereby escalating market growth. However, postoperative complications associated with ophthalmic sutures may hinder business growth to some extent.
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Synthetic sutures segment had more than 70% revenue share in 2018. Considerable share is attributed to benefits offered by synthetic sutures over natural. Natural sutures can cause tissue reaction that may results in inflammatory reaction and several post-operative complications. In contrast, synthetic sutures are effectively used in wound closure of corneal incisions as they do not cause post-surgical complications and result in quick recovery of patient.
Absorbable sutures segment is anticipated to witness more than 5.5% CAGR throughout analysis timeframe. Absorbable sutures are digested by enzymes or else get hydrolyzed by phagocytosis. It has several surgical advantages and are safe to use. Moreover, in ophthalmic surgeries, absorbable sutures are prominently used as it gets diminished once the wound is healed and no foreign material is retained in the body. This avoids further complications of removing stitches, that improves patient outcomes thereby, enhancing the segmental growth.
Cataract surgery held around 38% revenue share in 2018. Significant revenue is attributed to increasing incidences of cataracts due to diabetes. Cataract is one of the major reasons for vision loss. As a result, patients are treated with surgical procedures to remove cataract. Ophthalmic sutures have pivotal role in cataract surgeries. Thus, increasing number of people suffering from cataract will prove beneficial for segmental growth.
Hospitals segment was valued over USD 88 million in 2018. Increasing expenditure by government authorities on hospitals is resulting in development of infrastructure. Moreover, hospitals are well equipped with technological advanced surgical devices that helps physicians to provide qualitative treatment that enhances patient outcomes. Furthermore, availability of well trained technicians in hospitals will augment the segmental growth.
Browse key industry insights spread across 125 pages with 112 market data tables & 9 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) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
North America held more than 35% revenue share in 2018 and it is anticipated to witness robust growth in analysis time period. Favorable demographic trends will positively influence the industry growth. Rise in number of working individuals suffering from eye disorders proves beneficial for industry growth as it increases the demand for ophthalmic surgical procedures. Lifestyle changes such as prolonged exposure to harmful radiations are propelling the prevalence of eye diseases. Above mentioned factors coupled with other demographic trends such as increasing prevalence of diabetic retinopathy in obese population should surge industry growth in coming years.
Notable industry players operational in ophthalmic sutures market are Accutome, Assut Medical, Alcon Inc., Aurolab, B. Braun Melsungen AG, DemeTECH Corporation, FCI Opthalmics, Johnson & Johnson, Mani, Medtronic, Rumex, Surgical Specialties Corporation, Teleflex Incorporated and Unilene. Industry players implemented strategies such as mergers, acquisitions, collaborations, partnerships to enhance their market position and sustain in the market. For instance, DemeTEch Corporation launched DemeSORB that is braided synthetic absorbable suture used in ophthalmic surgeries. This strategy enables firm to provide end users with innovative products, that helps it to sustain its market position.
Ophthalmic sutures market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Ophthalmic Sutures Market, By Type, 2014-2025 (USD Million)
Ophthalmic Sutures Market, By Absorption, 2014-2025 (USD Million)
Ophthalmic Sutures Market, By Application 2014-2025 (USD Million)
- Corneal transplantation surgery
- Cataract surgery
- Oculoplastic surgery
Ophthalmic Sutures Market, By End-use, 2014-2025 (USD Million)
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia