Ophthalmic Sutures Market size in U.S. to exceed USD 140 Mn by 2026
Published Date: February 5, 2020 Authors: Sumant Ugalmugle, Rupali Swain
U.S. Ophthalmic Sutures Market revenue is set to surpass USD 140 million by 2026; according to a new research report by Global Market Insights, Inc.
Increasing prevalence of diabetes will boost the market growth
Growing prevalence of diabetes owing to lifestyle modifications will boost the United states ophthalmic sutures industry growth over the forthcoming years. Lifestyle changes, unhealthy dietary habits and other environmental factors will surge the number of people suffering from diabetes and drive the ophthalmic sutures market growth in U.S. Several diabetes-associated complications often result in ophthalmic disorders such as cataracts, diabetic retinopathy, glaucoma, and diabetic macular edema. For treating such ophthalmic conditions, surgical procedures are recommended. The above-mentioned scenario favors market growth and will drive the demand for ophthalmic sutures in the near future.
Furthermore, rapidly ageing population is expected to drive the surgical sutures market growth. The elderly population base is more susceptible to various eye diseases that will fuel the market growth. According to the United Nations report, around 78.4 million people in the U.S. were aged 60 years and above in 2017 and the number is estimated to exceed 122 million by 2050. Thus, increasing geriatric population will surge the demand for surgical sutures, thereby escalating the market growth. However, availability of alternatives for ophthalmic sutures will impede the surgical sutures market growth.
Get more details on this report - Request Free Sample PDF
Browse key industry insights spread across 65 pages with 5 market data tables & 9 figures & charts from the report, “U.S. 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), Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Growing adoption of natural sutures in surgeries will lead the segmental growth
Natural sutures segment had more than 25% revenue share in 2019 owing to 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. The wide adoption of suturing silk in securing surgical drains will further drive the U.S. ophthalmic sutures market demand.
Increasing usage for soft tissue repair will drive segmental growth
Non- absorbable sutures market segment in U.S. is anticipated to witness more than 4% CAGR throughout analysis timeframe. The segment market growth is attributed to growing usage of non-absorbable sutures for soft tissue repair. These sutures are placed externally and are removed manually depending upon the wound healing condition. Non-absorbable sutures made of nylon (poylamide), silk, stainless-steel sutures, polypropylene sutures and polyester are extensively used when absorbable sutures do not suffice, thus, enhancing segment market growth over the forecast period.
Rising preference for cataract surgery will boost the segment growth
Iridectomy held around 16% revenue share in 2019. Iridectomy is a type of procedure that surgically removes the part of the iris. In the U.S., iridectomy surgery is performed on a larger scale as compared to other countries. According to the Bright Focus Foundation, in 2017, more than 3 million Americans were diagnosed with glaucoma. Among them 2.7 million were aged 40 years and older, that were affected by open angle glaucoma. Such factors will surge the demand for iridectomy procedures thereby, accelerating U.S. ophthalmic sutures market growth.
Shorter hospital stay and reduced risk of hospital-acquired infections will drive the segment growth
Ambulatory surgical centers segment was valued over USD 60 million in 2019. The segment is poised to show substantial market growth over the analysis timeframe owing to increasing patient preference towards cost effective ophthalmic procedures. Moreover, advanced ophthalmic procedures being performed in the ambulatory surgical centers will further drive the U.S. ophthalmic sutures market growth.
Strong foothold of industry players makes U.S. a lucrative market
Notable industry players operational in the U.S. ophthalmic sutures market share are Unilene, Teleflex Incorporated, Surgical Specialties Corporation, Medtronic, Johnson & Johnson, FCI Opthalmics, DemeTECH Corporation, B. Braun Melsungen AG, Aurolab, and Alcon Inc. These industry players have undertaken numerous initiatives for enhancing their ophthalmic sutures portfolio and maintaining their market share. For instance, in March 2019, Alcon acquired PowerVision, a U.S. based medical device company. This acquisition is aimed at developing innovative solutions for cataract patients across the world.
Explore More on Related Topics: