February 18, 2020
According to the research report titled ‘Ophthalmic Sutures Market Size By Type (Natural, Synthetic), By Absorption (Absorbable, Non-absorbable), By Application (Corneal Transplantation Surgery, Cataract Surgery, Vitrectomy, Iridectomy, Oculoplastic Surgery), End-Use (Hospitals, Ambulatory Surgical Centers [ASCs]), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, India, China, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global ophthalmic sutures market is projected to reach a valuation of USD 443.5 million by the end of 2025.
As per the report, ophthalmic sutures market is primarily driven by the rising incidences of ocular diseases and eye conditions including myopia, hypermetropia, cataract, and several others, worldwide. Studies from World Health Organization reveal that cataract is responsible for over 51 percent of world blindness, prompting the physicians worldwide to opt for surgical procedures to cure ophthalmic diseases. Besides, technological developments in ophthalmic sutures have enabled key market players to focus on the development of sutures which would enhance the post-surgical outcomes, paving way for ophthalmic suture industry expansion.
Based on the type, the report suggests that synthetic sutures segment would potentially exhibit a growth rate of 5 percent over 2019-2025 owing to the significant benefits it offers. Synthetic materials provide robust and prolonged support for gradually healing ocular tissues. Additionally, these sutures produce minimum tissue reaction, propelling the product demand worldwide.
In terms of absorption, non-absorbable sutures segment acquired a revenue share of more than 62 percent in 2018 and is expected to garner hefty proceeds in the upcoming years. These sutures portray high tensile strength and offer knot security, making them highly preferable for oncoplastic surgery. Furthermore, non-absorbable sutures remain unaffected by biologic activities of body tissue. Thus, the aforementioned parameters are driving the segmental growth.
Considering the application spectrum, corneal transplantation surgery segment is projected to register a CAGR of 6 percent through 2025. As per statistics by Eye Bank Association of America, over 82,994 corneal graft tissues were utilized in the United States in 2016. This has produced an upsurge in corneal donors since past few years now, positively impacting ophthalmic sutures market dynamics.
Citing the end-use vertical, report states that ambulatory surgical centers segment acquired a revenue share of 65 percent in 2018 and is likely to foresee tremendous growth over the stipulated timeframe. This growth is attributable to rising patient inclination towards the use of ambulatory surgical centers as they provide excellent quality treatment, low cost healthcare settings, and minimally invasive surgeries. In line with these, the centers also offer superior assistance, high infection control, and high quality equipment in the ophthalmic surgical procedures.
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As per the topography, Asia Pacific ophthalmic surgical industry is anticipated to observe a growth rate of 6 percent over 2019-2025, which is driven by the increasing geriatric population and sedentary lifestyle. Also, the expanding patient base in APAC region would induce the need for ophthalmic surgical procedures, providing a momentum to ophthalmic sutures market growth.
Key players operating in the global ophthalmic sutures industry include Medtronic, Teleflex, Conmed Corporation, Smith & Nephew, DemeTech, and multiple others. Apparently, these companies are keeping their best foot forward to sustain their presence in the global market by mergers, acquisitions, and collaborations and new product launches. In fact, Teleflex devised BONDEK PLUS BRAIDED suture which received an FDA clearance on October 2018 for ophthalmic procedures, augmenting the company’s stance in the ophthalmic sutures market.
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