SELBYVILLE, Del., April 15, 2021 /PRNewswire/ -- According to the latest report "Ophthalmic Sutures Market by Type (Natural, Synthetic), Absorption (Absorbable, Non-absorbable), Application (Corneal Transplantation Surgery, Cataract Surgery, Vitrectomy, Iridectomy, Oculoplastic Surgery), End-use (Hospitals, Ambulatory Surgical Centers [ASCs]), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of point of care molecular diagnostics will cross $528 million by 2027. Technological advancements, innovations, and availability of a wide variety of ophthalmic sutures to suit the patient's need and surgical procedure requirement will accelerate the market growth.
Rising geriatric population is one of the major factors driving the market expansion. According to the Population Reference Bureau, population above 65 years of age in China, U.S., and India is 12%, 16%, and 6%, respectively. The number of elderly people in China, U.S., and India is 166.37 million, 52.76 million, and 84.90 million, respectively. The old age people are more likely to have ophthalmic ailments. Diminishing visual functions with increasing age is a growing concern. Some of the common ophthalmic disorders in geriatric population are cataract, glaucoma, diabetic retinopathy, and macular degeneration among others. Increasing geriatric population with need of one or more ophthalmic surgical procedures will boost the demand for ophthalmic sutures pushing market progression.
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The synthetic segment in the ophthalmic sutures market will witness around 7.5% growth rate till 2027. Synthetic sutures are the modern sutures made with polyester, polypropylene, and polyglactin. These sutures significantly reduce the risk of eye infection and less likely to cause inflammatory reactions. As a result, synthetic sutures are being used widely in ophthalmic procedures enhancing their demand. Thus, increasing demand will further propel the segment growth in the coming years.
The absorbable segment captured about 38% of the ophthalmic sutures market share in 2020. Absorbable sutures are generally placed internally. These sutures provide temporary wound support until the wound heals completely and after that the sutures are broken down by endogenous proteolytic enzymes over time. Absorbable sutures do not require wound reopening and suture removal, thus saving a clinic visit. Advantages of absorbable sutures over non-absorbable sutures are responsible for its increased use in surgical procedures. With increasing demand, the segment value is projected to be higher during the forecast years.
The ophthalmic sutures market for iridectomy segment is estimated to attain a CAGR of 8% CAGR through 2027. Iridectomy, also called as corectomy involves the removal of small piece of iris behind the cornea. Iridectomy is performed in the patients with closed angle glaucoma, and melanoma of the iris. Increasing incidence of these diseases is likely to push the segment revenue over the coming years.
The hospital segment in the ophthalmic sutures market is predicted to expand at a CAGR of more than 6.5% by 2027. Availability of high-tech equipment and technologies in hospital settings along with increasing need for ophthalmic surgeries will surge the number of surgeries being performed in hospital settings. Availability of emergency facilities along with well-established healthcare infrastructure in developed countries along with developing scenario in low-income economies will augment the segment expansion.
Asia Pacific ophthalmic sutures market size was over USD 72 million in 2020 on account of the growth of ophthalmic diseases across the region. Also, increasing geriatric and diabetic population requiring ophthalmic procedures will impel the regional growth. Growing demand for absorbable sutures is another factor likely to drive the market demand in the region.
Some of the eminent companies operating in market include Alcon Inc., Assut Medical Sarl, Aurolab, B. Braun Melsungen AG, BVI, DemeTECH Corporation, FCI (Carl Zeiss Meditec AG), Johnson & Johnson, Mani Inc., Medtronic, Orion Sutures India Pvt Ltd, Surgical Specialties Corporation, Teleflex Incorporated, and Unilene among many others. These market leaders are focusing on product innovation and implementing strategic developments in order to sustain the industry competition.
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Some major findings of the ophthalmic sutures market report include:
- Increasing prevalence of eye diseases in developed countries will foster the industry growth.
- Rising elderly population with ophthalmic ailments leading to surgical procedures will fuel the demand for ophthalmic sutures.
- Growing demand for absorbable sutures will enhance the growth of the market.
- Number of companies involved in development of new sustainable material for ophthalmic sutures will spur the industry progression.
- The impact of COVID-19 pandemic on the market was extensive in first and second quarter of 2020. This impact is mainly attributed to the guidelines provided by governments regarding postponing all the non-emergency procedures due to the pandemic. Reduced number of surgical procedures resulted in significant drop in business revenue for ophthalmic suture manufacturers as compared to historic years.
- Availability of alternate options, and complications associated with the use of ophthalmic sutures may thwart the industry expansion to an extent
Table of Contents (ToC) of the report:
Chapter 3. Ophthalmic Sutures Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016-2027
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By type
3.4.2. By absorption
3.4.3. By application
3.4.4. By end-use
3.5. COVID-19 impact analysis
3.6. Ophthalmic suture type - application analysis
3.7. Porter's analysis
3.8. Competitive landscape, 2020
3.8.1. Company matrix analysis, 2020
3.9. PESTEL analysis
Browse Complete Table of Contents (ToC) @
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The ophthalmic sutures market for synthetic segment is poised to expand at more than 7.5% CAGR till 2027.
SOURCE Global Market Insights Inc.