Ophthalmic Market Worth $532.8 Million By 2026
The global ophthalmic sutures market size is expected to reach USD 532.8 million by 2026, expanding at a CAGR of 6.4% over the forecast period, according to a new report by Grand View research, Inc. Key factors driving the market are rising geriatric population prone to eye-related disorders, coupled with increasing awareness regarding advanced surgical procedures. Increasing aging population is expected to contribute to the rising burden of glaucoma around the world. According to the American Society of Ophthalmology, cataract alone affected over 24.4 million Americans aged 40 or more in 2016.
Key suggestions from the report:
Based on type, the synthetic sutures segment dominated the market in 2018, which can be primarily attributed to low rate of inflammatory reactions around wound site and higher durability
By way of absorption capacity, non-absorbable sutures led the market owing to benefits such as reduced chances of postoperative surgical infection and its ability to be removed after few days of surgery
On the basis of application, the cataract surgery segment was valued at USD 130.8 million in 2018 owing to high prevalence rate and large number of surgical procedures
Based on end use, ambulatory surgical centers held the largest share of more than 40.0% in 2018, fueled by large number of single-day procedures, which do not require hospital stay
North America held the dominant share owing to favorable reimbursement policies, local presence of key players, and supportive government initiatives
Key players in the market include Accutome, Inc.; Assut Medical Sarl; Alcon Inc.; Aurolab; B Braun Melsungen AG; DemeTech Corporation; FCI Ophthalmic Inc.; Medtronic Plc; Rumex International Co.; Surgical Specialties Corp; Teleflex Incorporated; and Unilene.
Read 110 page research report with ToC on “Ophthalmic Sutures Market Size, Share & Trends Analysis Report By Type (Synthetic, Natural), By Absorption Capacity, By Application (Corneal Transplant, Cataract), By End Use, By Region, And Segment Forecast, 2019 – 2026” at: https://www.grandviewresearch.com/industry-analysis/ophthalmic-sutures-market
Visual impairment is a global health concern. According WHO, it is estimated that around 1.3 million people live with some form of vision impairment currently. Technological advancements in the field of ophthalmology, such as self-sealing incisions, are expected to fuel market growth. Other factors driving the market are increasing awareness about various eye diseases, coupled with increasing number of ophthalmologists and better reimbursement policies.
Various government initiatives, increasing investments in research and development, and rising healthcare spending are also expected to propel the market over the forecast period. Furthermore, increasing number of ambulatory surgical centers and single-day surgeries is expected to propel the market. Most of the ophthalmic procedures are single-day surgeries, which do not require hospital stay. Thus, with increasing number of outpatient surgeries, the ophthalmic sutures market is expected to witness lucrative growth over the forecast period.