Ophthalmic Sutures Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Ophthalmic Sutures market size is expected to be worth around US$ 600.8 million by 2028, according to a new report by Vision Research Reports.

The global Ophthalmic Sutures market size was valued at US$ 400.6 million in 2020 and is anticipated to grow at a CAGR of 7.4% during forecast period 2021 to 2028.

Growth Factors

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.

Report Highlights

Based on type, the market has been segmented into natural and synthetic ophthalmic sutures. The synthetic sutures segment accounted for the largest market share in 2020. The dominance of the segment is majorly attributed to its high usage, which is driven by its ability to degrade by hydrolysis and therefore less inflammation on wound site. Synthetic sutures are composed of polyester, polypropylene, and polyamide, which increases their durability.

The natural sutures segment is also expected to witness considerable growth over the forecast period. These sutures are of different types such as collagen, surgical cotton, surgical silk, and surgical steel. The high growth rate of the segment is primarily attributed to its benefits such as good knot security, ease of handling, and initial tensile strength. However, natural sutures may cause tissue reactions and increase the chance of surgical site infection, which may restrict the growth of the segment.

By application, the cataract surgery segment accounted for the largest market share in 2020. This is primarily attributed to the increasing prevalence of visual impairment caused by cataracts. Cataract surgery technology and techniques have improved significantly over the last decade. At present, cataract surgery is the most frequently performed ophthalmic surgery in many developed countries. According to the American Society of Ophthalmology, approximately 24.4 million Americans aged 40 years and older were affected by cataract in 2015.

Many government and private initiatives are also likely to propel segment growth. The HelpMeSee initiative, for instance, has been working toward eliminating cataract-caused blindness in countries across Africa, Asia, and South America. Through the training of surgery specialists and developing advanced technologies and equipment, the U.S.-based nonprofit has partnered with over 300 surgery partners in less than a decade.

The corneal transplant surgery segment is expected to grow at the fastest rate during the forecast period. This is primarily driven by the increasing incidence of thinning of the cornea, causing scarring and irregular shape of the cornea. The most common surgical indications of corneal transplants are endothelial corneal dystrophy and keratoconus. Corneal transplantation is an effective treatment for several serious corneal diseases and is primarily aimed at restoring corneal transparency. Technological advancements and improvement in ophthalmic surgical techniques have led to an increase in the number of corneal transplants.

Based on end-use, the ophthalmic sutures market is segmented into hospitals and ambulatory surgical centers. Ambulatory surgical centers (ASCs) dominated the market in 2020 owing to the increasing number of surgeries being performed in these centers. Most ophthalmic surgeries are performed on an outpatient basis and do not require a hospital stay. Ophthalmologists in the U.S. perform more than 90% of such surgeries in ambulatory surgery centers, annually. Every year, approximately 3.8 million outpatient cataract surgeries are performed in the U.S.

Hospitals also accounted for a considerable share in 2020. This is primarily attributed to the rising incidence of eye disorders such as cataracts, glaucoma, and retinitis. Moreover, increasing government funding and rising private sector investments in healthcare are also driving the growth of the segment.

Based on absorption capacity, the market can be segmented into absorbable and non-absorbable ophthalmic sutures. The non-absorbable sutures segment captured the majority market share in 2018 and is expected to retain its lead position over the forecast period. Commonly used non-absorbable sutures may be made of synthetic materials such as polypropylene, nylon, and polyester or natural materials such as silk linen.

Non-absorbable sutures offer mechanical strength for longer durations. These variants are less prone to becoming infected as they lack rough surfaces for things to adhere to. Furthermore, these sutures can be permanently implanted into the body and can be removed after a few days of surgery to reduce the chances of post-operative surgical infection. However, these sutures have the disadvantage of loosening at the knots owing to lack of grip. This could hamper patient preference.

The absorbable ophthalmic sutures segment is expected to register a CAGR of 6.7% during the forecast period. The high growth rate of the segment is majorly attributed to product benefits such as the ability to provide short-term support to the wound until it heals significantly. These sutures undergo degradation and do not lose tensile strength to 60 days. Moreover, it is cost-effective as it is dissolved in the body after a certain period and does not require additional surgery to be removed.

Key Players

  • Accutome Inc.

  • Asset Medical Sarl

  • Alcon Inc.

  • Aurolab

  • B Braun Melsungen AG

  • DemeTech Corporation

  • FCI Ophthalmic Inc.

  • Medtronic Plc

  • Rumex International Co.

  • Surgical Specialties Corp

  • Teleflex Incorporated

  • Unilever.

Market Segmentation

  • Type Outlook

    • Natural

    • Synthetic

  • Absorption Capacity Outlook 

    • Absorbable

    • Non-absorbable

  • Application Outlook

    • Corneal transplantation surgery

    • Cataract surgery

    • Vitrectomy surgery

    • Iridectomy surgery

    • Oculoplastic surgery

    • Others

  • End-use Outlook 

    • Hospitals

    • Ambulatory surgical centers

    • Others

  • Regional Outlook

    • North America

      • The U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Ophthalmic Sutures market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Ophthalmic Sutures market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Ophthalmic Sutures market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ophthalmic Sutures market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ophthalmic Sutures market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Ophthalmic Sutures capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Ophthalmic Sutures by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ophthalmic Sutures market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ophthalmic Sutures market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ophthalmic Sutures market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Ophthalmic Sutures industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Ophthalmic Sutures market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ophthalmic Sutures market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ophthalmic Sutures market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ophthalmic Sutures market. These factors have benefited the growth of the global market for Ophthalmic Sutures. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ophthalmic Sutures. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Ophthalmic Sutures are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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