PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419096
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419096
Ophthalmic Sutures Market size was valued at USD 780.3 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Surgical sutures, also referred to as stitches, are mostly used to hold bodily tissues together and approximate the margins of wounds following an accident until healing progresses to the point where the wound can sustain itself. There are several absorbable and non-absorbable materials available for ophthalmic sutures.
The market is being driven primarily by the rising prevalence of various eye illnesses and vision loss. Visual impairment is a global health issue that negatively impacts both physical and emotional well-being. As to the American Academy of Ophthalmology, 7.32 million Americans are anticipated to experience primary open-angle glaucoma (POAG) by the year 2050. The market is primarily driven by rising awareness of eye ailments and rising rates of vision issues such glaucoma, cataracts, macular edema, and other neuro-ophthalmic disorders. Globally, glaucoma is one of the main causes of irreversible blindness. The American Academy of Ophthalmology estimated that 111.8 million people across the globe will have glaucoma by 2040. These factors are expected to proliferate the ophthalmic sutures market growth.
The Global Ophthalmic Sutures Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into two categories based on Type: natural and synthetic ophthalmic sutures. The synthetic ophthalmic sutures segment dominates the market. The natural sutures are also gaining traction in the market.
The market is divided into six categories based on Application: cataract surgery, corneal transplantation surgery, vitrectomy surgery, iridectomy surgery, oculoplastic surgery, and others. The cataract surgery segment dominates the market and is likely to maintain its dominance during the forecast period. The growing prevalence of cataract and eye related diseases to fuel the segment growth.
The market is divided into three categories based on End-User: hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers dominate the market and is likely to maintain its dominance during the forecast period. In U.S., around 90.0% surgeries are performed in ambulatory surgical centers.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market players are concentrating on implementing strategic initiatives like joint ventures, mergers & acquisitions, new product launches, and collaboration. To increase their business portfolios and fortify their positions in the market, major players are concentrating on developing novel surgical sutures and introducing new goods. For example, Ethicon created a coated VICRYL Plus Antibacterial suture. The product is a synthetic absorbable suture made of 90% glycolide and 10% L-lactide copolymer.
In November 2022, Alcon finished the attainment of Aerie Pharmaceuticals, Inc., to reinforce its position in the ophthalmic medicinal market.
The scope of this report covers the market by its major segments, which include as follows: