PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1195275
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1195275
Ophthalmic Sutures Market is expected to grow considerably through 2032, owing to the increasing technological advancements in natural and synthetic sutures. Not to mention, the growing investments in R&D, new product launches, mergers, acquisitions, and partnerships by leading providers in the ophthalmic suture market, to strengthen their presence, would add impetus to the industry outlook. For instance, Corza Medical recently announced taking over Barron Precision Instruments in an attempt to expand its ophthalmology surgery segment and the production capacity.
Although, the market growth is expected to be hampered due to the lack of skilled ophthalmologists. The use of ophthalmic sutures is an essential skill that every surgeon must have, which is expected to significantly impact market growth in the coming years. Nevertheless, the rising geriatric population base and increasing prevalence of eye diseases are the factors projected to positively impact the overall industry growth during 2023-2032.
Overall, the ophthalmic suture industry is segmented in terms of type, material, coating, material structure, absorption, application, end-user, and region.
Based on type, the synthetic ophthalmic sutures segment is expected to grow considerably through 2032, due to rising demand and increased awareness of the benefits offered by synthetic ophthalmic sutures including high tensile strength, increased flexibility, and durability.
Considering the material, the nylon ophthalmic sutures segment is expected to be valued at approximately USD 566 million by 2032 end. Nylon ophthalmic sutures are soft and smooth, offer efficient knot security, are infection resistant, and can be removed easily without any tissue adherence. All these factors will further propel segmental growth in the future.
By coating, the uncoated segment held a market share of over USD 503 million in 2022 and is expected to register notable gains through 2032. The growth can be ascribed to wide application of these sutures for desired apposition of wound edges, hanging back of tissues, fixation of detached structures, and lifting tissues, among others.
Based on material structure, the monofilament segment held approximately 56% market share in 2022 and is expected to register significant growth through 2032, owing to the rising preference for monofilament sutures in ophthalmic surgeries. In addition, such sutures cause minimum tissue trauma and less reaction, which will help the segment growth in the future.
By absorption, the absorbable segment will showcase positive growth through 2032 owing to its rising inclination to hold eye tissues together after surgery. In addition, several leading key players are constantly engaging in R&D initiatives to introduce new, highly effective, absorbable sutures that will help the market grow.
Considering the application, the cataract surgery segment is anticipated to depict over 7% CAGR between 2023-2032. The segmental growth can be attributed to the rising awareness towards cataract surgeries. For the record, more than 10 million cataract surgeries are performed annually worldwide. Additionally, the rising advancements and developments in ophthalmic sutures used will escalate the market growth in the coming years.
Based on end-use, the hospitals segment is expected to exceed USD 969 million by 2032 end. Better outcomes, increasing use of novel surgical sutures, and growing patient preferences for eye procedures in hospitals are among some of the key features driving the segmental expansion.
Regionally, the Europe ophthalmic sutures market is anticipated to record massive growth during the forecast timeframe owing to the surging product adoption, high prevalence of eye diseases, increasing access to affordable devices & treatment, and rising disposable income. According to the International Agency for the Prevention of Blindness, the prevalence of myopia in Europe has increased to 50% in the age group of 25 to 29 years.