Ophthalmic Sutures Market Size By Type (Natural, Synthetic), By Absorption (Absorbable, Non-absorbable), By Application (Corneal Transplantation Surgery, Cataract Surgery
August 23, 2019 /MarketersMedia/ —
The increasing prevalence of eye diseases has been stimulating the growth prospects of ophthalmic sutures market over the recent years. The growing number of diseases like neuromyelitis optica, diabetes, cataract, etc., along with increasing geriatric populace is leading to a spurt in ophthalmic surgeries. Increasing adoption of robotic surgery for eye operations is also helping ophthalmic sutures market size to expand.
One of the leading drivers of ophthalmic suture industry is growing number of diabetic patients. In 2017, nearly 425 million of the world’s population reportedly had diabetes, out of which 327 million were aged between 20-64 years and 98 million were aged between 65-79 years. Diabetes causes various visual impairments like diabetic retinopathy, age-related macular degeneration (AMD), diabetic macular edema (DME), cataract, glaucoma etc. which can result into severe vision loss or blindness. The number of diabetic patients has been predicted to rise and reach to 629 million till 2045 in the world.
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Among all the diabetic vision impairments, AMD single handedly accounts for 54 percent of all blindness among white Americans. Around 2.9 million Americans aged more than 40 years are projected to suffer from AMD, leading to increase in ophthalmic surgeries. Blindness or low vision has affected 3.3 million Americans age 40 and will reach to 5.5 million by the year 2020. In the year 2018, North America accounted for more than 35 percent revenue share of ophthalmic sutures market and is predicted to increase exponentially in the times to come.
A rather prevalent eye disease caused due to diabetes is diabetic retinopathy which affects people in the age group of 20 to 74. During the first two decades of disease, nearly all patients with type 1 diabetes and more than 60 percent of patients with type 2 diabetes have retinopathy. In the Wisconsin Epidemiologic Study of Diabetic Retinopathy (WESDR), it has been noted that 3.6 percent of younger-onset patients (type 1 diabetes) and 1.6 percent of older-onset patients (type 2 diabetes) were legally blind. In the younger-onset group, 86 percent of blindness was attributable to diabetic retinopathy.
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In the older-onset group, in which other eye diseases were common, one-third of the cases of legal blindness were caused due to diabetic retinopathy. Surgical treatment is recommended to cure diabetic retinopathy and many new techniques to perform surgeries are also being developed, which would create a favorable growth environment for ophthalmic sutures industry.
One of the major causes of blindness is cataract which is estimated to cause bilateral blindness in 20 million people globally. Developing countries have been reported to contribute around 50 percent to 90 percent of blindness caused by cataract. Many such surgeries use ophthalmic suture needles – a factor that would contribute to the growth of ophthalmic suture market.
Speaking about the ophthalmic suture manufacturers, Surgical Specialties Corporation (SSC), a global producer of ophthalmic suture needles and equipment, has reportedly launched Caliber Ophthalmics, its latest business division. Caliber Ophthalmics combines Sharpoint™ brand of SSC, which has gained a trusted status serving ophthalmic surgeons for more than 50 years. With its two recent ophthalmic acquisitions, VPM Surgical, Inc. and Unique Technologies, Inc., the Caliber Ophthalmics has been created to focus on the growing needs of ophthalmic customers around the world and accelerate the technological advancements in eye care.
A significant instance of a renowned ophthalmic suture manufacturer which has focused on acquisitions is that of Johnson and Johnson. The company recently acquired Abbott Medical Optics for $4.325 billion. The deal will include ophthalmic products in three areas of patient care: consumer eye health, cataract surgery and laser refractive surgery. These product ranges would now join the globally renowned ACUVUE® Brand Contact Lenses business and the combined organization will operate under the brand name Johnson & Johnson Vision (J&J Vision). At nearly $70 billion, eye health is one of most underserved segments in healthcare sector today – a statistic which reinforces the positive growth outlook for ophthalmic sutures market.
Driven by increasing number of patients with vision impairments, rise in cataract surgeries, and companies expanding their portfolio with innovative products, the overall ophthalmic sutures industry share is set to grow exponentially in the forthcoming years. According to a research report, the remuneration scale of ophthalmic sutures market is predicted to exceed USD 443.5 million by the year 2025.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com
Source: MarketersMedia
Release ID: 88911418
