Ophthalmic Sutures Market Eminent Players - Accutome, Alcon Inc., Assut Medical, Aurolab, B. Braun Melsungen AG, DemeTECH Corporation, FCI Opthalmics, Johnson & Johnson, Mani, Medtronic, Rumex, Surgical Specialties Corporation, Teleflex Incorporated, Unil
Increasing incidences of ocular diseases will prove beneficial for market growth in forthcoming years. Prevalence of eye conditions such as hyperopia, myopia, glaucoma, cataract, diabetic retinopathy and age-related macular degeneration is rising from past few years. According to WHO, 51% of world blindness occur due to cataract. As a result, physicians recommend surgical procedures to cure ophthalmic diseases, that will augment demand for surgical sutures, thereby propelling business growth.
Technological advancement in ophthalmic sutures will escalate industry growth. Industry players are emphasizing on development of suture that will enhance post-surgical outcomes. Infection of eye leads to hazardous repercussions such as endophthalmitis, bacterial keratitis, corneal ulceration, inflammation and edema. Companies are developing sutures that will supply antibiotics and levofloxacin to prevent ocular infections resulting in patient convenience. As a result, adoption for these sutures is expected to rise thereby augmenting business growth. However, dearth of trained ophthalmologists may hamper business growth up to certain extent.
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Synthetic sutures segment is anticipated to witness around 5% CAGR over the analysis timeframe. Significant growth is attributed to several benefits associated with synthetic sutures. Synthetic suture consists of nylon, prolene, dacron, etc. These material offer strong and prolonged support for slowly healing ocular tissues. Additionally, synthetic sutures cause minimum tissue reaction, has enhanced handling properties, passes easily through tissues, and has superior strength. Aforementioned benefits provided by synthetic sutures will augment the demand, thereby fueling segment growth.
Non-absorbable sutures segment held more than 62% revenue share in 2018. Non-absorbable sutures are made of natural and synthetic polymers. These sutures have high tensile strength and provides knot security. Nonabsorbable sutures are recommended for oculoplastic surgery. Moreover, non-absorbable sutures are unaffected by biologic activities of body tissues and remains intact until they are removed. Benefits offered by these sutures will increase its adoption, thereby augmenting its demand.
Corneal transplantation surgery segment is estimated to witness more than 6% growth over the forthcoming years. According to Eye bank of association of America, in 2016, 82,994 corneal graft tissues were utilized in the U.S. alone. Moreover, there is an increase is corneal donors since past few years. Increasing number of corneal donors coupled with unmet demand will increase surgical procedures. This scenario proves beneficial for segmental growth.
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Ambulatory surgical centers segment held around 65% revenue share in 2018 and estimated to witness substantial growth in analysis timeframe. Patients prefer ASCs due to superior quality treatment, minimally invasive surgeries and low cost offered by these healthcare settings. ASCs provide good assistance, high quality equipment and infection control in ophthalmic surgical procedures that reduces the post operations complications.
Asia Pacific ophthalmic surgical market is projected to witness around 6% growth over analysis timeframe. Aging population, changing lifestyle and lack of exercise are increasing the prevalence of ophthalmic diseases and associated risk conditions such as diabetes. Growing patient pool in the region will create need for ophthalmic surgical procedures ultimately augmenting ophthalmic sutures market growth.
Prominent industry players operational in the ophthalmic sutures market include B.Braun, Medtronic, Ethicon(J&J), Teleflex, Smith& Nephew, Conmed Corporation, DemeTEch Corporation, Gore Medical, Surgical Specialties Corporation, SUTUMED. Key industry players adopt strategic initiatives such as acquisitions and new product launches, that enable them in sustaining market competition. For instance, Teleflex developed BONDEK PLUS BRAIDED that has characteristics such as lubricity and smoothness. This product received FDA clearance on October 2018 for ophthalmic procedures. Company offers customization in the product to serve the needs of patients. This strategy will enable company to gain competitive advantage.
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