Lacrimal Devices Market size is set to surpass USD 186.4 million by 2028, according to a new research report by Global Market Insights Inc.
The lacrimal devices industry is anticipated to witness a robust CAGR owing to increasing technological advancements, innovative product launches as well as rising demand for various eye treatments. For instance, gustatory epiphora is excessive tearing caused due to excessive tear production. This condition is caused by aberrant nerve regeneration. Therefore, epiphora can lead to blurry vision, mucoid discharge in case of presence of a canalicular foreign body. Thus, growing disease burden across the globe is expected to spur the demand for lacrimal devices.
Increasing number of patients suffering from eye disease will propel the market progression
The dry eye disease (DED) is considered as a critical and significant public health issue in the U.S. as well as worldwide. While there has been a noticeable rise in the number of patients suffering from dry eye diseases. Similarly, in congenital cases, few of the cases occur just after birth and in some cases in the age group of more than 40 years. Such rising cases of dry eye diseases not only in geriatric population but also in middle-aged people will propel the lacrimal devices market statistics.
Risk of postsurgical complications may restrain the market expansion
Postsurgical complications associated with lacrimal devices may hamper the industry growth in the coming years. Key market players are focusing to develop novel lacrimal devices. However, the side effects associated with the lacrimal devices may significantly affect the adoption rate of the devices. For instance, the side effects associated with the lacrimal devices are expected to reduce their adoption in hospitals and ophthalmic clinics, particularly in low-income countries, thereby impeding the market demand.
Several applications of intubation set in epiphora disorders treatment will drive the segment outlook
Based on product, the lacrimal devices market is classified into intubation sets, tubes, stents, cannula & spatula, dilators, punctal plugs and others. The intubation sets segment is projected to witness a lucrative CAGR of 3.3% in the analysis timeframe. Intubation sets are commonly used to repair the lacrimal drainage system. Epiphora is a common lacrimal disorder that occurs due to the lacrimal drainage obstructions. Thus, intubation sets play a major role in the treatment of epiphora in infants and adults. Moreover, the intubation sets are also used for the dacryocystorhinostomy (DCR) procedures that will boost the industry statistics.
Browse key industry insights spread across 145 pages with 199 market data tables & 16 figures & charts from the report, “Lacrimal Devices Market Analysis By Product (Intubation Sets, Tubes, Stents, Cannula & Spatula, Dilator, Punctal Plugs), Application (Dry Eye, Glaucoma, Epiphora, Drainage Obstruction, Lacrimal Gland Inflammation), End-use (Hospitals, Ophthalmic Clinics, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
Rising prevalence of nasolacrimal duct obstruction will drive the industry landscape
The lacrimal devices market based on application, is segmented into dry eye, epiphora, glaucoma, drainage obstruction, lacrimal gland inflammation and others. The drainage obstruction segment accounted for over USD 22 million in 2021 and is likely to witness considerable CAGR during the forecast period. The increasing age, injury, trauma, inflammation, congenital blockage, or infection are the major causes leading to an upsurge in drainage obstruction incidence rate. In addition, increasing incidence of nasolacrimal duct obstruction coupled with ease of lacrimal treatment procedures is expected to bolster the drainage obstruction demand.
Increasing number of eye disease cases will boost the ophthalmic clinic segment outlook
Based on end-use, the lacrimal devices market is bifurcated into hospitals, ophthalmic clinics, diagnostic centers and others. Ophthalmic clinics segment will exhibit 4% CAGR to reach USD 68.8 million by 2028. Increasing awareness for the diagnosis and treatment for eye disorders will boost the business expansion. Moreover, increasing technological advancements in lacrimal devices and special diagnostic tests such as CT scan are conducted in ophthalmic clinics that reduced the patients stay are some of the factors fostering the ophthalmic clinics segment growth.
Collaborations of industry players with hospitals and clinics will offer several opportunities in Europe
Europe lacrimal devices market is set to reach USD 49.8 million by 2028 due to better regulation for surgical devices and rising elderly population that are prone to eye disorders. Rising awareness among the individuals to opt for such procedures in case of lacrimal duct obstruction and other eye related problems will further stimulate the regional industry outlook. Furthermore, presence of market players focusing to expand their business in ophthalmology division and have well-established distribution network and channel collaboration with clinics and hospitals will foster the market share in Europe.
Major industry players adopt collaborative growth strategies to strengthen their presence in the market
The key players operating in the lacrimal devices industry include FCI Ophthalmic, Kaneka Corporation, Lacrimedics, BVI, Rumex International and Bess Medical Technology GmbH, among others. These industry players focus on strategies such as acquisitions & mergers, innovative product development and partnerships to gain more revenue and sustain in the market competition.