Lacrimal Devices Market size worth over $200mn by 2026
Published Date: September 11, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Lacrimal Devices Market size is set to exceed USD 200 million by 2026, according to a new research report by Global Market Insights, Inc.
Lacrimal devices market growth is owing to advancement in technologies, novel product launches as well as growing demand for eye treatments. For instance, Dacryocystitis is an inflammation or infection of the nasolacrimal sac that is usually accompanied by blockage of the nasolacrimal duct. Increasing prevalence of such disease will rise the demand for eye treatment.
The development of novel products for eye surgeries is expected to drive the market growth. Increasing focus of industry players on highly precise, upgraded, and cost-effective lacrimal devices will augment the industry value. For instance, in October 2019, AlphaMed received approval from U.S. FDA for its Tear Pool Dissolvable Punctum Plugs. The plugs are designed to be inserted into the canaliculus that temporarily restricts the natural lubricating tears from draining off the surface of the eye.
Risk of postsurgical complications associated with lacrimal devices may hamper the market expansion
Postsurgical complications associated with lacrimal devices may hinder the growth of global lacrimal devices industry in the forthcoming years. Market leaders are trying to develop novel lacrimal devices, but side effects may adversely affect its adoption rate. For example, side effects associated with lacrimal devices will lower its adoption in hospitals and ophthalmic clinics especially in low-income countries, thereby hampering business growth. Furthermore, population in developing countries have low disposable income resulting in less healthcare expenditure, restraining the industry growth.
Various application of intubation sets in epiphora treatment will foster the market demand
The intubation sets segment accounted for over 20.7% market share in 2019. Intubation sets are intended to repair the lacrimal drainage systems. The intubation sets are indicated for the treatment of epiphora in adults and infants. Moreover, these sets are used in dacryocystorhinostomy (DCR) procedures that will further fuel the market size.
Browse key industry insights spread across 148 pages with 201 market data tables & 16 figures & charts from the report, “Lacrimal Devices Market Size, By Product (Intubation Sets, Tubes, Stents, Cannula & Spatula, Dilator, Punctal Plugs), By Application (Dry Eye, Glaucoma, Epiphora, Drainage Obstruction, Lacrimal Gland Inflammation), By End-use (Hospitals, Ophthalmic Clinics, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Increasing prevalence of nasolacrimal duct obstruction will positively influence the market revenue
The drainage obstruction application segment valuation was around USD 23 million in 2019. Age-related risks, inflammation and injury & trauma and congenital blockage are the major causes leading to an upsurge in drainage obstruction incidence rate. Additionally, increasing prevalence of nasolacrimal duct obstruction coupled with ease of lacrimal treatment procedures will drive the product demand.
Growing number of eye disease cases will spur the ophthalmic clinic segment growth
Ophthalmic clinics end-use segment is predicted to witness 4.5% growth rate till 2026. High adoption rate of lacrimal stents and other related devices utilized in treatment of eye disease will increase the product demand. Rising demand of surgical procedures performed along with better benefits such as early mobilization of patients and shortened stays will propel the ophthalmic clinics segment. In addition, growing cases of eye disease globally will upsurge the demand for ophthalmic clinics.
Collaborations of industry players with hospitals and clinics will offer several opportunities in European market
Europe lacrimal devices market is poised to expand at 3.9% CAGR to reach USD 54.6 million by 2026 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 market growth. Furthermore, presence of prominent 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 regional market growth.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent participant operating in the market include FCI Ophthalmic, Kaneka Corporation, Cook Group, BVI, Lacrimedics, Rumex International and Bess Medical Technology gmbh among others. These industry leaders focus on strategies such as acquisitions & mergers, innovative product development and partnerships to garner more revenue and sustain market competition.
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