According to Acumen Research & Consulting, the global lacrimal devices market size is estimated to grow a CAGR above 4% over the forecast timeframe and reach a market value of around USD 180 million by 2028.
Tears play a crucial role in the proper functioning of the eye. They protect the eye from inflammation, lubricate eye and eyelid movements, and maintain the existence of a relatively thin film on the surface of the conjunctiva. The tear film is essential for the eye to function as an optical organ. The lacrimal apparatus's purpose is to produce tears, channel them to the layer of the cornea where they keep moisture in place and flush debris and unwanted material from the ocular surface. Tear control is subject to a plethora of inputs and sensory responses. Furthermore, diseases such as dry eye, glaucoma, drainage obstruction, epiphora, and lacrimal gland inflammation are eye diseases that damage the optic nerve as a result of high-eye pressure and can lead to loss of sight. However, with the increasing prevalence of these diseases, the demand for lacrimal devices is increasing. Lacrimal devices aid in keeping the eyes moist and free of dust and fine particles.
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Global Lacrimal Devices Market Growth Aspects
The number of people suffering from massive eye diseases is increasing worldwide and vision loss is becoming a major public health problem. The increasing prevalence of chronic diseases has greatly increased the occurrence of eye problems and ocular hypertension, and the demand for disease treatment is expected to increase in the coming years. As a result, the demand for the lacrimal devices market is growing. Additionally, the increasing adoption of advanced and non-invasive technologies is driving the growth of the market. Moreover, the global geriatric population is projected to more than double from 52 million in 2018 to 94 million in 2060, driving the market growth. Due to improved product efficacy, lacrimal devices are now more productive and are a relatively simple procedure for the management of lacrimal duct obstruction, which is expected to create more revenue generation opportunities.
The increased awareness and accessibility of lacrimal devices, as well as their widespread adoption, are expected to generate significant revenue. Furthermore, the majority of lacrimal device manufacturers are based in developed regions such as Europe and North America. Developing and underdeveloped regions such as Latin America, the Middle East, and South Asia generally depend on Western manufacturers. As a result, device availability is limited in several potentially high-revenue locations, limiting the market growth.
Rising cases of glaucoma contribute to market growth
For people over the age of 60, glaucoma has become one of the leading causes of disability. Glaucoma is a disease that can damage the optic nerve in the eyes. This damage is caused primarily by abnormally high eye pressure. Furthermore, if untreated, glaucoma will eventually lead to vision loss. Even with therapy, about 15% of glaucoma patients will lose vision in at least one eye within two decades. According to the study, approximately 76 million people would suffer from glaucoma by 2020, with that number expected to increase to 111.8 million by 2040. As a result, the accessibility of superior glaucoma healing, as well as the utilization of glaucoma drainage implant gear, counting lacrimal devices, is expected to drive market demand.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global lacrimal devices market. Throughout the forecasted years, the Asia-Pacific region is expected to exhibit significant growth rate of the lacrimal device market. The huge affected person in highly populated countries like India and China, which are susceptible to numerous kinds of eye diseases like glaucoma and dry eye, will drive market growth. Furthermore, the growing existence of large numbers of domestic companies in the Asia-Pacific will drive market revenue. China is dominating the Asia-Pacific market due to increased per capita healthcare expenses and several government programs for integrated treatment systems in the region. Moreover, due to continued focus to improve surgical device rules and regulations and increased public awareness about surgeries in the incident of lacrimal duct obstruction and other eye-related diseases, India has grown substantially during the forecasting timeframe.
The global lacrimal devices market has been segmented by Acumen Research and Consultancy based on product, application and end-use. Based on the product, the market is divided into stents, punctal plugs, intubation sets, dilator, tubes, cannula & spatula, and others. Based on application, the market split into glaucoma, dry eye, lacrimal gland inflammation, drainage obstruction, epiphora, and others. Based on end-use, the market is classified into ophthalmic clinics, hospitals, diagnostic centers, and others.
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Some key players covered global in the lacrimal devices industry are FCI Ophthalmic, Aurolab, Kaneka Corporation, BVI Medical, Gunther Weiss Scientific, Lacrimedics, Rumex International, Cook Medical LLC, Sinopsys Surgical, Inc. and Bess Medical Technology GmbH.
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Mr. Frank Wilson
Acumen Research and Consulting