Author: Acumen Research and Consulting

The Lacrimal Devices Market, valued at USD 152.2 Million in 2023, is projected to surpass USD 229.8 Million by 2032, indicating a robust CAGR of 4.8%.

Tears are indispensable for maintaining eye health, serving multiple functions such as safeguarding against inflammation, facilitating smooth eye and eyelid movements, and preserving a thin protective film on the eye's surface. The lacrimal apparatus produces tears, which are directed to the cornea to maintain moisture levels and cleanse debris from the ocular surface. Tear regulation involves various sensory inputs and responses. Additionally, eye diseases like dry eye, glaucoma, and lacrimal gland inflammation pose risks to optic nerve health due to elevated eye pressure, potentially leading to vision loss. Consequently, there's a growing demand for lacrimal devices to help maintain ocular moisture and shield the eyes from environmental particles. However, availability of alternative therapies for epiphora became a restraint for the lacrimal devices market. Furthermore, collaborations between pharmaceutical companies and device manufacturers for novel product development prompted the lacrimal devices market. For instance, in March 2021, INNOVIA MEDICAL purchased Lacremedics, a manufacturer and distributor of occlusion therapy devices for dry eye illness. This acquisition allowed INNOVIA MEDICAL to expand its existing ophthalmic product line. As a consequence, market participants are looking into new advancements in the lacrimal devices market.

Lacrimal Devices Market Statistics

• The global lacrimal devices market, generating USD 152.2 million in 2023, projects a robust CAGR exceeding 4.8% from 2024 to 2032
• North America leads with a substantial 47% market share in 2023
• Asia Pacific anticipates impressive growth with a projected CAGR of 5.5%
• Based on product, stents dominance, holds 26% of market share in 2023
• Based on application, dry eye sub-segment accomplished maximum share in 2023
• A discernible trend in the lacrimal devices market is growing advancements in minimally invasive treatment options

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Lacrimal Devices Market Dynamics

Rising Cases of Glaucoma Fuels the Lacrimal Devices Market Value

Glaucoma, a condition affecting the optic nerve due to elevated eye pressure, has emerged as a leading cause of disability among individuals aged 60 and above. Left untreated, it can lead to vision impairment. Despite treatments, around 15% of patients may experience vision loss in at least one eye within twenty years. A study suggests that the global number of people affected by glaucoma was approximately 76 million in 2020, projected to rise to 111.8 million by 2040. Consequently, there's anticipated market demand for advanced glaucoma treatments and devices like drainage implants and lacrimal devices to enhance accessibility to superior care.

Growing Number of Cases Related To Eye Diseases Offer Significant Lacrimal Devices Market Opportunity

The worldwide rise in the prevalence of severe eye diseases is escalating, leading to a significant public health concern due to increasing cases of vision loss. Chronic illnesses are contributing to a surge in eye problems and ocular hypertension, thus fueling the demand for treatments in the years ahead. Consequently, there's a growing need for lacrimal devices in the market. Furthermore, the adoption of advanced, non-invasive technologies is propelling market growth. Additionally, the global elderly population is forecasted to double from 52 million in 2018 to 94 million in 2060, further boosting market expansion. Enhanced product effectiveness has made lacrimal devices more efficient and their management of lacrimal duct obstruction simpler, creating more opportunities for revenue generation.

Lacrimal Devices Market Segmentation

The global market for lacrimal devices has been segmented into product, application, end-users, and region.

• Product is classified into stents, intubation sets, tubes, dilator, cannula & spatula, punctal plugs, and others
• Application are divided into dry eye, drainage obstruction, glaucoma, lacrimal gland inflammation, epiphora, and others
• End-users are categorized into hospitals, diagnostic centers, ophthalmic clinics, and others
• The lacrimal devices market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Lacrimal Devices Market Regional Outlook

In terms of lacrimal devices market analysis, North America dominates the lacrimal devices market largely due to the widespread acceptance of such equipment, a well-established healthcare sector, and a growing incidence of eye diseases. For instance, the Centers for Disease Control and Prevention estimate that 4.1 million Americans will have diabetic retinopathy in 2022, with 899,000 experiencing vision-threatening retinopathy. Within North America, the United States leads with the largest market share, due to stringent surgical device regulations and increasing public awareness about the importance of these procedures for treating lacrimal duct obstructions. The market is poised for significant growth in the forecast future, driven by factors like the expanding elderly population and the presence of major market players.

Asia-Pacific is the fastest-growing region in the lacrimal devices market. This growth will be propelled by a large patient pool in densely populated countries such as India and China, where various eye conditions like glaucoma and dry eye are prevalent. Additionally, the increasing presence of numerous local companies in the Asia-Pacific region will contribute to market growth. China stands out as a key player in this market, owing to rising per capita healthcare expenditures and governmental initiatives aimed at integrated treatment systems. Furthermore, India has shown significant growth within the forecast period, driven by ongoing efforts to enhance regulations concerning surgical devices and heightened public awareness regarding treatments for lacrimal duct obstruction and other eye-related ailments.

Lacrimal Devices Market Players

Lacrimal devices companies profiled in the report include Lacrimedics, FCI Ophthalmic, Rumex International, Kaneka Corporation, Alcon, Bess Medical Technology GmbH, Cook Group, BraunMelsungen AG., BVI, and Bausch and Lomb Incorporated

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