Number of pages: 100 | Report Format: PDF | Published date: April 25, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global lacrimal devices market was valued at US$ 141.95 million in 2022 and is expected to register a revenue CAGR of 3.80% to reach US$ 198.56 million by 2031.
Lacrimal Devices Market Fundamentals
Lacrimal devices are designed to treat or manage disorders of the lacrimal system responsible for producing and draining tears. One common type of lacrimal device is a punctal plug, a small device inserted into the punctum (tiny openings in the inner corners of the upper and lower eyelids) to prevent tears from draining rapidly. Punctal plugs are often used to treat dry eye syndrome. Another type of lacrimal device is a lacrimal stent or tube, which bypasses a blockage in the lacrimal drainage system. These devices are typically used to treat conditions such as nasolacrimal duct obstruction, which can cause excessive tearing and eye irritation. Other lacrimal devices, such as lacrimal syringes used to irrigate the lacrimal system, and lacrimal probes are used to clear blocked tear ducts.
Lacrimal Devices Market Dynamics
The global population of persons with serious eye disorders is growing, and vision loss is becoming a major public health problem. The rising incidence of chronic diseases has increased the prevalence of diabetic retinopathy and ocular hypertension (glaucoma). With the rising incidence frequency of eye disorders and associated disability-adjusted life years (DALYs), the demand for precise disease treatment is expected to grow in terms of revenue share during the forecast period. With aging, the secretory function of the lacrimal glands reduces. Rising demand for improved and less invasive technologies drives the global lacrimal devices market revenue expansion.
Additionally, dry eye syndrome is a common eye condition that affects millions of people across the globe. The rising incidence of dry eye syndrome is also one of the key drivers of the lacrimal devices market, as punctal plugs are commonly used to manage this condition. There is a growing trend toward minimally invasive procedures in ophthalmology, leading to the development of new and innovative lacrimal devices that can treat lacrimal disorders with less trauma and shorter recovery times. Technological advances have led to the development of new and improvised lacrimal devices, including punctal plugs with longer retention times and stents with improved biocompatibility. Moreover, increasing healthcare expenditure in developed and developing countries drives growth in the lacrimal devices market revenue, as patients have greater access to medical treatments and procedures.
Despite the high prevalence of lacrimal disorders such as dry eye syndrome, many patients and healthcare providers are unaware of available treatment options, including lacrimal devices. Hence, this lack of awareness can limit demand for lacrimal devices. Additionally, some lacrimal devices can be expensive, limiting access for patients who cannot afford them or are not covered by insurance. Moreover, the regulatory environment for medical devices is complex and can be a significant barrier to entry for new companies or products, particularly in certain countries or regions. Some lacrimal devices may have technical limitations that can restrict their effectiveness or require more invasive procedures to address certain lacrimal disorders. Like any medical device, lacrimal devices can have potential adverse effects or complications, limiting their use in some patients or requiring close monitoring.
Lacrimal Devices Market Ecosystem
The global lacrimal devices market is analyzed from four perspectives: product, application, end-user, and region.
Lacrimal Devices Market by Product
Based on product, the global lacrimal devices market is segmented into incubation sets, stents, tubes, cannula & spatula, dilator tubes, and punctal plugs.
The stents segment registered for the largest revenue share in the global market in 2022. Since there has been a significant increase in the incidence of lacrimal duct obstructions, which is a major driver for the revenue growth of the lacrimal devices market. Stents are often used as a first-line treatment for obstructions, as they are minimally invasive and provide long-lasting relief. Developing new materials and designs for stents has improved efficacy and safety, driving their adoption in the market. For instance, there are now self-expanding stents that can be placed without general anesthesia. Patients and healthcare providers increasingly opt for minimally invasive procedures due to their many advantages, including reduced pain, shorter recovery times, and fewer complications. Stents offer a minimally invasive alternative to traditional surgical procedures for treating lacrimal duct obstructions. As healthcare systems develop and improve globally, more people access medical care, increasing demand for lacrimal devices such as stents.
Similarly, the incubation sets segment is also expected to grow notably during the forecast period from 2022 to 2031. Intubation sets are used for various procedures, including lacrimal duct intubation, bicanalicular intubation, and punctal occlusion. This versatility makes them a demanding choice for healthcare providers and contributes to their high demand. Lacrimal disorders such as dry eye syndrome and ocular surface disease are becoming more common, increasing demand for lacrimal devices like intubation sets. Additionally, intubation sets are a minimally invasive alternative to more invasive surgical procedures for treating lacrimal duct obstructions. Developing new materials and designs for intubation sets has improved their efficacy and safety, driving their adoption in the market revenue. For instance, silicone intubation sets now offer greater flexibility and comfort for patients. As healthcare systems continue to improve globally, more people are gaining access to medical care, increasing demand for lacrimal devices such as intubation sets.
Lacrimal Devices Market by Application
Based on application, the global lacrimal devices market is segmented into glaucoma, epiphora, dry eye, drainage obstruction, and lacrimal gland inflammation.
Dry eye syndrome dominates the global lacrimal devices market with the largest revenue share. Dry eye syndrome is a common condition that affects millions of people worldwide. As the prevalence of this condition continues to increase, the demand for lacrimal devices such as punctal plugs and occluders is also growing. The awareness of dry eye syndrome is growing among patients and healthcare providers, leading to increased diagnosis rates. This, in turn, drives the demand for lacrimal devices used to treat the condition. Lacrimal devices such as punctal plugs and occluders offer minimally invasive treatment options for dry eye syndrome, particularly appealing to patients who prefer non-surgical options. This has contributed to the growth of the dry eye segment in the global lacrimal devices market. As healthcare systems continue to improve globally, more people are gaining access to medical care, increasing demand for lacrimal devices such as punctal plugs and occluders.
Lacrimal Devices Market by End User
Based on the end user, the global lacrimal devices market is segmented into ophthalmic clinics, hospitals, and diagnostic centers.
The ophthalmic clinic's segment accounts for the largest revenue share in the global market. Ophthalmic clinics are specialized healthcare facilities that provide comprehensive eye care services, including diagnosing and treating lacrimal disorders. As a result, they are often the first point of contact for patients with lacrimal disorders and are, therefore, a key driver of demand for lacrimal devices. The prevalence of lacrimal disorders such as dry eye syndrome, lacrimal duct obstruction, and punctal stenosis is increasing globally. This, in turn, is driving the demand for lacrimal devices, which are often used in diagnosing and treating these disorders. Developing new and advanced lacrimal devices has improved their efficacy and safety, driving their adoption in ophthalmic clinics. These devices include punctal plugs, occluders, stents, and intubation sets. Many healthcare systems offer favorable reimbursement policies for lacrimal devices, making it easier for patients to access them and driving demand in ophthalmic clinics. As healthcare systems continue to improve globally, more people are gaining access to medical care, leading to increased demand for specialized services such as those provided by ophthalmic clinics.
Lacrimal Devices Market by Region
Based on the region, the global lacrimal devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is a hub of medical technology innovation, with many leading manufacturers of lacrimal devices based in the region. These companies invest heavily in research and development to improve their devices' safety and efficacy, contributing to their high demand in the market. The prevalence of lacrimal disorders such as dry eye syndrome and punctal stenosis is high in North America, driving demand for lacrimal devices such as punctal plugs, stents, and intubation sets. The reimbursement policies for medical devices in North America are favorable, which makes it easier for patients to access lacrimal devices and contributes to their high demand. The awareness of lacrimal disorders is increasing in North America, leading to more patients seeking diagnosis and treatment. This, in turn, drives the demand for lacrimal devices in the region. North America's well-established healthcare infrastructure, including specialized eye care facilities, contributes to the high demand for lacrimal devices.
The Europe Lacrimal Devices Market is expected to grow significantly during the forecast period. The market revenue expansion is attributed to the region's rising demand for advanced healthcare services. One of the reasons driving market development is the rise in various eye ailments across the area. Manufacturers' increased emphasis on R&D to produce novel cures and evolving geographical and demographic trends fuel market revenue expansion. Increased government and non-government initiatives for different eye diseases, such as glaucoma, and a growth in the incidence of obesity and diabetes, which has increased ophthalmic disorders, all impact the market.
Lacrimal Devices Market Competitive Landscape
The prominent players operating in the global lacrimal devices market are:
Lacrimal Devices Market Strategic Developments
The global lacrimal devices market in 2022 was nearly US$ 141.95 million and is expected to grow at a revenue CAGR of 3.80% during the forecast period.
The complex regulatory environment for medical devices, the high cost of lacrimal devices, and technical limitations are restraining the lacrimal devices market revenue growth.
The growing geriatric population drives the global lacrimal devices market, thus increasing ophthalmic disorders such as dry eye syndrome, glaucoma, and other eye problems.
FCI Ophthalmic, Kaneka Corporation, Cook Group, Rumex International Co., Bess Medical Technology GmbH, and the major players operating in the global lacrimal device market.
The stents segment accounts for the largest revenue share of the global lacrimal devices market.
*Insights on financial performance are subject to the availability of information in the public domain