The global market for medical lacrimal devices is poised for steady expansion, with demand projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2029. The market, valued at approximately USD 25.6 million in 2021, reflects increasing awareness and advancements in treating lacrimal system disorders.
Lacrimal devices, essential for addressing conditions such as dry eye syndrome and tear duct obstructions, are gaining traction due to the rising prevalence of ocular diseases and aging populations worldwide. Technological innovations in minimally invasive treatments and diagnostic tools are expected to further drive the market, catering to both developed and emerging healthcare sectors.
The forecasted growth highlights a surging demand for improved ophthalmic care, with healthcare providers and patients alike seeking efficient and cost-effective solutions for lacrimal system management. This trajectory underscores the vital role of lacrimal devices in enhancing quality of life for individuals with tear system dysfunctions.
As the market evolves, key stakeholders are anticipated to invest heavily in research and development, focusing on product innovation and accessibility. With continued advancements and increasing global adoption, the lacrimal devices market is set to play a pivotal role in modern ophthalmology, ensuring better patient outcomes and expanded treatment options.
What Are The Key Opportunities For Lacrimal Devices Market?
The lacrimal devices are more effective and is a minimal invasive procedure for the management of the lacrimal duct obstruction expected to generate more revenue generation opportunity with due to enhanced product efficacy. Increased awareness of the availability of Lacrimal Devices, as well as subsequent adoption, is predicted to produce significant income.
Improved adoption of devices for nasolacrimal duct obstruction management is predicted to be aided by increased awareness of their availability and efficacy among healthcare practitioners. There are many different types of Lacrimal Devices on the market, which means there’s a lot of money to be made.
Because of the restricted number of producers and thus limited product availability, there is a significant unmet demand in the efficient management of lacrimal duct obstruction in both developing and developed countries.
According to research studies published in NCBI, the prevalence of nasolacrimal duct blockage disease is projected to rise dramatically as the number of new-borns each year rises. Furthermore, the DCR procedure’s one-time treatment strategy reflects superior management of lacrimal duct occlusion.
As a result of these advancements, the lacrimal devices market is expected to be profitable over the forecast period.
Key Factors Driving Growth
- Increasing Demand for Dry Eye Treatments: The rise in awareness and diagnosis of dry eye conditions is a primary driver for the demand for lacrimal devices, such as punctal plugs and stents.
- Technological Advancements: Innovations in medical technology are improving patient outcomes and expanding the applications of lacrimal devices.
- Regulatory Environment: Enhanced regulations surrounding surgical devices are fostering market growth, particularly in regions like Europe and North America.
Regional Insights
- North America: Dominates the market due to advanced healthcare infrastructure and a high prevalence of eye diseases.
- Asia-Pacific: Expected to exhibit rapid growth, driven by increasing healthcare spending and government initiatives aimed at improving eye care.
Competitive Landscape
Leading lacrimal device manufacturers are focusing on geographic growth in order to increase revenue and expand their sales presence in emerging markets by acquiring local market players.
Manufacturers use strategic alliances, acquisitions, expansion, new launches, agreements, and research sponsorship as essential tactics to improve product sales in various geographies. With regional and worldwide competitors, the Lacrimal Devices market is moderately competitive.
FCI Ophthalmics, Kaneka Medical America LLC, Gunther Weiss Scientific Glassblowing, and Bess Medizintechnik GmBH are some of the global market participants. The key companies are pursuing various growth strategies such as acquisitions, product innovation, and expansion, all of which are contributing to the global growth of the Lacrimal Devices market.
- FCI Ophthalmics, Inc. released LacriJet in the United States in July 2021. It’s the first monocanalicular nasolacrimal intubation with self-retention preloaded on a single-use injector. The LacriJet system is made up of a single-use injector handpiece with a silicone tube preloaded inside a metallic probe. LacriJet was created with the goal of reducing operating time during intubation and device removal. Epiphora, congenital nasolacrimal duct obstruction (CNLDO), and canalicular laceration are among the conditions for which it is prescribed.
- Precivia, or the Precision Intravitreal Injection Assistant, is FCI’s gold standard for all intravitreal injections, and it is available from September 14, 2020. Its unique design ensures a safe and accurate procedure by fixing the injection angle, position, and depth. Precivia also does away with the necessity for a speculum, calliper, marker, and pressure plate.
- A number of organisations are working on developing innovative Lacrimal Devices products. In June 2019, FCI Ophthalmic launched a full line of BIKA stents, including BIKA, BIKA for DCR, and Infant BIKA, in a variety of diameters to benefit the majority of congenital nasolacrimal duct obstruction (CNLDO) and dacryocystorhinostomy (DCR) patients.
Similarly, the Future Market Insights team has kept track of recent developments involving firms that manufacture Lacrimal Devices goods, which are detailed in the complete research.
Key Companies Profiled
FCI Ophthalmics; Kaneka Corporation(Kaneka Pharma America LLC); Gunther Weiss Scientific Glass; Bess Medizintechnik GmBH
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Key Market Segments Covered In Lacrimal Devices Industry Research
By Product:
- Monocanalicular Lacrimal Duct Stent Tube
- Bicanalicular Lacrimal Duct Stent Tube
By End User:
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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