Lacrimal Devices Market Forecast 2026 By Global Industry Players FCI Ophthalmic, Kaneka Corporation, Cook Group, BVI, Lacrimedics, Rumex International
Surging adoption of secure lacrimal therapies to ensure better patient outcomes would positively impel the lacrimal devices industry share over the coming years. The ease of conducting lacrimal treatment procedures and numerous technological advancements occurring in the field of healthcare devices is further slated to push industry revenues.
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Considering the rapidly rising demand for lacrimal treatment procedures across the world, several market players are focusing on diversifying their product portfolios through frequent product launches. Citing an instance, in October 2019 pharmaceutical company, AlphaMed received approval from the U.S. FDA (Food and Drug Administration) for promoting its punctum plugs across the US. These plugs are developed to be inserted in the canaliculus to limit lubricating tears from draining off of the eye surface temporarily.
As per a research report by GMI Inc., the lacrimal devices market is likely to exceed a valuation of $200 million by the end of 2026. The market is projected to attain this growth at a healthy rate of approximately 4.2% through the analysis period.
With respect to product, the industry is categorized into tubes, cannula and spatula, intubation sets, stents, dilators, punctal plugs, and others. Of these, the punctal plugs segment is estimated to witness significant gains in the forthcoming years owing to the increasing number of eye surgeries throughout the globe. In fact, in 2019, the segment accounted for a decent valuation of over $25.9 million.
These plugs can be easily inserted in the eye, which is fostering their demand in the industry. Furthermore, punctal plugs also offer other benefits such as helping patients retain tears, resist migration, and reduce dry eye symptoms. Meanwhile, rapid rise in the number of infants diagnosed with nasolacrimal duct obstruction would further impel the segment size over the coming years.
The market is bifurcated into the dry eye, epiphora, glaucoma, drainage obstruction, lacrimal gland inflammation, and others on the basis of the application segment. Among these, the epiphora segment accounted for a valuation of $14.8 million in 2019 and is projected to show similar growth trends through the forecast timeframe.
The projected is attributed to the lack of drainage that is associated with eyelid disease, reflux hypersecretion, as well as other environmental factors. Furthermore, an upsurge in cases of eye disorders across developing economies would further stimulate the segment outlook over the coming years.
Presence of a big strong patient pool that is susceptible to various eye disorders, especially in densely populated countries like China and India, would favor the Asia Pacific lacrimal devices industry expansion. In fact, the regional industry is projected to grow at a substantial rate of 5.3% throughout the forecast timeframe.
Citing an instance, in 2017, in India, cases of DED (dry eye disease) ranged from 18.4% to 54.3%. These increasing cases of dry eye diseases coupled with mounting investments towards the development of the regional healthcare infrastructure will majorly augment the APAC market size. Additionally, strong presence of numerous local manufacturers, specifically in Southeast Asia, would positively impel the Asia Pacific industry expansion.
Subsequently, increasingly growing number of eye surgeries that are conducted every year is estimated to majorly shape the lacrimal devices market size over the coming years. In fact, as per the Stein Eye Institute, each year approximately 700,000 refractive eye surgeries are performed. The U.S. alone reports approximately 2.4 million eye injuries on an annual basis. Considering the rapid rise in eye-related medical disorders, the demand for lacrimal devices is set to increase significantly over the coming years.
The competitive landscape of the lacrimal devices industry is inclusive of players such as Bess Medical Technology gmbh, BVI, Rumex International, JEDMED, Lacrimedics, FCI Ophthalmic, Cook Group, Kaneka Corporation among others
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Partial Chapter of the Table of Content
Chapter 5. Lacrimal Devices Market, By Application
5.1. Key segment trends
5.2. Dry eye
5.2.1. Market size, by region, 2015 - 2026 (USD Million)
5.3.1. Market size, by region, 2015 - 2026 (USD Million)
5.4.1. Market size, by region, 2015 - 2026 (USD Million)
5.5. Drainage obstruction
5.5.1. Market size, by region, 2015 - 2026 (USD Million)
5.6. Lacrimal gland inflammation
5.6.1. Market size, by region, 2015 - 2026 (USD Million)
5.7.1. Market size, by region, 2015 - 2026 (USD Million)
Chapter 6. Lacrimal Devices Market, By End-use
6.1. Key segment trends
6.2.1. Market size, by region, 2015 - 2026 (USD Million)
6.3. Ophthalmic clinics
6.3.1. Market size, by region, 2015 - 2026 (USD Million)
6.4. Diagnostic centers
6.4.1. Market size, by region, 2015 - 2026 (USD Million)
6.5.1. Market size, by region, 2015 - 2026 (USD Million)
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