Lacrimal Devices Market 2019-2029 Precise Outlook- Koninklijke Philips N.V. (the Netherlands), Medtronic (Ireland), GE Healthcare (the U.S.) etc.

Lacrimal Devices Market Snapshot:

The lacrimal devices aim to repair the lacrimal drainage system. The lacrimal devices market is expected to grow with a CAGR of 3.5%.
The lacrimal gland secretes the aqueous portion of the tear film and maintains the ocular surface with a thin layer of the tear. The lacrimal apparatus consists of two components the lacrimal glands, which secrete the tears, and the lacrimal sac and ducts, which transmit the tears into the nasal cavity.

The number of people with major eye diseases is increasing across the planet, and vision loss is becoming a significant public health concern. The increasing prevalence of chronic disorders has significantly surged the prevalence of diabetic retinopathy and ocular hypertension (glaucoma). The Royal National Institute of Blind People (RNIB) predicted that the number of blind individuals or those affected with low vision is projected to reach 4.1 million by 2050. With the mounting prevalence of eye diseases and related disability-adjusted life years (DALYs), the demand for the accurate treatment of diseases is predicted to rise within the coming years.

Developing countries across the world, including China, India, Russia, Brazil, Mexico, and South Africa, offer potential growth opportunities, owing to the huge population base for lacrimal device manufacturers. India and China account for a large patient base as these countries consist of more than half of the world’s population. According to the UN Economic and Social Affairs Report (2019), in Asia, the population of people aged over 65 years is expected to increase from 395.3 million in 2019 to 587.4 million by 2030.

Secretory function of the lacrimal glands declines with age, and geriatrics are highly susceptible to develop dry eye syndrome and several other ailments, such as diabetes, cardiovascular diseases (CVD), urological diseases, and neurovascular disorders. The rising demand for advanced and minimally invasive technologies is also contributing to market growth. Also, the global geriatric population is projected to double from 52 million in 2018 to 95 million by 2060 (16–23%), further driving the market growth.

The stents and tubes segment holds the largest share in the lacrimal devices market on account of the rising prevalence of eye diseases and the surging need for eye-related surgical procedures. Stents are inert, pliable, self-retaining, available, and simple to use, and have a smooth external surface that eliminates any chances of mechanical damage to surrounding soft tissues. The hospital segment accounted for the largest share of the lacrimal devices market. The increasing prevalence of eye diseases, the growing number of patient visits to hospitals, the increasing number of patients undergoing surgical procedures, and the availability of reimbursement for these procedures drives the segment growth.

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The Major Prominent Players Covered in this Report:
Koninklijke Philips N.V. (the Netherlands), Medtronic (Ireland), GE Healthcare (the U.S.), Cerner Corporation (the U.S.), Siemens Healthineers (Germany), Cisco Systems, Inc. (the U.S.), Teladoc Health Inc. (the U.S.), American Well (the U.S.), AMC Health (the U.S.), MDLive (the U.S.) & More.

By Component, Hardware, Medical Peripheral Devices, Monitors, Software, Remote Patient Monitoring Software, Real-Time Interaction Software, Store-And-Forward Software, Services, Tele-consulting, Tele-monitoring, Tele-education,
By Application, Telepsychiatry, Teleradiology, Telepathology, Teledermatology, Others,
By Mode of Delivery, Cloud-Based, On-Premise, By End-User, Providers, Payers, Patients

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Lacrimal Devices in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Lacrimal Devices market during the forecast period 2019-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Lacrimal Devices and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Lacrimal Devices. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Lacrimal Devices market growth rate?
What are the key factors driving the global Lacrimal Devices market?
Who are the key manufacturers in the Lacrimal Devices market space?
What are the market opportunities, market risk, and market overview of the Lacrimal Devices market?
What are sales, revenue, and price analysis of top manufacturers of the Lacrimal Devices market?
Who are the distributors, traders, and dealers of the Lacrimal Devices market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Lacrimal Devices Industry?
What are sales, revenue, and price analysis by regions of Lacrimal Devices industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments
In June 2020, Kaneka Corporation agreed to work in partnership with Rohto Pharmaceutical Co., Ltd.Rohto's distinguished branding and sales strengths in the field of ophthalmology will help to strengthen its business, as Kaneka will continue to provide products and services. Rohto Pharmaceutical also acquired Nitten Pharmaceutical Co., Ltd. that specializes in medical-grade ophthalmic eye drops.
Alcon’s FDA-approved InteliPORT® Occluding Device, which is developed for the patients experiencing dry eye symptoms, such as redness, burning, reflex tearing, itching, or foreign body sensations. The device is meant to deliver a custom fit plug through the punctal opening to dam tear drainage.

Key Lacrimal Devices Market Trends:
- The report identifies, determines, and forecasts the Global Lacrimal Devices Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Lacrimal Devices Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Lacrimal Devices Market.

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