Lacrimal devices market to hit USD 186.4M by 2028

The lacrimal devices market value is projected to cross USD 186.4 million by 2028, according to a new research report by Global Market Insights Inc. Growing demand for secure lacrimal treatment procedures for improved patient outcome is major factor propelling the market expansion. Due to the advance technological tools, the ease of surgical procedure will result in the increasing number patient admissions and number of procedures along with adoption of lacrimal devices.

Punctal plugs segment surpassed USD 24.7 million in 2021 and is set to witness significant CAGR through 2028 owing to rising incidence of eye disorders across the globe. Punctal plugs are tiny medical devices that are commonly used to prevent tear drainage to maintain optimal moisture in the eye. These biocompatible devices are inserted into tear ducts to block the tear drainage. Also, punctal plugs increases the tear film of an eye and keeps the eye moist to help relieve certain forms of dry eye. Thus, such aforementioned factors are predictable to boost the lacrimal devices market landscape.

Diagnostic centers segment accounted for 10.1% revenue share in 2021. Diagnostic centers are equipped with various technological diagnostics tools for accurate diagnosis of one or more lacrimal gland disorders. These centers provide wide range of laboratory procedures to aid the healthcare professionals for efficient management and treatment of patients. Such above mentioned factors will boost the industry outlook.

Some major findings of the lacrimal devices market report include:

• Widespread usage of punctal plugs especially in tear drainage to maintain optimal moisture in the eye will spur the industry landscape.
• Large patient population suffering from various eye diseases will propel the Asia Pacific market outlook.
• Market players have adopted various strategies such as mergers & acquisitions, novel product launch and approval, and business expansion to generate major revenue growth.

Lacrimal devices market from glaucoma segment is poised to surpass USD 45.9 million by 2028. Glaucoma is an eye condition that damages the optic nerve owing to high eye pressure that may also lead to blindness. For instance, according to World Health Organization (WHO), glaucoma causes irreversible blindness, and it is the second most common cause of blindness after cataract. Glaucoma can occur at any age but most commonly occur in old age population over the age of 60. Therefore, availability of advanced glaucoma treatment along with the use of glaucoma drainage system implant devices including lacrimal devices will spur the market demand.

Asia Pacific Lacrimal devices market is projected to exhibit 4.8% CAGR up to 2028. Large patient population in densely populated countries such as China and India are prone to various types of eye disorders such as dry eye and glaucoma will drive the business expansion. Moreover, presence of large number of local manufacturers in Southeast Asia will fuel the regional market revenue.

A few eminent companies operating in the lacrimal devices industry include FCI Ophthalmic, Kaneka Corporation, BVI, Lacrimedics, Rumex International, Bess Medical Technology GmbH and JEDMED, among others. Global Market Insights