Lacrimal Devices Market Size, Share & Trends Analysis Report By Product (Intubation Sets, Stents and Tubes, Cannula and Spatula, Dilators), By Application (Glaucoma, Dry Eye, Lacrimal Gland Inflammation, Epiphora, Others), By End-User (Hospital, Diagnostic Center, Ambulatory Care Center (ACC)) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global lacrimal devices market size was valued at USD 145 million in 2022. It is projected to reach USD 197.6 million by 2031, growing with a CAGR of 3.5% during the forecast period (2023–2031).

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 lacrimal devices aim to repair the lacrimal drainage system. Epiphora caused by obstructions in lacrimal drainage is a common lacrimal illness. Depending on the pathophysiology of the problem, DCR or simple probing could be used to treat the issue. The lacrimal drainage system is repaired with lacrimal devices such as stents and intubation sets. These devices target the lacrimal ducts and nasal or lacrimal punctum of the eye particularly. During the projected time, the market will advance due to the launch of innovative, high-success-rate treatments. The adoption of precise and modern lacrimal devices is a fundamental market growth factor.

Market Dynamics

What are the factors driving the market growth?

Growing prevalence of eye diseases and rising geriatric population

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. The secretory function of the lacrimal glands declines with age. Geriatrics are highly susceptible to developing 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 contributes 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.

What are the factors restraining the market growth?

Side-effects

In the case that lacrimal devices are incorporated into surgical procedures, the danger of adverse effects and complications during or after surgery may inhibit the market growth. Among other potential adverse effects, lacrimal devices may induce a somewhat unpleasant sensation and irritation of the tear ducts. These adverse effects can include scarring and damage. In addition, the lacrimal gland tumor surgery may also cause injury to the optic nerve or blood vessels of the retina. Consequently, the elements mentioned earlier linked with the lacrimal device may impede market expansion.

What are the future opportunities for lacrimal devices?

Emerging markets

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 comprise 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. In China, the occurrence of glaucoma in adults aged 45 years and above is around 3.5%, and it is about 9% in the population aged over 65 years. Similarly, in India, the number of age-related macular degeneration (AMD) cases is rising with the growing prevalence of diabetes.

Regional Analysis

The global market is divided into four regions, namely, North America, Europe, Asia Pacific, and LAMEA.

North America dominates the lacrimal devices market as the region is backed by the presence of a well-established healthcare system, the high adoption rate of lacrimal devices, along with the surging prevalence of eye diseases. Increasing consumer awareness about eye care and government initiatives drive regional market growth. Additionally, the rising geriatric population and the presence of key players are further anticipated to propel the market growth. In addition, research and development, the presence of rivals, product launches, patents, and approvals in the field of medical devices and pharmaceuticals in North America contribute to the expansion of the market. The U.S. will hold the largest share over the research period due to its robust medical industry and high healthcare spending. Advanced and modern medical and ophthalmic facilities, as well as a considerable surge in lacrimal diseases, are boosting the demand for lacrimal devices.

The Europe Lacrimal Devices Market is anticipated to expand substantially over the forecast period. The expansion of the market is attributable to the rising demand for advanced healthcare services in the region. The rise in the frequency of various eye illnesses throughout the region is one of the factors driving market expansion. Increased emphasis on R&D by manufacturers to develop innovative therapies, as well as shifting regional and demographic trends, drive market expansion. Increased government and non-government activities for various eye ailments, such as glaucoma, as well as a rise in the incidence of obesity and diabetes, which has led to an increase in ophthalmic problems, also influence the market.

Asia-Pacific is also anticipated to demonstrate a substantial growth rate in the lacrimal device market over the coming years. Numerous types of eye conditions, such as glaucoma and dry eye, are prevalent in densely populated nations such as India and China, where a large proportion of the population is affected. In addition, the expanding number of domestic enterprises in the Asia-Pacific will stimulate market revenue. China dominates the Asia-Pacific market as a result of rising healthcare costs per capita and a number of government initiatives for integrated treatment systems in the region. Moreover, India is expanding substantially due to a sustained emphasis on enhancing surgical equipment norms and regulations and increasing public awareness regarding procedures in cases of lacrimal duct obstruction and other eye-related disorders.

The increasing senior population, which is more prone to chronic eye-related problems, is one of the key drivers driving the market in Latin America. In addition, the increasing use of contact lenses is also driving market expansion. In addition, numerous product advances, including secretagogues and neurostimulation devices to temporarily stimulate the lacrimal gland and improve natural tear production, are operating as key growth-inducing factors. In addition to this, the increasing use of consumer electronic devices, such as computers, cell phones, televisions, etc., is expanding the regional market. In addition, the development of sophisticated diagnostic technologies and the expansion of healthcare infrastructures are anticipated to boost the market in LAMEA throughout the forecast period.

Segmental Analysis

The global market is segmented based on products, applications, and end-user.

Based on products, the market is segmented into intubation sets, stents and tubes, cannula and spatula, and dilators.

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.

Based on applications, the market is segmented into glaucoma, dry eye, lacrimal gland inflammation, epiphora, and others.

The glaucoma segment is projected to experience the most growth. Microsurgery and laser surgery are advised for the treatment of glaucoma. With microsurgery, the physician may implant a tube to aid in fluid drainage.

Based on end-user, the market is segmented into hospitals, diagnostic centers, and ambulatory care centers.

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 drive segment growth.

Recent Developments

• January 2022- Kaneka Corporation has planned to construct a new medical device manufacturing facility in Hokkaido's Tomakomai Tohbu Industrial Area. The facility, which represents an investment of approximately 10 billion yen, is expected to begin operations in May 2024. The new structure will be a "smart factory" that provides a high degree of productivity by automating and upgrading its production processes. It will satisfy the global demand and drive Kaneka's global expansion.
• November 2021- Lacrimedics, Inc. and Innovia Medical have entered into a partnership. Lacrimedics, with headquarters in Du Pont, Washington, has been a manufacturer and distributor of occlusion therapy devices for treating Dry Eye Disease and its accompanying symptoms for nearly four decades. Lacrimedics is a great supplement to Innovia's existing ophthalmic product range with Dissolvable VisiPlug and OPAQUE Herrick Lacrimal Plugs and ComfortTip, and AccuFlo Punctal Occluders.
• June 2021- LACRIJET is the most recent, exclusive, preloaded, and self-retaining monocanalicular nasolacrimal intubation manufactured by FCI. It is suitable for epiphora and canalicular laceration. It comprises a disposable injector handpiece with a silicone tube preloaded within a metallic guide. LacriJet has been built to shorten operating time during the intubation and removal phases.