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. The lacrimal devices market is expected to grow with a CAGR of 3.5%.
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.
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.
Emerging Markets to Provide Lucrative Opportunities for Market Growth
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.
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 on the rise with the growing prevalence of diabetes.
Lacrimal Devices Market: Segmentation
Stents and Tubes Segment to Dominate the Market during the Forecast Period
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.
Growing Number of Patient Visits to Hospitals for Eye Related Ailments Drive the Segment Growth
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.
Regional Overview
North America to Dominate the Lacrimal Devices Market during the Forecast Period
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 are driving the regional market growth. Additionally, the rising geriatric population and the presence of key players is further anticipated to propel the market growth.
Key Players
Recent Developments
Lacrimal Devices Market: Segmentation
By Product
By Application
By End-User
By Region
Frequently Asked Questions (FAQs)
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. The lacrimal devices market is expected to grow with a CAGR of 3.5%.
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.
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.
Emerging Markets to Provide Lucrative Opportunities for Market Growth
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.
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 on the rise with the growing prevalence of diabetes.
Lacrimal Devices Market: Segmentation
Stents and Tubes Segment to Dominate the Market during the Forecast Period
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.
Growing Number of Patient Visits to Hospitals for Eye Related Ailments Drive the Segment Growth
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.
Regional Overview
North America to Dominate the Lacrimal Devices Market during the Forecast Period
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 are driving the regional market growth. Additionally, the rising geriatric population and the presence of key players is further anticipated to propel the market growth.
Key Players
Recent Developments
Lacrimal Devices Market: Segmentation
By Product
By Application
By End-User
By Region
Frequently Asked Questions (FAQs)
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