From 2022 through 2029, global demand for medical Lacrimal Devices Market is expected to grow at a 5.5% compound annual growth rate (CAGR), with a market value of roughly US$ 25.6 million in 2021.
Market Dynamics of Global Lacrimal Devices Market
Technological advancements to drive market
Advancements in technology, new product launches, and rising demand for eye care are expected to drive the lacrimal devices market. For instance, Dacryocystitis is an inflammation or infection of the nasolacrimal sac that is usually followed by nasolacrimal duct blockage. The need for eye care would increase the prevalence of such diseases.
Expansion of the market is expected to be driven by the development of novel products for eye surgery. The market is estimated to expand owing to the rising attention of industry players on highly accurate, improved, and cost-effective lacrimal devices. For instance, in October 2019, AlphaMed received approval from the U.S. FDA for its Dissolvable Punctum Plugs for Tear Pool. The plugs are meant to be inserted into the canaliculus, temporarily limiting the natural lubricating tears from draining from the eye surface
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Rise in prevalence of obstruction of the nasolacrimal duct to boost market revenue
Major factors contributing to a rise in the incidence rate of drainage obstruction are age-related risks, inflammation and injury & trauma, and congenital blockage. Furthermore, increased prevalence of obstruction of the nasolacrimal duct coupled with the ease of lacrimal treatment procedures is likely to boost product demand.
Risk of postoperative complications associated with lacrimal devices to hamper market
Postoperative complications associated with lacrimal devices is estimated to hinder the global lacrimal device industry in the near future. Market leaders are seeking to create novel lacrimal devices; however, their acceptance rate could be adversely affected by side effects. For instance, side effects associated with lacrimal devices are estimated to decrease their adoption in hospitals and ophthalmic clinics, especially in low-income countries, thereby hindering business. Moreover, low disposable income of the population in developed countries results in lower healthcare spending; consequently, restricting the development of the industry.
Lacrimal Devices: Introduction
Lacrimal is an ophthalmic protective system that helps keep the eye moist and free of dust particles. Lacrimal devices are usually limited to the eye’s nasal punctum and lacrimal ducts. The aim of the lacrimal devices is to repair the lacrimal drainage system. A catheter or a balloon made of silicone is inserted into the punctum during a nasal punctum procedure. Subsequently, the balloon is inserted into the lacrimal duct in order to hold the nasolacrimal duct intact and allow the drainage of tear fluid from the eye.
High demand for safe lacrimal treatment procedures for improved patient outcomes is a significant factor boosting the market of lacrimal devices. For instance, ophthalmologists highly prefer balloon catheter dilation for better patient compliance with the pediatric age group. This ease of operation would lead to an increase in the number of patient admissions, number of procedures, and adoption of lacrimal devices.
The COVID-19 pandemic has disrupted the continuum of ophthalmic practice, as numerous countries have limited or suspended screening systems and services to some degree. For instance, the Canadian Society of Ophthalmologists has recommended that all non-emergency operations, including lacrimal surgery and endoscopic dacryocystorhinostomy, be delayed. It is therefore predicted that the unprecedented effect of COVID-19 would have a slightly negative impact on the market. However, companies operating in the market are focused on development of innovative products for eye surgery, thereby fueling the industry.
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What Are The Key Opportunities For Lacrimal Devices Market?
The lacrimal devices are more effective and is a minimal invasive procedure for the management of the lacrimal duct obstruction expected to generate more revenue generation opportunity with due to enhanced product efficacy. Increased awareness of the availability of Lacrimal Devices, as well as subsequent adoption, is predicted to produce significant income.
Improved adoption of devices for nasolacrimal duct obstruction management is predicted to be aided by increased awareness of their availability and efficacy among healthcare practitioners. There are many different types of Lacrimal Devices on the market, which means there’s a lot of money to be made.
Because of the restricted number of producers and thus limited product availability, there is a significant unmet demand in the efficient management of lacrimal duct obstruction in both developing and developed countries.
Leading lacrimal device manufacturers are focusing on geographic growth in order to increase revenue and expand their sales presence in emerging markets by acquiring local market players.
Manufacturers use strategic alliances, acquisitions, expansion, new launches, agreements, and research sponsorship as essential tactics to improve product sales in various geographies. With regional and worldwide competitors, the Lacrimal Devices market is moderately competitive.
FCI Ophthalmics, Kaneka Medical America LLC, Gunther Weiss Scientific Glassblowing, and Bess Medizintechnik GmBH are some of the global market participants. The key companies are pursuing various growth strategies such as acquisitions, product innovation, and expansion, all of which are contributing to the global growth of the Lacrimal Devices market.
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