The lacrimal devices market is expected to witness exponential growth by 2028 on account of recent technological advancements in the product. In addition, rising prevalence of eye diseases across the globe is likely to bolster market expansion over the forecast period.

Recent technological advancements have considerably enhanced lacrimal treatment procedures worldwide. Additionally, the rollout of numerous innovative lacrimal devices has augmented industry adoption over the past few years.

Moreover, industry players have been implementing strategic initiatives to gain a competitive edge in the evolving marketplace, thereby strengthening the overall business scenario. For instance, in June 2020, Kaneka Corporation, a Japan-based chemical manufacturing company, inked a partnership agreement with Rohto Pharmaceutical Co., Ltd., a global consumer goods and pharmaceutical company. According to the deal, both firms agreed to combine their product development, branding, and sales expertise to strengthen the lacrimal duct tube business.

In another instance, in December 2020, FCI Ophthalmics Inc, a prominent manufacturer of ophthalmic surgical devices, launched its novel nasolacrimal intubation preloaded on an injector, dubbed the LacriJet. The LacriJet has been designed to minimize patient discomfort, significantly reduce operating time, and provide efficient results.

The lacrimal devices market has been segmented on the basis of end-use, product, application, and region. In terms of product, the market has further been bifurcated into punctal plugs, intubation sets, dilator, tubes, cannula & spatula, stents, and others. The tubes sub-segment held a market share of about 11.4% in 2021 and is set to expand at a robust pace over the review timeline.

From the application point of view, the market has been categorized into lacrimal gland inflammation, dry eye, drainage obstruction, epiphora, glaucoma, and others. The lacrimal devices market size from the epiphora sub-segment is slated to progress at a significant CAGR to reach a valuation of around USD 19.4 million by the end of 2028.

With respect to end-use, the lacrimal devices market has been segregated into diagnostic centers, hospitals, ophthalmic clinics, and others. In 2021, the diagnostic centers sub-segment was valued at over USD 14.6 million and is projected to garner sizable gains by the end of the assessment period.

On the regional spectrum, the Latin America lacrimal devices industry accounted for almost 11.0% market share in 2021 and is poised to gain substantial traction through the analysis timeframe. Meanwhile, the Middle East & Africa lacrimal devices market is speculated to develop at a CAGR of approximately 3.9% over the forecast timeline to reach a considerable valuation by the end of 2028.