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Tear Duct Plugs Market: Drivers and Restraints
Nowadays, dry eye condition is becoming one of the most common faced complaints in the ophthalmologist’s clinic. However, dry eye symptoms can be significantly reduced with the use of artificial tears of varying viscosity. Tear duct plugs reduce the burden of dry eye condition, which is expected to be the prominent factor driving the growth of the global tear duct plugs market. Increasing geriatric population and technological advancements are also expected to drive the growth of the global tear duct plugs market. According to the American Academy of Ophthalmology, it is observed that occurrence of dry eye condition increases with the age. Around 3.2 million women and 1.7 million men aged 50 and over in the U.S. are affected by dry eye syndrome. However, alternative treatment options may hamper the growth of the global tear duct plugs market.
Tear Duct Plugs Market: Segmentation
Tentatively, the global tear duct plugs market can be segmented on the basis of product type, end user and geography.
Based on product type, the global tear duct plugs market is segmented as:
- Silicone Tear Duct Plugs
- Temporary/Dissolvable Tear Duct Plugs
- Intracanalicular Tear Duct Plugs
Based on end user, the global tear duct plugs market is segmented as:
- Ambulatory Surgical Centers
- Ophthalmology Surgery Center
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Tear Duct Plugs Market: Overview
The global market for tear duct plugs is expected to witness a noteworthy growth rate over the forecast period. Temporary tear duct plugs are used initially by the doctors to see how the body reacts. Temporary tear duct plugs naturally dissolve in the body and fade after some time and generally are made of collagen material. Silicone tear duct plugs are permanent tear duct plugs which can last for years. Intracanalicular tear duct plugs offer a more permanent solution as they sit deeply in the duct. Amongst all, hospitals end-use segment is expected to hold maximum share in the global tear duct plugs market.
Tear Duct Plugs Market: Regional Outlook
Geographically, the global tear duct plugs market is segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). North America is expected to hold maximum share in the global tear duct plugs market owing to the presence of leading market players in the region. This is followed by Europe due to the rising product innovation and high adoption of tear duct plugs. Due to the rising incidence of eye disorders in the developing countries, manufacturers are also targeting emerging market. Asia Pacific region is considered as the fastest growing market for tear duct plugs due to the large patient pool and rising geriatric population. However, other regions such as Latin America and the Middle East and Africa are expected to grow at a significant CAGR over the forecast period.
Tear Duct Plugs Market: Key Players
Examples of some of the key players operating in the global tear duct plugs market are Lacrimedics, Inc., OASIS Medical, Beaver-Visitec International, FCI Ophthalmics Inc., and Surgical Specialties Corporation, among others. The key players in the global tear duct plugs market are primarily targeting for geographical expansion in order to increase their market presence by adopting new strategies. Strategies may include acquisitions, agreements, collaborations, mergers, and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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