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Punctal Plug Devices Market

Punctal Plug Devices Market Size, Share & Trends Analysis Report By Product Type (Absorbable/Temporary Punctal Plug Devices, Non-absorbable Punctal Plug Devices (Semi-permanent Punctal Plugs, Permanent Punctal Plug Devices), By End-User (Hospitals, Ophthalmology Clinics, Others (Research Institutes, etc.), By Region, And By Segment Forecasts, 2024-2031.

Report ID : 2550 | Published : 2024-06-27 | Pages: 180 | Format: PDF/EXCEL

Punctal Plug Devices Market Size is valued at USD 73.50 billion in 2023 and is predicted to reach USD 148.34 billion by the year 2031 at a 9.3% CAGR during the forecast period for 2024-2031.

Punctal Plug Devices Market info

The market for punctal plug devices is a subset of ophthalmic devices that is specifically focused on treating conditions of the ocular surface caused by inadequacies in the tear film. Punctal plugs, sometimes referred to as lacrimal plugs or occluders, are tiny, biocompatible devices that are inserted into the puncta, or the apertures of the tear ducts in the eyelids, to either temporarily or permanently obstruct the tear drainage system. This intervention aims to preserve tears on the surface of the eyes, enhancing lubrication and mitigating symptoms linked to dry eye disease (DED) and other illnesses affecting the tear film.

The punctal plug devices market emphasizes the variety of plug types, such as materials that are absorbable or non-absorbable, temporary or long-term designs, and solutions that are specially made to meet the needs of the patient. Absorbable plugs, usually composed of collagen or hydrogel, disintegrate gradually to provide a short-term remedy for acute dry eye episodes or for managing dry eyes following surgery. Non-absorbable plugs, which are often made of silicone or acrylic, offer more durable relief and are appropriate for cases of persistent dry eyes that necessitate continuous tear preservation.

However, the COVID-19 pandemic impacted the punctal plug devices market by disrupting supply chains and reducing elective medical procedures, including treatments for dry eye syndrome. However, the increased screen time during lockdowns heightened the prevalence of dry eye symptoms, potentially boosting demand for punctal plugs. As healthcare systems recover and adapt, the market is expected to rebound, driven by the growing need for effective dry eye treatments and a return to regular ophthalmic care..

Competitive Landscape

Some of the Major Key Players in the Punctal Plug Devices Market are

  • Innovia Medical
  • OASIS Medical, Inc.
  • Medennium Co., Ltd.
  • Corza Ophthalmology
  • Zeiss
  • BVI
  • Sunways India Pvt Ltd.
  • Lacrivera
  • Other Market Players

Market Segmentation:

The punctal plug devices market is segmented into product type and end-user. By Product Type, the market is segmented into Absorbable/Temporary Punctal Plug Devices and Non-absorbable Punctal Plug Devices (Semi-permanent Punctal Plugs, Permanent Punctal Plug Devices). As per the End-User segment Hospitals, Ophthalmology Clinics, Others includes Research Institutes, etc.

Based On Product Type, The Permanent Punctal Plug Segment Is A Major Contributor To The Punctal Plug Devices Market.

The permanent punctal plug segment significantly contributes to the punctal plug devices market because it provides long-term relief for chronic dry eye syndrome. These plugs, designed to be biocompatible and durable, offer a lasting solution by permanently blocking the tear ducts, thus conserving the eye's natural moisture. The segment growth is occured by the increasing prevalence of dry eye conditions, particularly among the aging population, and the preference for long-lasting treatments. Advancements in plug materials and design further enhance patient comfort and satisfaction, solidifying the permanent punctal plug segment's major role in the market.

The Hospital Segment Witnessed Rapid Growth.

The hospital segment is experiencing rapid growth in the punctal plug market due to the increasing number of patients seeking treatment for chronic dry eye syndrome. Hospitals equipped with advanced ophthalmic facilities and specialists attract a significant patient volume for diagnosis and treatment. The rising awareness of dry eye conditions and the availability of comprehensive care in hospital settings drive the demand for punctal plug devices, contributing to this segment's accelerated growth.

In The Region, The North American Punctal Plug Devices Market Holds A Significant Revenue Share.

The North American plug devices market dominates the market share attributed to the aging population. As people age, they are more likely to experience dry eye, a condition that can be treated with punctal plugs. As awareness of dry eye increases, the demand for punctal plugs is also likely to increase. The companies in the region are developing new and innovative punctal plug devices that are designed to be more effective and comfortable for patients. Asia Pacific is another region that is expected to grow at a significant rate in the global punctal plug devices market due to rapid industrialization, government initiatives, and increasing funding in various industries.

Recent Developments:

  • In September 2023, OASIS Medical Inc., manufacturer and distributor of SOFT PLUG brand of punctual plugs and Oasis TEARS Preservative-Free Lubricating Eye Drops, unveiled its new dietary supplements, Oasis TEARS Vision and Oasis TEARS Omega, at Vision Expo West in Las Vegas September 19th through the 21st at OASIS Medical Booth number MS6052.
  • In April 2021, MY OASIS Streamlines a Unique Approach for Dry Eye Clinics. MY OASIS is a cyber platform for eye care providers to build their brand as a dry eye resource, expand the reach of their practice, and give access to solutions that can better the quality of life for dry eye sufferers in their local community.
  • In September 2023, Mati Therapeutics Inc., a company that develops ocular drug delivery platforms for the treatment of ocular indications, announced that it has completed and has a facility dedicated to manufacturing all products formulated in Mati's proprietary Evolute sustained ocular drug delivery platform. The 10,000-square-foot facility is located in Bryan, Texas, and has the capacity to fulfill all manufacturing needs for both development and commercial purposes in the near future.
  • In April 2023, Inverness Graham, a Philadelphia-based buyout firm, announced the acquisition of Innovia Medical, a global manufacturer of branded single-use surgical products and sterile processing systems servicing ENT, ophthalmic, gynecological, and aesthetic end-markets. This acquisition will represent Innovia Medical's new platform investment for Inverness Graham and joins several current and historical investments in healthcare, including Vista Apex, VitalPath, Danville Materials, and AdvancedCath.

Punctal Plug Devices Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 73.50 Bn

Revenue Forecast In 2031

USD 148.34 Bn

Growth Rate CAGR

CAGR of 9.3% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Product Type, By End-user and By Region

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

Innovia Medical, OASIS Medical, Inc., Medennium Co., Ltd., Corza Ophthalmology, Zeiss, BVI, Sunways India Pvt Ltd., and Lacrivera.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Punctal Plug Devices Market Snapshot

Chapter 4. Global Punctal Plug Devices Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis

5.1. by Product Type & Market Share, 2023 & 2031

5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:

5.2.1. Absorbable/Temporary Punctal Plug Devices

5.2.2. Non-absorbable Punctal Plug Devices

5.2.2.1. Semi-permanent Punctal Plugs

5.2.2.2. Permanent Punctal Plug Devices

Chapter 6. Market Segmentation 2: by End-users Estimates & Trend Analysis

6.1. by End-users & Market Share, 2023 & 2031

6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-users:

6.2.1. Hospitals

6.2.2. Ophthalmology Clinics

6.2.3. Others (Research Institutes, etc.)

Chapter 7. Punctal Plug Devices Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031

7.1.2. North America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2024-2031

7.1.3. North America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.

7.2. Europe

7.2.1. Europe Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031

7.2.2. Europe Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2024-2031

7.2.3. Europe Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031

7.3.2. Asia Pacific Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2024-2031

7.3.3. Asia Pacific Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.4. Latin America

7.4.1. Latin America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031

7.4.2. Latin America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2024-2031

7.4.3. Latin America Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.

7.5. Middle East & Africa

7.5.1. Middle East & Africa Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031

7.5.2. Middle East & Africa Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2024-2031

7.5.3. Middle East & Africa Punctal Plug Devices Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Innovia Medical

8.2.2. OASIS Medical, Inc.

8.2.3. Medennium Co., Ltd.

8.2.4. Corza Ophthalmology

8.2.5. Zeiss

8.2.6. BVI

8.2.7. Sunways India Pvt Ltd.

8.2.8. Lacrivera

8.2.9. Other Prominent Players

Segmentation of Punctal Plug Devices Market-

Punctal Plug Devices Market- By Product Type

  • Absorbable/Temporary Punctal Plug Devices
  • Non-absorbable Punctal Plug Devices
    • Semi-permanent Punctal Plugs
    • Permanent Punctal Plug Devices

Punctal Plug Devices Market Seg

Punctal Plug Devices Market- By End-user

  • Hospitals
  • Ophthalmology Clinics
  • Others (Research Institutes, etc.)

Punctal Plug Devices Market- By Region

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Punctal Plug Devices Market Size?

Punctal Plug Devices Market is predicted to develop at a 9.3% CAGR during the forecast period for 2024-2031.

Innovia Medical, OASIS Medical, Inc., Medennium Co., Ltd., Corza Ophthalmology, Zeiss, BVI, Sunways India Pvt Ltd., and Lacrivera.

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