Latin America Ocular Implants Market

 Latin American Ocular Implants Market Size (2024 to 2029)

The size of the Latin American Ocular Implants Market is forecasted to grow at a steady CAGR between 2024 to 2029.

Factors such as the rising prevalence of eye diseases such as cataracts, scleritis, glaucoma, age-related muscle degeneration, and others coupled with the growing number of eye clinics will witness the faster adoption of ocular implants in ophthalmic surgeries.  According to the National Eye Institute, in 2019, 1.72 million people will suffer from glaucoma, and it is estimated to reach 2.33 million by 2030. According to the World Health Organization (WHO), corneal blindness is one of the leading causes of visual impairment after cataracts, glaucoma, and age-related macular degeneration and the fourth cause of blindness affecting the global population 5.1%. According to the WHO, corneal diseases affect approximately 30 million people, and about two million new cases of corneal dysfunction are diagnosed each year. All these numbers are anticipated to increase and support the market growth rate.

An increase in research and development, especially in ocular implants, is studied to create new lucrative growth opportunities during the market forecast period. Furthermore, an increase in chronic diseases like uncontrolled diabetes and high blood pressure has harmful effects on the eyes. According to the WHO, about 1.35 billion people have a visual impairment problem. Hence, increasing cases of ophthalmic diseases are studied to drive the market's growth.

Additionally, the rising number of cataracts, a significant contributor to blindness, accounts for approximately 51.0% of blindness cases worldwide. Hence, intraocular lenses are growing rapidly with improving features and increasing vision correction measures. For example, a new collagen implant is being developed for glaucoma that reduces scar formation. The rapid adoption of intraocular lenses in the treatment of cataract surgery is also studied to impact the market growth in the Latin American region positively.

However, the shortage of skilled professionals is studied to restrain the market growth in developing regions across Latin America. Also, difficulties associated with implantation and post-implantation and side effects of eye implants could be a significant challenge for the development of the market.

This research report on the Latin America Ocular Implants Market has been segmented and sub-segmented based on the following categories:

By Implant Type:

• Intraocular lenses
• Corneal implants 
• Glaucoma implants       
• Orbital implants  
• Ocular prosthesis
• Others   

By Application:

• Glaucoma Surgery
• Oculoplasty
• Drug Delivery
• Age-Related Macular Degeneration
• Aesthetic Purpose
• Others

By End User:

• Hospitals
• Specialty Eye Clinics
• Eye Institutes

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Brazil is studied to dominate the Latin American ocular implant market due to the increasing geriatric population, improving healthcare facilities, availability of reimbursement facilities, and rapid increase in eye care expenditure by individuals and governments. According to the United Nations, the global population aged 60 and over was over 962 million in 2019, whereas the number will double to 2.12 billion by 2050. Furthermore, by 2050, the number of people aged over 80 is studied to more than triple to 425 million.

Mexico is studied to be the highest growing market during the forecasted period. Factors such as the increasing elderly population, large patients suffering from diabetes, and developed healthcare centers contribute to the market's growth.  Moreover, the growing number of cataract and blindness cases in the region is majorly driving the development of the market. Also, people with diabetes are at high risk of developing glaucoma. According to the Centers for Disease Control and Prevention, about 7.11% of the population diagnosed with diabetes aged 45 and older also had glaucoma.

KEY MARKET PLAYERS:

Bausch & Lomb, Alcon, Carl Zeiss, Johnson & Johnson, MORCHER GmbH, and STAAR surgical are a few prominent companies operating in the Latin American ocular implants market profiled in this report.