The Latin America Contact Lenses Market size is predicted to grow USD 1.33 billion by 2027 from USD 0.96 billion in 2022, growing at a CAGR of 6.71% during the forecast period.
Contact lenses are easy to wear and can also be disposed of after single use. Rising incidences of optical disorders are certainly a major factor for the market to grow in Latin America. The growing geriatric population, creating awareness about contact lens products through digital advertisements and campaigns, increasing consciousness over beauty, and growing demand for contact lenses over eye prescription glasses are the crucial factors primarily the growth of the Latin American Contact Lenses Market.
Additionally, the emergence of advanced technologies and the launch of innovative devices in the medical sector with the latest equipment, the growing prevalence of easy wearability type of products, and an increasing number of people who have myopia greatly influence the market's growth rate. Furthermore, E-commerce is also accelerating the market demand as contact lenses can be easily available through online stores.
However, fluctuations in the production rate of the lenses with the latest design, before laser treatment procedures, lack of awareness in the population of the rural areas are some of the key restraints to the Latin America contact lenses market. Increasing prices and decreasing skilled labor to manufacture the latest designs in some areas further inhibits the market's demand.
This research report on the Latin American contact lenses market has been segmented & sub-segmented into the following categories:
Geographically, in Latin America, the Brazilian contact lenses market is expected to be the most lucrative regional market during the forecast period. In Brazil, the launch of innovative products and equipment is currently going on, which greatly influences the growth rate of the market. Another factor behind the market growth is the fluctuation in the prices. Awareness of the lenses is needed in rural areas for future demand. Also, people who have Myopia in Brazil influencing the demand for lenses and surgeries. The current trend of daily wear eye lenses is boosting the demand of the market.
The Contact Lenses Market in Mexico is predicted to register a significant CAGR from 2022 to 2027. Mexico reports about current opportunities from the buyer, competitor, new player, and supplier in the market. Daily Disposal lenses are considered safer for the eye as they decrease the infection and the risk of allergies. These factors are driving the current market of lenses in Brazil. The rising aging population is also expected to accelere the growth of the market.
KEY MARKET PLAYERS:
A few of the prominent companies playing a leading role in the LATAM Contact Lenses market profiled in this report are Johnson & Johnson, Bausch & Lomb, CooperVision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International, and Contamac.
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