The Latin America Contact Lenses Market size is predicted to grow to USD 1.33 billion by 2027 from USD 0.96 billion in 2022, growing at a CAGR of 6.71% during the forecast period.
The growing preference from the Latin American population towards contact lenses instead of spectacles for better eyesight and the increasing aging population are primarily contributing to the contact lenses market growth in Latin America. The young generation feels more comfortable wearing contact lenses because wearing glasses may lead to people judging their personalities and appearance. For every million population in Latin America, 20,000 people are visually impaired and the number is anticipated to grow in the coming years. As a result, all age groups are interested in wearing contact lenses, which is expected to result in the Latin American contact lenses market growth.
The growing patient count suffering from myopia and an increasing number of R&D activities to develop advanced contact lenses are further fuelling the growth rate of Latin America. Myopia is mainly seen in school children in Mexico. An estimated 5% of preschool and 9% of school children have myopia. During the COVID-19 pandemic, the cases of vision problems have increased due to online classes as children were using mobile phones, laptops, and computers for their education. Additionally, increasing addiction to video games also leads to vision problems in children and adults. Such factors are expected to result in the increasing usage of contact lenses in the Latin American region and result in the market’s growth rate in Latin America.
The growing adoption of technological advancements in the manufacturing of contact lenses and growing investments by market participants are favoring the regional market growth. Color contact lenses have gained popularity in recent years owing to the growing interest of people in changing their eye beauty by using different colors of contact lenses. Manufacturers are focusing on developing affordable contact lenses and using quality materials to avoid issues with wearing contact lenses.
However, the high costs of contact lenses are majorly hampering the growth of the Latin American market. In addition, side effects with the usage of contact lenses, such as watery eyes, itching, and pain are showcasing a negative impact on the regional market growth. Furthermore, the lack of skilled professionals in eye care, the long-time for the approval of the products, and the availability of alternative treatments such as laser treatment for permanent removal of eyeglasses or contact lenses are the other factors that impede market growth during the forecast period.
This research report on the Latin American contact lenses market has been segmented & sub-segmented into the following categories:
Geographically, the Latin American region accounted for a moderate share of the worldwide market in 2021 and is expected to grow at a healthy pace during the forecast period owing to increasing awareness about contact lenses and rising healthcare expenditure. In addition, the governments of the Latin American region have conducted several awareness programs about the use and benefits of contact lenses for people who are wearing glasses for their eyesight and the easy process of keeping lenses in the eye without pain or itching.
The Brazilian contact lenses market is anticipated to hold a major share of the Latin American market during the forecast period owing to the growing availability of disposable contact lenses in Brazil. Compared to standard contact lenses, disposable contact lens is healthier to use among people who are using them to correct their eyesight.
Countries such as Mexico and Argentina are predicted to showcase a healthy CAGR during the forecast period owing to the presence of many local players manufacturing different types of contact lenses for their populations. Furthermore, there is increased support from the Argentinian and Mexican governments as the contact lenses are made of the colors from the Argentina and Mexican flags. In addition, the increasing availability of various customized contact lenses in this country also helps the development of the market during the forecast period.
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.
The Latin America contact lenses market is expected to grow at a CAGR of 6.71% from 2022 to 2027.
Factors such as The increasing prevalence of vision disorders, growing adoption of contact lenses among the youth population, rising disposable incomes, and the availability of advanced contact lens materials are propelling the growth of the contact lenses market in Latin America.
Johnson & Johnson, Alcon, CooperVision, Bausch + Lomb, and Zeiss are the leading players in the Latin American market.
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