As Per the Report, the Size of the Latin America Intraocular Lens Market is valued at USD 0.28 billion in 2022 and expected to grow at a CAGR of 5.79 %, to reach USD 0.37 billion by 2027 during the forecast period 2022 to 2027.
The Increasing prevalence of eye diseases and the growing geriatric population significantly contribute to the intraocular lens market growth in Latin America.
The Y-O-Y rising geriatric population is considered one of the significant growth contributors to the market. The senior population is more vulnerable to various chronic diseases such as diabetes; with age, the proteins in the eye change, and parts of the lens become cloudy, which increases the risk of developing cataracts. Therefore, along with significantly growing populations, it will be one of the key factors driving the demand for IOLs across the Latin American region.
In addition, as pediatric cataract cases lead to blindness, parents' growing concern for their children's health is positively influencing the market.
However, the government agencies in many countries and non-governmental organizations (NGOs) support free eye exams and surgeries and healthcare reimbursements, which is driving the market's growth.
On the other hand, the growing adoption of advanced technologies in ophthalmology boosts the market growth. However, the introduction of advanced eye-related devices such as trifocal lenses, which eliminates the need for glasses, increases the demand for market growth. According to recent reports, the frequency of diabetes in Latin America is expected to increase by 38% over the next ten years, compared with an estimated 14% increase in the total population. Mexico (13.6%) had the highest prevalence of diabetes.
In addition, the American Association of Ophthalmology states that the leading cause of visual impairment worldwide is thought to be cataracts and that geriatric eye problems are emerging as the main contributors in developing countries.
Furthermore, the increasing investments by the government and private organizations in research and development (R&D) activities to provide advanced lenses that help patients with near and far vision. These advanced solutions are expected to drive the growth of the Latin American IOL market.
Moreover, the growing prevalence of ophthalmic conditions is projected to help drive the Latin American IOL market during the forecast period.
Additionally, Technological developments for high-end intraocular lenses and multifocal intraocular lenses, growing senior age group in the region,
Increasing modes for vision improvement procedures, availability of newer products, and the growing prevalence of the diabetic population are other factors driving the Latin American IOL market.
The government initiatives to create awareness among the people about the prevalence of eye-related diseases and advanced treatments positively influence market growth. In addition, lasers and micro-incision cataract surgery are factors supporting the development of the target market.
However, certain factors such as growing prices of IOL and surgeries, poor reimbursement coverage across the region, and refractive errors are expected to hamper market growth during the forecast period.
This research report on the Latin America Intraocular Lens Market has been segmented and sub-segmented into the following categories.
By Material:
By Type:
By End User:
By Country:
Geographically, the Latin American is projected to witness a considerable share in the intraocular lens market during the forecast period. The growing number of newer and highly developed product launches, increasing technological advancements such as extended depth of field (EDoF), and custom-made cataract lenses to meet patients' needs are propelling the market growth. In addition, emerging countries such as Argentina and Chile have witnessed technological advancements in the intraocular lens and the growing refractive surgeries.
In addition, the demand for toric intraocular and multifocal lenses is increasing due to the increasing government initiatives for the treatment of cataracts and preventable blindness, supporting the market growth in this region.
Brazil intraocular lens market held the largest market share, and it is most likely to grow at a significant pace during the forecast period. Increasing demand for toric lenses, the growing adoption of lasers cataract surgery, and the increasing awareness for cataract disorder. In addition, several industry giants are present, high healthcare spending and favorable reimbursement policies are driving the market growth.
The Mexico intraocular lens market is expected to register a prominent share of the Latin American intraocular lens market during the forecast period. The market growth is linked to the rising number of cataract surgeries, the growing incidence of age-related eye diseases, and increasing patient demand for premium lenses.
Noteworthy Companies leading the Latin America Intraocular Lens Market Profiled in the Report are Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, Alcon, Inc. (division of Novartis AG), EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, Physiol s.a., Calhoun Vision Center, and Oculentis GmBH.,
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