The size of the Latin American ophthalmic devices market is estimated to be worth USD 6.43 billion by 2027 from USD 4.77 billion in 2022, growing at a CAGR of 6.18% during the forecast period.
Increased focus on customer training and education among eye care professionals regarding eye diseases and associated complications, as well as increased penetration of digital devices such as laptops, smartphones, computers, and e-readers; rapid technological advancements such as the introduction of intraocular lenses (IOLs) are contributing growth to the Latin America ophthalmic devices market. Diabetes has an immediate effect on the eyes. Even though a huge number of non-diabetic persons get cataracts, people with diabetes have a sixty percent higher chance of developing this eye condition at a younger age and a quicker rate.
The market for ophthalmic devices in the Latin American region is further driven by the growing elderly population and eye diseases. In the next few years, improvements in ophthalmic equipment, government measures to combat vision impairment, and the growing use of contact lenses and spectacles will contribute to market expansion. In addition, the market is anticipated to expand due to an increase in R&D efforts for novel devices linked to vision error and a rise in awareness of devices used in the area of ophthalmology. Furthermore, in recent years, there has been a significant increase in lifestyle-related ocular diseases. In addition to cataracts, glaucoma, and macular degeneration. The market for ophthalmic devices will continue to be fueled by these factors. Furthermore, with the rising frequency of eye diseases and the resulting increase in disability-adjusted life years, demand for precise disease treatment is projected to increase in the future years. As a result, demand for ophthalmic equipment will rise across the region. All these are the opportunities for the growth of the Latin American Ophthalmic devices market.
The market's expansion is projected to be hampered by a lack of awareness about eye-related disorders, lack of sufficient health insurance, and a lack of trained experts. In addition, the high cost of some equipment, particularly those that are exported, is one of the key challenges in the growth of the Latin American market for ophthalmic devices.
This research report on the Latin America ophthalmic devices market report has been segmented and sub-segmented into the following categories.
By End Users:
Geographically, the growing prevalence of diabetes and rising healthcare spending is driving the Latin American ophthalmology devices market. This is especially in Brazil and Argentina. Brazil is investing a large amount of money in healthcare, acquiring new technologies and instruments. The prevalence of diabetic retinopathy, visual impairment, blindness, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors is expected to increase, resulting in an increased need for ophthalmic equipment. During the forecast period, the rising prevalence of eye diseases in children will also boost market expansion. The regional market for ophthalmic equipment benefits from increased investment in healthcare infrastructure and increased awareness of these frequent illnesses. Continuous advances in medical technology are also boosting market expansion by developing innovative, more efficient, and precise products.
KEY MARKET PLAYERS:
Companies that are playing a notable role in the Latin America ophthalmic devices market profiled in the report are Alcon Inc., Essilor International S.A., Johnson & Johnson, Abbott Medical Optics Inc., Bausch & Lomb, Inc., Haag-Streit AG, Topcon Corporation, Carl Zeiss Meditec AG, Nidek Co. Ltd., and Ziemer Ophthalmic Systems AG.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product Type
5.1.2 Surgical Devices
5.1.3 Monitoring and diagnostic devices
5.1.4 vision care
5.1.5 Y-o-Y Growth Analysis, By Product Type
5.1.6 Market Attractiveness Analysis, By Product Type
5.1.7 Market Share Analysis, By Product Type
5.2.3 Glaucoma surgical devices
5.2.4 Ophthalmic Lasers
5.2.5 Cataract surgical devices
5.2.6 Iris retractors
5.2.7 lens clearing and disinfectant solutions
5.2.9 Y-o-Y Growth Analysis, By Devices
5.2.10 Market Attractiveness Analysis, By Devices
5.2.11 Market Share Analysis, By Devices
5.3.3 Eye care Clinics
5.3.4 Research Institutes
5.3.6 Y-o-Y Growth Analysis, By End-users
5.3.7 Market Attractiveness Analysis, By End-users
5.3.8 Market Share Analysis, By End-users
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product Type
18.104.22.168 By Devices
22.214.171.124 By End-users
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product Type
184.108.40.206 By Devices
220.127.116.11 By End-users
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product Type
126.96.36.199 By Devices
188.8.131.52 By End-users
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Alcon Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Essilor International S.A
8.3 Johnson & Johnson
8.4 Abbott Medical Optics Inc.
8.5 Bausch & Lomb, Inc.
8.6 Haag-Streit AG
8.7 Topcon Corporation
8.8 Carl Zeiss Meditec AG
8.9 Nidek Co. Ltd.
8.10 Ziemer Ophthalmic Systems AG
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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