The Latin American ophthalmic lasers market size has been estimated at USD 66.51 million in 2022. It is estimated to be growing at a CAGR of 4% and worth USD 80.92 million by 2027.
The Latin American ophthalmic lasers market is expected to be driven by the factors such as the increasing incidence of chronic eye disorders, such as cataracts and myopia, which can be treated using minimally invasive ophthalmic laser treatments. Also, the market has grown as chronic diseases with implications such as diabetic retinopathy have increased.
In addition, due to the prominent growing senior population in Latin America, the need for ophthalmic lasers is increasing. The region's aging population heavily influences the Latin American ophthalmic lasers market. However, the rising elderly population has boosted the market growth since older individuals are more susceptible to different eye-related problems. On the other hand, the market in Latin America is also likely to be fuelled by rising refractive error rates in the population. The latest technology for vision corrective surgery is evolving. More than 85% of people between the ages of 40 to 55 wear vision correcting lenses, while more than 95% of people over 55 uses either eyewear to improve their vision. Refractive errors affect around 33% of the regional population over the age of 40, and they are more common in the younger population.
The success rate of recent ophthalmic laser procedures is high, which positively impacts the market.
Furthermore, increased laser eye treatment research and development increased awareness about visual health. An increase in the number of ophthalmic clinics and hospitals, among others, contributes to the market's expansion. There are over 16,000 licensed ophthalmologists in Brazil as of 2020, which will help develop the market in the coming years.
However, factors such as the high cost of ophthalmic procedures, the lack of reimbursement policies in developing economies, and the high costs of laser devices and their maintenance are expected to impact the Latin American ophthalmic lasers market growth negatively.
This research report on the Latin American ophthalmic lasers market has been segmented and sub-segmented into the following categories:
The market in Latin America is expected to grow steadily and consistently during the forecast period. The regional market growth is attributed to the increasing number of cataract procedures conducted, increasing ophthalmic disorders, and supportive government policies.
Brazil is the leading country in this region, and it is predicted to provide profitable results and grow the ophthalmic lasers market during the observation period. The Brazilian market is expected to have the most significant CAGR in the Latin American regions during the projected period. As Global education improves, so does the number of eye experts in Latin American countries. In addition, increased ophthalmic operations, a large multicultural population, and the availability of numerous modern ophthalmic goods in the region are driving the market growth.
Argentina accounted for the highest proportion of the Latin American ophthalmic lasers market in 2020, which is expected to continue over the forecast period. The high frequency of ocular illnesses, favorable government initiatives, increased healthcare expenditure, and a growing aging population is the factors that contribute to this regional market dominance. Argentina came in second place among Latin American countries in terms of health spending. There are about 24,000 hospitals in Argentina, approximately 29,000 operating theatres, and over 100,000 hospital beds. Argentina is one of the countries in Latin America with the most hospitals. All these figures indicate that the ophthalmic lasers market in Argentina is expected to grow significantly.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Latin American ophthalmic lasers market profiled in the report are Ellex Medical Lasers Limited (Australia), Topcon Corporation (Japan), Ziemer Ophthalmic Systems AG (Switzerland), IRIDEX Corporation (U.S.), NIDEK Co., Ltd. (Japan), Alcon Laboratories, Inc. (U.S.), Abbott Medical Optics, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (U.S.), and Lumenis Ltd. (Israel).
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