Central America Contact Lenses Market, By Product Type (Soft Contact Lenses, Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Monovision Contact Lenses, Rigid Gas Permeable (RGP) Lens, Hybrid Contact Lenses, and Others), Type (Daily Wear Contact Lenses, Extended Wear Contact Lenses, and Traditional Contact Lenses), Material Type (Silicon Hydrogel Contact Lenses, Hydrogel Contact Lenses, Polymethyl Methacrylate Contact Lenses, Plastic Lenses, and Others), Application (Corrective, Therapeutic, Cosmetic, Prosthetic, and Others), Technology (Hydraclear Technology, ASD Technology, PEG Technology, PC Technology, Lacreon Technology, Optimized Toric Lens Geometry Technology, Digital Zone Optics Lens Design Technology, Lightstream Lens Technology, Smart Contact Lens Technology, Light Intelligent/Adaptive Technology, and Others), Modality (Disposable Contact Lenses and Conventional Contact Lenses), Color (Colorless Contact Lenses and Color Contact Lenses), End User (Homecare Setting, Hospitals, Ophthalmology Clinics, and Others), Distribution Channel (Retail Stores, E-Commerce, Pharmacies, Hospitals & Clinics Stores, Independent Brand Showrooms, and Others) - Industry Trends and Forecast to 2030.
Central America Contact Lenses Market Analysis and Insights
The Central America contact lenses market is expected to grow in the forecast period due to the increasing adoption of contact lenses and the rising in number of visual inaccuracies. The market is also influenced by the increase in the prevalence of refractive errors. However, the Central America Contact Lenses market is expected to be hampered by the possible side effects of the contact lenses used for eye disorders and the growing acceptance of refractive surgeries. The growing technological advancement and innovation in smart contact lenses are expected to act as opportunities for market growth. However, stringent regulations and a lack of awareness about contact lenses among the population is expected to challenge the market growth.
Data Bridge Market Research analyses that the Central America contact lenses market is expected to grow at a CAGR of 8.3% in the forecast period of 2023 to 2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Product Type (Soft Contact Lenses, Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Monovision Contact Lenses, Rigid Gas Permeable (RGP) Lens, Hybrid Contact Lenses, and Others), Type (Daily Wear Contact Lenses, Extended Wear Contact Lenses, and Traditional Contact Lenses), Material Type (Silicon Hydrogel Contact Lenses, Hydrogel Contact Lenses, Polymethyl Methacrylate Contact Lenses, Plastic Lenses, and Others), Application (Corrective, Therapeutic, Cosmetic, Prosthetic, and Others), Technology (Hydraclear Technology, ASD Technology, PEG Technology, PC Technology, Lacreon Technology, Optimized Toric Lens Geometry Technology, Digital Zone Optics Lens Design Technology, Lightstream Lens Technology, Smart Contact Lens Technology, Light Intelligent/Adaptive Technology, and Others), Modality (Disposable Contact Lenses and Conventional Contact Lenses), Color (Colorless Contact Lenses and Color Contact Lenses), End User (Homecare Setting, Hospitals, Ophthalmology Clinics, and Others), Distribution Channel (Retail Stores, E-Commerce, Pharmacies, Hospitals & Clinics Stores, Independent Brand Showrooms, and Others)
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Countries Covered
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Guatemala, Bolivia, Honduras, Costa Rica, Panama, EL Salvador, Paraguay, Nicaragua, Belize
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Market Players Covered
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Medennium (U.S.), SynergEyes. (U.S.), CooperVision (A Subsidiary of The Cooper Companies Inc.) (U.S.), HOYA VISION CARE COMPANY (Thailand), Johnson & Johnson Vision Care, Inc. (U.S.), Inc., Alcon (Switzerland), and X-Cel Specialty Contacts (U.S.) among others
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Market Definition
A contact lens is a thin plastic or glass lens that is fitted over the cornea of the eye to correct vision problems such as myopia, hyperopia, or astigmatism. Contact lenses are ocular prosthetic devices used by over 150 million people worldwide. These are either hard or soft, relying on the comfort, nature, and reusability of the lenses. Contact lenses provide a natural view without any vision obstructing the movement of the eyes.
Central America Contact Lenses Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Rising Prevalence of Refractive Errors
Refractive errors include various types of eye diseases which cause vision problems that make it hard to see the object. Refractive errors include halos around bright lights, double vision, haziness, glare or squinting headaches, or eye strain. Wearing different types of contact lenses can usually correct the symptoms of refractive errors.
The common refractive errors are myopia (near-sightedness) which causes difficulty in seeing distant objects, hyperopia (farsightedness) which causes difficulty in seeing close objects clearly, and astigmatism which causes blurred vision at all distances among others. Refractive errors are commonly treated by using treatment with corrective lenses, such as contact lenses, and the rising prevalence of refractive errors is propelling the demand in the market. Blurred vision, difficulty reading or seeing up close, tiredness, eye strain, and crossing of the eyes in children (esotropia) are some types of symptoms associated with refractive error.
Numerous types of contact lenses are available in the market which are most commonly used to correct the various types of refractive error symptoms. Soft contact lenses are the best type of contact lenses that are used to compensate for mild to moderate refractive error in patients with astigmatism, myopia, and hyperopia. Contact lenses are bowl-shaped pieces of hard or soft plastic which are placed directly on the eyeball to correct the symptoms of refractive error, for this reason rising prevalence of refractive errors is expected to drive the demand for the Central American contact lenses market.
- Increase Cases of Diabetic Retinopathy
Diabetic retinopathy is a type of diabetes complication that affects the vision of the eyes. Diabetic retinopathy is caused by damage to the blood vessels of the light-sensitive tissue at the back of the eye (retina). Diabetic retinopathy causes the retinal tissue to swell, which results in blurred or cloudy vision, this condition usually affects both eyes.
Diabetic retinopathy causes progressive damage to the retina. The abnormal blood vessels which are associated with diabetic retinopathy stimulate the growth of scar tissue, which can pull the retina away from the back of the eye, which may cause flashes of light, spots floating in vision, or severe vision loss.
A glow-in-the-dark contact lens is a type of contact lens that helps to treat diabetic retinopathy. A glow-in-the-dark contact lens specially designed to provide clear vision to diabetes patients. Glow-in-the-dark contact lenses might prevent retinopathy, the leading cause of blindness in patients with diabetes. Seeing spots or floaters, blurred vision, having a dark or empty spot in the center of eye vision, difficulty seeing well at night, fluctuating vision, impaired color vision, dark or empty areas in the vision, vision loss, spots or dark strings floating in your vision (floaters), poor color vision, and flashes of light are some symptoms of diabetic retinopathy.
Diabetic retinopathy is a type of eye disease that can cause blindness and vision loss in diabetes people. Patients who are suffering from high levels of diabetes can easily were contact lenses, diabetes patients also get all the convenience and benefits of contact lenses, but they may need to take extra precautions. For this reason, increasing cases of diabetic retinopathy are expected to drive the growing demand for the Central America contact lenses market.
Opportunity
- Rising Acceptance of Contact Lenses
Consumers have a high adoption towards the usage of contact lenses as compared to glass wear, for both the correction of refractive errors and cosmetic use purposes. Contact lenses are used to correct vision defects such as myopia, hyperopia, astigmatism, and presbyopia. While the prevalence of eye disorders is increasing daily.
People are getting more aware of the health benefits of contact lenses. Contact lenses provide a natural field of view and also help in correcting cataracts, also it has no frames to obstruct the vision, and greatly reduce distortions. This, along with the rising participation of individuals in sports and physical activities, is increasing the adoption of contact lenses to minimize the risk of injury, provide better compatibility with safety equipment, and enhance the performance of both individuals and athletes. Contact lenses can improve an athlete's performance by providing sharp and accurate vision. They correct refractive errors, such as near-sightedness, farsightedness, and astigmatism, allowing athletes to see clearly and focus on the game or competition without the hindrance of blurred vision.
Numerous types of contact lenses are available in the market which are used for both eye disorders and personal appearance use. In today’s lifestyle, people have high adoption of the use of contact lenses for cosmetic purposes to enhance the appearance of the eye or change the color of the eye, for this reason, a growing preference for the use of contact lenses is creating an opportunity for growing the demand of Central America contact lenses market.
Restraint/Challenge
- Strict Regulations and Standards for the Approval and Commercialization of Contact Lenses Product
Medical devices are under strict regulatory oversight worldwide, and such regulations prioritize patient safety and efficacy over anything else. Contact lenses are classified as Class B (low-medium risk) products. Contact lenses are subject to crucial regulatory oversight from concept to clinical evaluation, clinical investigations through to the finished lens product, and strict conditions associated with their marketing approval, including post-marketing surveillance.
- Every country has its own rules and regulation for commercializing contact lenses in the market. Each manufacturer shall establish and maintain procedures to ensure that the design requirements relating to a device are appropriate and address the device's intended use, including the needs of the user and patient. Also, maintain procedures for defining and documenting design output that allows an adequate evaluation of conformance to design input requirements.
- In Central America, medical devices are managed by food and drug administration (FDA) with an expected to guarantee the safety and effectiveness of the devices
- The FDA oversees the safety, effectiveness, and manufacturing of contact lenses. The FTC oversees and enforces the fairness to contact lens consumer’s act and contact lens rule, which requires eye care providers to give customers copies of their contact lens prescriptions once the lens fitting is complete.
Technological development, preclinical material testing, clinical trials, and FDA clearance, after the manufacturer is allowed to commercialize their products in the market, which is expected to challenge the demand for the Central America contact lenses market.
Recent Developments
- In November 2021, Johnson & Johnson Vision announced the approval of Acuvue Abiliti overnight therapeutic lenses for myopia management. Abiliti overnight orthokeratology (ortho-k) lenses are specifically designed and fitted to match a patient’s eye based on its unique corneal shape to temporarily reshape the cornea. The FDA approval of Abiliti Overnight lenses marks an important milestone in the commitment to help change the trajectory of eye health.
- In February 2021, The MiSight is the first and only FDA-approved soft contact lens specifically to reduce myopia. It is approved to be prescribed for children between 8-12 years old and can reduce myopia progression by up to 59%, as shown in Coopervision's clinical study.
Central America Contact Lenses Market Segmentation
The Central America contact lenses market is segmented into product type, type, material type, application, technology type, modality, color, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Product Type
- Soft Contact Lenses
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
- Rigid Gas Permeable (RGP) Lenses
- Monovision Contact Lenses
- Hybrid Contact Lenses
- Others
Based on product type, Central America contact lenses market is segmented into soft contact lenses, spherical contact lenses, toric contact lenses, multifocal contact lenses, monovision contact lenses, rigid gas permeable (RGP) lenses, hybrid contact lenses, and others.
Type
- Daily Wear Contact Lenses
- Extended Wear Contact Lenses
- Traditional Wear Contact Lenses
Based on type, Central America contact lenses market is segmented into daily wear contact lenses, extended wear contact lenses, and traditional contact lenses.
Material Type
- Silicone Hydrogel Contact Lenses
- Hydrogel Contact Lenses
- Polymethyl Methacrylate Contact Lenses
- Plastic Lenses
- Others
Based on material type, Central America contact lenses market is segmented into silicone hydrogel contact lenses, hydrogel contact lenses, polymethyl methacrylate contact lenses, plastic lenses, and others.
Application
- Corrective
- Therapeutic
- Cosmetic
- Prosthetic
- Others
Based on application, Central America contact lenses market is segmented into corrective, therapeutic, cosmetic, prosthetic, and others.
Technology
- Hydraclear Technology
- ASD Technology
- PC Technology
- PEG Technology
- Lacreon Technology
- Optimized Toric Lens Geometry Technology
- Digital Zone Optics Lens Design Technology
- Lightstream Lens Technology
- Smart Contact Lens Technology
- Light Intelligent/Adaptive Technology
- Others
Based on the technology, Central America contact lenses market is segmented into hydraclear technology, ASD technology, PEG technology, PC technology, lacreon technology, optimized toric lens geometry technology, digital zone optics lens design technology, lightstream lens technology, smart contact lens technology, light intelligent/adaptive technology, and others.
Modality
- Disposable Contact Lenses
- Conventional Contact Lenses
Based on modality, Central America contact lenses market is segmented into disposable contact lenses and conventional contact lenses.
Color
- Colorless Contact Lenses
- Color Contact Lenses
Based on the color, Central America contact lenses market is segmented into colorless contact lenses, and color contact lenses.
End User
- Homecare Setting
- Ophthalmology Clinics
- Hospitals
- Others
Based on end user, Central America contact lenses market is segmented into homecare setting, hospitals, ophthalmology clinics, and others.
Distribution Channel
- Retail Stores
- E-Commerce
- Pharmacies
- Hospitals & Clinics Stores
- Independent Brand Showrooms
- Others
Based on the distribution channel, Central America contact lenses market is segmented into retail stores, e-commerce, pharmacies, hospitals & clinics stores, independent brand showrooms, and others.
Central America Contact Lenses Market Regional Analysis/Insights
The Central America contact lenses market is analyzed, and market size insights and trends are provided based on product type, type, material type, application, technology, modality, color, end user, and distribution channel.
The countries covered in this market report are Guatemala, Bolivia, Honduras, Costa Rica, Panama, EL Salvador, Paraguay, Nicaragua, Belize.
Guatemala is expected to dominate the Central America contact lenses market due to the rise in healthcare expenditure and the high prevalence of refractive error seen in the country.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Central America brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Central America Contact Lenses Market Share Analysis
The Central America contact lenses market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, Central America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.
Some of the major market players operating in the market are Medennium (U.S.), SynergEyes. (U.S.), CooperVision (A Subsidiary of The Cooper Companies Inc.) (U.S.), HOYA VISION CARE COMPANY (Thailand), Johnson & Johnson Vision Care, Inc. (U.S.), Inc., Alcon (Switzerland), and X-Cel Specialty Contacts (U.S.) among others.
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