Latin America Contact Lenses Market, By Product Type (Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Monovision Contact Lenses and Others Contact Lenses), Type (Daily Wear Contact Lenses and Extended Wear Contact Lenses), Material Type (Silicone Hydrogel Contact Lenses, Hydrogel Contact Lenses, Rigid Gas Permeable (RGP) Lenses, Hybrid Contact Lenses, Polymethyl Methacrylate Contact Lenses and Others), Application (Corrective, Therapeutic, Cosmetic and Prosthetic), Technology Type (Hydraclear Technology, ASD Technology, PEG Technology, PC Technology, Lacreon Technology, Digital Zone Optics Lens Design Technology, Lightstream Lens Technology, Smart Contact Lens Technology and Others), Modality (Disposable and Conventional), Color Type (Colorless Lenses and Color Contact Lenses), End User (Homecare Setting, Ophthalmology Clinics, Eye Hospital and Others), Distribution Channel (Clinics Stores, E-Commerce, Pharmacies and Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
One of the major drivers of market expansion is the rising prevalence of common eye problems and diseases. The expanding geriatric population is positively influencing the need for contact lenses for vision correction around the world, as vision weakens with age. Apart from that, contact lenses provide a number of advantages over spectacles, including enhanced peripheral vision, an unobstructed field of view, and a lower risk of splattering.
Data Bridge Market Research analyses that the contact lenses market which was USD 12.41 billion in 2021, would rocket up to USD 21.66 billion by 2029, and is expected to undergo a CAGR of 7.21% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Product Type (Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Monovision Contact Lenses and Others Contact Lenses), Type (Daily Wear Contact Lenses and Extended Wear Contact Lenses), Material Type (Silicone Hydrogel Contact Lenses, Hydrogel Contact Lenses, Rigid Gas Permeable (RGP) Lenses, Hybrid Contact Lenses, Polymethyl Methacrylate Contact Lenses and Others), Application (Corrective, Therapeutic, Cosmetic and Prosthetic), Technology Type (Hydraclear Technology, ASD Technology, PEG Technology, PC Technology, Lacreon Technology, Digital Zone Optics Lens Design Technology, Lightstream Lens Technology, Smart Contact Lens Technology and Others), Modality (Disposable and Conventional), Color Type (Colorless Lenses and Color Contact Lenses), End User (Homecare Setting, Ophthalmology Clinics, Eye Hospital and Others), Distribution Channel (Clinics Stores, E-Commerce, Pharmacies and Others)
|
|
Countries Covered
|
Mexico, Brazil, Argentina, Chile, Uruguay, Peru, Colombia, Ecuador, Rest of LATAM
|
|
Market Players Covered
|
|
|
Market Opportunities
|
|
Market Definition
Contact lenses are medical devices that are placed on the tear film covering the cornea to help people with refractive problems such myopia, hyperopia, astigmatism, and presbyopia see better. They're formed out of thin, clear plastic discs that can be tinted to intensify the colours and make them simpler to handle. To avoid upcoming issues such as infection, inflammation, vision loss, or blindness, they usually require a prescription from an eye doctor.
Contact Lenses Market Dynamics
Drivers
- Increased prevalence of refractive errors
The increased prevalence of refractive errors is hastening the adoption of contact lenses, which is propelling the market forward. The market is being stifled by the rising number of negative effects associated with contact lenses. Contact lens technology improvements have created an opportunity for the market.
- Growing awareness in people among eye problems
Latin america contact lenses market is expected to rise, in the following years. As a result of the rise in eye problems, more people are opting for glasses and contact lenses. Latin america's contact lens industry is also expected to rise due to the growing senior population. The growing awareness among people about the importance of taking proper care of eye abnormalities has aided the market's growth.
- Rising prevalence of vision impairments
The increased use of contact lenses for the treatment of a variety of eye-related problems, such as hypermetropia/hyperopia, astigmatism, and presbyopia, is creating commercial opportunities around the world. Furthermore, the market is expected to be fueled by the rising prevalence of vision impairments among the world's elderly population.
- Use of anti-refractive and scratch-resistant contact lenses
Anti-refractive and scratch-resistant contact lenses are being developed by contact lens manufacturers. Furthermore, these goods are gaining popularity because of their capacity to give ultraviolet protection, providing customers with a high-quality therapeutic experience and comfort. As a result of these factors, there has been a noticeable increase in the use of contact lenses, which is helping to expand the market.
Opportunities
The total contact lenses market is predicted to grow in the future due to an increased desire for automated contact lenses techniques among healthcare and medical professionals. In the coming years, government initiatives and actions to promote the benefits of contact lenses could potentially help to boost the contact lenses industry. Growing awareness of the importance of diagnostic tests, as well as rising disposable incomes, are driving demand in the contact lenses industry.
Restraints/Challenges
Fluctuations in production, as well as the availability of material have restrained the growth of the market. Among rural areas, the lack of awareness is a major hindering factor.
This contact lenses market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the contact lenses market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Contact lenses Market
There have been negative effects in this sector as a result of the Covid-19 epidemic. The primary reasons for this are the lockdown and prohibition on international flights, which has resulted in a decline in market growth for 2020. The reason for this is safety concerns, as wearing spectacles reduces recurrent hand and face contact significantly more than contact lenses. Furthermore, all commodities were prohibited from being transported, with the exception of the most essential, which did not include lenses. Optometric clinics and stores were shuttered as a result of the government's unexpected implementation of lockdowns, reducing the use of daily disposable contacts. However, data and trends indicate that the markets will begin to stabilise after the first quarter of 2021.
Recent Development
- In February 2020, CooperVision (A Cooper Companies Inc Subsidiary) has acquired FDA approval for its Biofinity Toric Multifocal Contact Lenses. Following approval, the corporation launched its product into the market, resulting in increased revenue.
- In August 2019, Alcon, Inc., has launched PRECISION1 which is a daily disposable contact lenses mane up of silicone hydrogel (SiHy). The company has planned to launch this product in the 2020 financial year. The company will enhance its product portfolio after launching this product.
Latin America Contact Lenses Market Scope
The contact lenses market is segmented on the basis of product, type, material type, technology type, modality, application, color type, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
- Monovision Contact Lenses
- Others Contact Lenses
Type
- Daily Wear Contact Lenses
- Extended Wear Contact Lenses
Material Type
- Silicone Hydrogel Contact Lenses
- Hydrogel Contact Lenses
- Rigid Gas Permeable (RGP) Lenses
- Hybrid Contact Lenses
- Polymethyl Methacrylate Contact Lenses
- Others
Application
- Corrective
- Therapeutic
- Cosmetic
- Prosthetic
Technology Type
- Hydraclear Technology
- ASD Technology
- PEG Technology
- PC Technology
- Lacreon Technology
- Digital Zone Optics Lens Design Technology
- Lightstream Lens Technology
- Smart Contact Lens Technology
- Others
Modality
- Disposable
- Conventional
Color Type
- Colorless Lenses
- Color Contact Lenses
End User
- Homecare Setting
- Ophthalmology Clinics
- Eye Hospital
- Others
Distribution Channel
- Clinics Stores
- E-Commerce
- Pharmacies
- Others
Contact Lenses Market Regional Analysis/Insights
The contact lenses market is analysed and market size insights and trends are provided by country, product, type, material type, technology type, modality, application, color type, distribution channel and end-user as referenced above.
The countries covered in the contact lenses market report are Mexico, Brazil, Argentina, Chile, Uruguay, Peru, Colombia, Ecuador, Rest of LATAM.
Brazil has comprised the highest market share as the highest rate of contact lenses comprising approximately 65.49% share and followed by Argentina and Colombia in the utilization of spherical contact lenses.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Contact Lenses Market Share Analysis
The contact lenses market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to contact lenses market.
Some of the major players operating in the contact lenses market are:
- STAAR Surgical (U.S)
- ZEISS International (Germany)
- Contamac (U.K)
- X-Cel Specialty Contacts (U.S)
- Medennium (U.S)
- SynergEyes (U.S)
- Bausch + Lomb Incorporated (Canada)
- Alcon Vision LLC (Switzerland)
- Carl Zeiss Meditec AG (Germany)
- Johnson & Johnson Private Limited (US)
- HOYA Corporation (Japan)
- The Cooper Companies Inc. (US)
- Seed Co., Ltd. (Japan)
- EssilorLuxottica (France)
- BenQ Materials Corporation (Taiwan)
- Menicon Co., Ltd. (Japan)
SKU-