According to WHO estimation half of the population of the world may be myopic by 2050. The high incidence rate of refractive errors increases the demand for contact lenses. Therefore, the global Central America Contact lenses market is estimated to increase rapidly in the near future.
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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 from 2023 to 2030 and is expected to reach USD 125,264.33 thousand by 2030. The market for contact lenses is growing in the forecasted year due to several reasons such as the latest technology-based contact lenses offering clear vision even in adverse environmental conditions, also new generation-based contact lenses are not being steam up in hotter conditions.
Key Findings of the Study
Rise in the Number of Visual Inaccuracies is expected to drive the Central America Contact Lenses Market
Visual inaccuracy is one of the main problems faced by pediatrics and the aging population. Visual inaccuracies commonly refer to the clarity of vision, the refractive errors are the most common cause of visual inaccuracies among children and adults.
Eye diseases such as glaucoma, macular degeneration, and cataracts, can cause vision problems. Some of the vision changes can be dangerous and need immediate medical care. The visual inaccuracies also include blurry, unfocused vision or unclear vision which is the most common eyesight problem which can be corrected with the use of contact lenses, due to which rise in the number of visual inaccuracies is propelling the demand of the market.
Report Scope and Market Segmentation
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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 Years
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in Thousand, Volumes in Units, and Pricing in USD
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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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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The Central America contact lenses market is categorized into nine notable segments which are based on the basis of product type, type, material type, application, technology, modality, color, end-user, and distribution channel.
- On the basis of product type, the 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. In 2023, the soft contact lenses segment is expected to dominate the Central America contact lenses market with 37.78% market share.
In 2023, the soft contact lenses segment of the product type segment is anticipated to dominate the Central America contact lenses market
In 2023, the soft contact lenses segment of this market will dominate the Central America contact lenses market owing to the increased prevalence of ocular disease in the countries.
- On the basis of type, the Central America contact lenses market is segmented into daily wear contact lenses, extended wear contact lenses, and traditional contact lenses. In 2023, the daily wear contact lenses segment is expected to dominate the Central America contact lenses market with a 78.79% market share.
In 2023, the daily wear contact lenses segment of the type segment is anticipated to dominate the Central America contact lenses market
In 2023, the daily wear contact lenses market of type segment is anticipated to dominate the Central America contact lenses market because daily wear contact lenses offer convenience and simplicity. They eliminate the need for daily cleaning and storage, as you can simply discard them at the end of each day which can act as a driver for the market growth.
- On the basis of material type, the Central America contact lenses market is segmented into silicone hydrogel contact lenses, hydrogel contact lenses, polymethyl methacrylate contact lenses, plastic lenses, and others. In 2023, the silicone hydrogel contact lenses segment is expected to dominate the Central America contact lenses market with a 63.60% market share.
- On the basis of application, the Central America contact lenses market is segmented into corrective, therapeutic, cosmetic, prosthetic, and others. In 2023, the corrective segment is expected to dominate the Central America contact lenses market with a 59.68% market share.
- On the basis of technology type, the 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. In 2023, the hydraclear technology segment is expected to dominate the Central America contact lenses market with a 26.44% market share.
- On the basis of modality, the Central America contact lenses market is segmented into disposable contact lenses and conventional contact lenses. In 2023, the disposable contact lenses segment is expected to dominate the Central America contact lenses market with a 65.69% market.
- On the basis of color, the Central America contact lenses market is segmented into colorless contact lenses, and color contact lenses. In 2023, the colorless contact lenses segment is expected to dominate the Central America contact lenses market with a 69.32%market share.
- On the basis of end user, the Central America contact lenses market is segmented into homecare setting, hospital, ophthalmology clinics, and others. In 2023, the hospitals segment is expected to dominate the Central America contact lenses market with a 44.11%market share.
- On the basis of distribution channel, the Central America contact lenses market is segmented into retail stores, e-commerce, pharmacies, hospitals & clinics stores, independent brand showrooms, and others. In 2023, the retail sales segment is expected to dominate the Central America contact lenses market with a 43.35% market share.
Major Players
Data Bridge Market Research recognizes the following companies as the major contact lenses market players in Central America contact lenses 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.
Market Development
- 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.
- In April 2020, Menicon Co., Ltd. announced that they have expanded their business with the expansion of its Kakamigahara factory, which is engaged in the production of daily disposable contact lenses. The factory was established in 2015 as a production base for Miru 1day UpSide. After this announcement company enhanced their business and generates adequate revenue.
- In April 2020, Menicon Co., Ltd. announced that they have expanded their business with the expansion of its Kakamigahara factory, which is engaged in the production of daily disposable contact lenses. The factory was established in 2015 as a production base for Miru 1day UpSide. After this announcement company enhanced their business and generates adequate revenue.
- In February, Coopervision (A Subsidiary of the Cooper Companies Inc.) announced that they have received FDA Approves for their new product Biofinity toric multifocal Contact Lenses. After receiving approval company commercialized their product into the market and generate more revenue.
- In August 2019, Alcon, Inc., announced that they had plans to launch PRECISION1 which is a daily disposable contact lens made up of silicone hydrogel (SiHy). The company plan to launch this product in the 2020 financial year. The company will enhance its product portfolio after launching this product.
Regional Analysis
Geographically, the countries covered in the Central America contact lenses market report are Guatemala, Bolivia, Honduras, Costa Rica, Panama, EL Salvador, Paraguay, Nicaragua, Belize.
As per Data Bridge Market Research analysis:
Guatemala is the dominant country in the Central America contact lenses market during the forecast period from 2023 - 2030
In 2023, Guatemala is expected to dominate the Central America contact lenses market due to partnerships with market players for the supply of contact lenses to the end user and progressive healthcare infrastructure. Additionally, the increasing number of ocular disorders and the rising geriatric population are expected to further enhance the market's growth rate in this country.
Guatemala is estimated to be the fastest growing country in the Central America contact lenses market for the forecast period from 2023 - 2030
Guatemala is expected to grow during the forecast period due to the presence of major market players and the rapid development of medical facilities in emerging economies in this country. In addition to this, rising level of healthcare expenditure and increasing per-capita income are expected to propel the market's growth rate in this country.
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