Contact lenses are versatile vision correction devices used to address refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. Their features include a thin, flexible design made from materials such as silicone hydrogel for comfort and breathability. Contacts offer a wide range of uses, from enhancing daily vision to sports and cosmetic purposes, providing a convenient alternative to eyeglasses. They are also employed in specialty lenses for conditions such as keratoconus or as therapeutic devices for eye conditions, demonstrating their adaptability in addressing diverse visual needs.
According to Data Bridge Market Research, the Latin America Contact Lenses Market accounted for USD 12.41 billion in 2021 and is expected to reach USD 21.66 billion by 2029. The market is expected to grow with a CAGR of 7.21% in the forecast period of 2022 to 2029.
“Increased prevalence of refractive errors boosts the market’s growth”
The contact lenses market is experiencing growth due to the increased prevalence of refractive errors. As more people suffer from conditions such as myopia, hyperopia, and astigmatism, the demand for vision correction methods, including contact lenses, has surged. Contact lenses offer convenience, improved aesthetics, and better peripheral vision compared to traditional eyeglasses. Furthermore, advancements in contact lens materials and designs, including daily disposables and extended wear options, have made them more accessible and comfortable, contributing to the market's expansion as they cater to diverse vision correction needs.
What restraints the growth of the Latin America contact lenses market?
“Fluctuations in contact lens production restraints the market’s growth”
Fluctuations in contact lens production can hinder market growth. These fluctuations may arise from supply chain disruptions, manufacturing challenges, or raw material shortages. Such disruptions can lead to inconsistent product availability, delays, and increased costs, impacting consumer access and confidence. A stable and reliable supply of contact lenses is crucial to meet the growing demand and maintain market growth.
Segmentation: Latin America Contact Lenses Market
The Latin America contact lenses market is segmented on the basis of product, type, material type, technology type, modality, application, color type, distribution channel, and end-user.
- On the basis of product type, the contact lenses market is segmented into spherical contact lenses, toric contact lenses, multifocal contact lenses, monovision contact lenses and others contact lenses.
- On the basis type, the contact lenses market is segmented into daily wear contact lenses and extended wear contact lenses.
- On the basis material type, the contact lenses market is segmented into silicone hydrogel contact lenses, hydrogel contact lenses, rigid gas permeable (rgp) lenses, hybrid contact lenses, polymethyl methacrylate contact lenses and others.
- On the basis technology type, the contact lenses market is segmented into 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.
- On the basis modality, the contact lenses market is segmented into disposable and conventional.
- On the basis application, the contact lenses market is segmented into corrective, therapeutic, cosmetic, and prosthetic.
- On the basis color type, the contact lenses market is segmented into colorless lenses and color contact lenses.
- On the basis distribution channel, the contact lenses market is segmented into clinics stores, e-commerce, pharmacies, and others.
- On the basis end-user, the contact lenses market is segmented into homecare setting, ophthalmology clinics, eye hospital, and others.
Regional Insights: Brazil dominates the Latin America Contact Lenses Market
Brazil has comprised the highest market share accounting for approximately 65.49% of the market. Argentina and Colombia follow closely in their usage of spherical contact lenses. This trend indicates the widespread popularity and demand for these lenses in the South American region, driven by vision correction needs and lifestyle preferences.
Recent Developments
- In February 2020, CooperVision, a subsidiary of The Cooper Companies Inc., received FDA approval for its Biofinity Toric Multifocal Contact Lenses and subsequently introduced the product to the market, leading to a boost in revenue.
- In August 2019, Alcon, Inc., unveiled PRECISION1, a daily disposable contact lens made from silicone hydrogel (SiHy). The company intends to introduce this product during the 2020 fiscal year, expanding and diversifying its product range.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/latin-america-contact-lenses-market
The Prominent Key Players Operating in the Latin America Contact Lenses Market Include:
- 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 (U.S.)
- HOYA Corporation (Japan)
- The Cooper Companies Inc. (U.S.)
- Seed Co., Ltd. (Japan)
- EssilorLuxottica (France)
- BenQ Materials Corporation (Taiwan)
- Menicon Co., Ltd. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Latin America contact lenses market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Latin America Contact Lenses Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Latin America vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
