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Latin America Contact Lenses Market

Latin America Contact Lenses Market Size, Share, Analysis: By Material: Gas Permeable, Silicone Hydrogel, Hybrid; By Design: Spherical Lens, Toric Lens, Multifocal Lens, Others; By Application: Corrective, Therapeutic, Cosmetic, Prosthetic; By Distribution Channel; Regional Analysis; Competitive Landscape; 2024-2032

Latin America Contact Lenses Market Outlook

The Latin America contact lenses market size was approximately USD 1,440.40 million in 2023. The market is estimated to grow at a CAGR of 5.0% during 2024-2032 to reach a value of USD 2234.47 million by 2032.

 

Key Takeaways

  • In Brazil, myopia is prevalent in about 20.4% of the schoolchildren. More than 30% of the population in Mexico is affected by Astigmatism, a common disorder in the curvature of the eye.
  • Rising prevalence of chronic eye disorders and rising awareness among consumers about eye health are factors supporting the Latin America contact lenses market development.
  • The market benefits from rapid technological advancements, such as improvements in lens material, design, and manufacturing techniques.

 

Contact lenses are coated with anti-refractive, scratch resistant and ultraviolet protective materials to enhance the therapeutic benefits of lenses and provide extreme comfort to the wearer. These lenses are also used to treat common eye disorders such as nearsightedness, farsightedness, presbyopia, astigmatism, and glaucoma.

 

In addition, contact lenses act as a feasible solution for people looking for alternatives to glasses, thereby increasing the product's appeal among consumers. In addition, rising consumer living standards are proliferating the trend of cosmetic lenses or customised lenses, especially among the younger population.

 

  • In 2020, there were 77.55 million people with vision loss in Latin America and the Caribbean.
  • Brazil has the presence of about 6.5 million visually impaired individuals.
  • Uncorrected refractive errors and cataracts contribute to the highest visual impairment cases in Latin America.

 

Key Trends and Developments

Rapid technological improvements; rising research and development activities; growing demand for daily disposable lenses; and improved convenience offered by lenses are impacting the Latin America contact lenses market growth

 

Date Company Event
Jun 2023 CooperVision Contact lens manufacturer CooperVision revealed a comprehensive investment plan worth $500 million to expand its operations in Puerto Rico.
Aug 2022 CooperVision CooperVision's contact lens manufacturing facility in Alajuela, Costa Rica was granted LEED Gold status by the U.S. Green Building Council (USGBC) as a testament to its commitment to sustainability.
Dec 2021 Alcon Alcon, a leading eye care provider, successfully launched PRECISION1TM, a highly acclaimed spherical lens, aimed at improving vision.
Dec 2021 Lentesplus.com Lentesplus.com, a Latin American startup specializing in contact lens e-commerce, successfully raised a noteworthy investment of BRL 46 million (around $8 million).

 

 

Trends Impact
Technological innovations Integrating state-of-the-art technologies into manufacturing processes can offer competitive strength. This involves making advancements in lens materials, design, manufacturing techniques, and coatings. For instance, manufacturers that provide lenses with exceptional oxygen permeability, moisture retention, or vision correction abilities can appeal to customers who prioritise improved comfort and performance.
Improved convenience Contact lenses are a convenient alternative to traditional eyeglasses and can be worn during physical activities as they do not fog up and tend to be unnoticeable. Further, many people use contact lenses for cosmetic reasons.
Research and development By investing in research and development, players can introduce new products that offer superior quality and enhanced features, such as better control of aberrations, prevention of visual fatigue, and the provision of excellent vision and all-day comfort.
Rising demand for daily disposable lenses The demand for daily disposable lenses is witnessing a notable increase due to numerous advantages they offer to wearers. These benefits include exceptional vision clarity, comfort, convenience, and a reduced risk of eye infections.

 

Latin America Contact Lenses Market Trends

Degenerative myopia is found to be a major cause of visual disability in middle-aged Argentinean adults. Further, in Mexico, astigmatism and myopia are common ocular problems. Prevalence of these conditions is expected to increase the demand for contact lenses as a corrective measure.

 

Rising popularity of silicone hydrogel lenses can be attributed to their superior oxygen permeability, extended wear capability, moisture retention, visual clarity, compatibility with modern lifestyles, and increased market availability.

 

By establishing partnerships with eye care professionals, optical retailers, or healthcare organisations, contact lens manufacturers can expand their reach to a wider customer base.

 

Market Segmentation

“Latin America Contact Lenses Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Material Gas Permeable, Silicone Hydrogel, Hybrid
Design Spherical Lens, Toric Lens, Multifocal Lens, Others
Application Corrective, Therapeutic, Cosmetic, Prosthetic
Distribution Channel Eye Care Professionals, Retail, Online
Country Brazil, Mexico, Argentina, Chile, Others

 

Based on design, spherical lens dominate the Latin America contact lenses market share

The advancements in spherical lens design include incorporating more curves, allowing for improved tear replacement and reduced pressure on the eye. By increasing the number of flanges and bends, these lenses enhance adaptability and provide a greater sense of comfort for wearers.

 

Toric contact lenses are uniquely designed to rotate and align themselves at an optimal angle on the front of the eye. This specialised feature enhances their effectiveness in correcting astigmatism.

 

Multifocal contact lenses offer a convenient solution for individuals with presbyopia, enabling clear vision at various distances. These lenses incorporate multiple prescriptions, including ones for near objects, normal objects viewed at a distance, and intermediate distances.

 

By distribution channel, the online sector is anticipated to grow significantly in the Latin America contact lenses market

The online channel for purchasing contact lenses provides significant advantages, including price competitiveness and a wide array of product choices. These factors are pivotal for customers who strive to obtain the best deals and have access to diverse options. Additionally, the convenience and accessibility offered by online platforms, coupled with subscription services and auto-replenishment features, cater to individuals seeking a streamlined experience.

 

Meanwhile, eye care professionals prescribe contact lenses with precise parameters such as base curve, diameter, and power, after performing comprehensive eye examinations. The involvement of eye care professionals instils trust and confidence in customers when it comes to purchasing contact lenses.

 

Competitive Landscape

The market players are constantly investing to enhance the design and comfortability of contact lenses, further collaborating with eye care institutes to increase their market presence

 

Company Founded Headquarters Services
Carl Zeiss AG 1846 Oberkochen, Germany ZEISS offers a range of contact lenses in daily or monthly disposable options and also provides coloured and tri-coloured lenses.
CooperVision, Inc. 1980 California, United States The product collection encompasses spherical, toric, and multifocal lenses, catering to diverse vision correction requirements. Some of their prominent brands include MyDay® daily disposable, clariti® 1 day, MiSight® 1 day, Biofinity®, and Avaira Vitality™.
Menicon Co., Ltd. 1951 Nagoya, Japan The product portfolio encompasses various types, such as Soft Lenses, GP Lenses, and Specialty Lenses, with features tailored to individual needs like spherical lenses, toric lenses, and multi/bifocal lenses.
Alcon Inc. 1945 Fribourg, Switzerland The company provides a comprehensive portfolio of contact lenses and solution products catering to various vision needs, including nearsightedness, farsightedness, presbyopia, astigmatism, and colour enhancement.

 

Other notable players operating in the Latin America contact lenses market include SynergEyes, Johnson & Johnson Surgical Vision, Inc., Solótica, and Bausch + Lomb Corporation, among others.

 

Latin America Contact Lenses Market Analysis by Country

The presence of regulatory organisations in Brazil such as the Health Regulatory Authority (ANVISA) ensure the marketing and distribution of high quality and safe contact lenses. Along with this, the convenience and appealing vision correction option offered by contact lenses are significantly improving its adoption.

 

In Argentina, substantial internet penetration is playing a vital role in driving the expansion of e-commerce platforms like LentesPlus. These platforms are gaining popularity due to their convenience, wide range of options, and competitive pricing. As a result, customers are increasingly inclined to buy contact lenses online.

 

High myopia is becoming more prevalent in Chile, especially among children as a result of the increasing screen time. Contact lenses are gaining traction as a better choice to combat myopia as they offer a natural look without obstructing the vision or reflecting anything in sight.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Material
  • Design
  • Application
  • Distribution Channel
  • Region
Breakup by Material
  • Gas Permeable
  • Silicone Hydrogel
  • Hybrid
Breakup by Design
  • Spherical Lens
  • Toric Lens
  • Multifocal Lens
  • Others
Breakup by Application
  • Corrective
  • Therapeutic
  • Cosmetic
  • Prosthetic
Breakup by Distribution Channel
  • Eye Care Professionals
  • Retail
  • Online
Breakup by Region
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Carl Zeiss AG
  • CooperVision, Inc.
  • Menicon Co., Ltd.
  • Alcon Inc.
  • SynergEyes
  • Johnson & Johnson Surgical Vision, Inc.
  • Solotica
  • Bausch + Lomb Corporation
  • Others

 

Latin America Contact Lenses Market Report Snapshots

Latin America Contact Lenses Market Size

Latin America Contact Lenses Market Trends

Latin America Contact Lenses Market Share

Latin America Contact Lenses Companies

Latin America Contact Lenses Market Regional Analysis

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Global Contact Lenses Market Overview

    8.1    Key Industry Highlights
    8.2    Global Contact Lenses Historical Market (2018-2023) 
    8.3    Global Contact Lenses Market Forecast (2024-2032)
9    Latin America Contact Lenses Market Overview
    9.1    Key Industry Highlights
    9.2    Latin America Contact Lenses Historical Market (2018-2023) 
    9.3    Latin America Contact Lenses Market Forecast (2024-2032)
10    Latin America Contact Lenses Market by Material
    10.1    Gas Permeable
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Silicone
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Hydrogel
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Hydrogel
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
11    Latin America Contact Lenses Market by Design
    11.1    Spherical Lens
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Toric Lens
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    Multifocal Lens
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    Others
12    Latin America Contact Lenses Market by Application
    12.1    Corrective
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Therapeutic
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Cosmetic
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Prosthetic
        12.4.1    Historical Trend (2018-2023)
        12.4.2    Forecast Trend (2024-2032)
13    Latin America Contact Lenses Market by Distribution Channel
    13.1    Eye Care Professionals
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Retail
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Online
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
14    Latin America Contact Lenses Market by Country
    14.1    Brazil
        14.1.1    Historical Trend (2018-2023)
        14.1.2    Forecast Trend (2024-2032)
    14.2    Mexico
        14.2.1    Historical Trend (2018-2023)
        14.2.2    Forecast Trend (2024-2032)
    14.3    Argentina
        14.3.1    Historical Trend (2018-2023)
        14.3.2    Forecast Trend (2024-2032)
    14.4    Chile
        14.4.1    Historical Trend (2018-2023)
        14.4.2    Forecast Trend (2024-2032)
    14.5    Others
15    Market Dynamics
    15.1    SWOT Analysis
        15.1.1    Strengths
        15.1.2    Weaknesses
        15.1.3    Opportunities
        15.1.4    Threats
    15.2    Porter’s Five Forces Analysis
        15.2.1    Supplier’s Power
        15.2.2    Buyer’s Power
        15.2.3    Threat of New Entrants
        15.2.4    Degree of Rivalry
        15.2.5    Threat of Substitutes
    15.3    Key Indicators for Demand
    15.4    Key Indicators for Price
16    Trade Data Analysis (HS Code – 900130)
    16.1    Major Importing Countries
        16.1.1    By Value
        16.1.2    By Volume
    16.2    Major Exporting Countries
        16.2.1    By Value
        16.2.2    By Volume
17    Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    Carl Zeiss AG
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    CooperVision, Inc.
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Menicon Co., Ltd.
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Alcon Inc.
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    SynergEyes
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Johnson & Johnson Surgical Vision, Inc.
            17.2.6.1    Company Overview
            17.2.6.2    Product Portfolio
            17.2.6.3    Demographic Reach and Achievements
            17.2.6.4    Certifications
        17.2.7    Solotica
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    Bausch + Lomb Corporation
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications
        17.2.9    Others
18    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Fintech Market: Key Industry Highlights, 2018 and 2032
2.    Latin America Contact Lenses Market: Key Industry Highlights, 2018 and 2032
3.    Latin America Contact Lenses Historical Market: Breakup by Material (USD Million), 2018-2023
4.    Latin America Contact Lenses Market Forecast: Breakup by Material (USD Million), 2024-2032
5.    Latin America Contact Lenses Historical Market: Breakup by Design (USD Million), 2018-2023
6.    Latin America Contact Lenses Market Forecast: Breakup by Design (USD Million), 2024-2032
7.    Latin America Contact Lenses Historical Market: Breakup by Application (USD Million), 2018-2023
8.    Latin America Contact Lenses Market Forecast: Breakup by Application (USD Million), 2024-2032
9.    Latin America Contact Lenses Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
10.    Latin America Contact Lenses Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
11.    Latin America Contact Lenses Historical Market: Breakup by Country (USD Million), 2018-2023
12.    Latin America Contact Lenses Market Forecast: Breakup by Country (USD Million), 2024-2032
13.    Latin America Contact Lenses Market Structure

Key Questions Answered in the Report

The market attained a value of USD 1,440.40 million in 2023.

The market is estimated to grow at a CAGR of 5.0% during 2024-2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 2234.47 million by 2032.

The major market drivers include increasing cases of refractive eye conditions, increased preference for coloured and cosmetic lenses, and rising disposable incomes.

The key market trends include technological improvements, increasing demand for daily disposable lenses, expansion of online channels, and growing demand for premium vision correction options.

The key countries are Brazil, Mexico, Argentina, Chile, and others.

The significant distribution channels include eye care professionals, retail, and online.

The key players in the market include Carl Zeiss AG, CooperVision, Inc., Menicon Co., Ltd., Alcon Inc., SynergEyes, Johnson & Johnson Surgical Vision, Inc., and Solótica, Bausch + Lomb Corporation among others.

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