Latin America Contact Lenses Market Report and Forecast 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

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:

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

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

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