Brazil Ophthalmic Lenses Market Highlights Over 2019 - 2028
The Brazil ophthalmic lenses market garnered a revenue of USD 3303.90 Million in the year 2019, and is further anticipated to reach USD 3575.60 Million by the end of 2028 by growing with a CAGR of 3.2% during the forecast period, i.e., 2021-2028. The growth of the market in the region can be attributed to the growing prevalence of refractive errors amongst individuals, such as myopia, hyperopia, presbyopia, and others, along with the growing aging population, and the recent advancements in ophthalmic technologies.
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In Brazil, the aging population is growing at a significant pace. According to the statistics by the World Bank, the population aged 65 and above as a share of total population in the country, increased from 6.821% in 2010 to 9.252% in 2019. With the growing age, there is a rising concern for the prevalence of diseases, which is anticipated to contribute to the market growth. Some of the most common vision disorders, such as myopia, hyperopia, and presbyopia among others, require professional diagnosis and treatment. Medical practitioners provide ophthalmic lenses to treat these disorders, which is driving the demand for high quality lenses. The rising prevalence of such vision disorders among people is also anticipated to drive the market growth during the forecast period. Furthermore, rising research and development in ophthalmic technologies, which has given birth to different types of progressive lenses and contact lenses, as well as advanced ophthalmology equipment for the diagnosis of vision related problems, is also anticipated to create opportunities for market growth.
Growth Drivers and Challenges Impacting the Growth of the Brazil Ophthalmic Lenses Market
Growth Drivers
- Growing Prevalence of Vision Disorders
- Increasing Geriatric Population
- Rising Advancements in Ophthalmic Technologies
Challenges
- High Cost of Ophthalmic Lenses
Brazil Ophthalmic Lenses Market Segmentation Synopsis
The Brazil ophthalmic lenses market is segmented by type into spectacle lenses and contact lenses. Amongst these segments, the spectacle lenses segment is anticipated to hold the largest share of the market throughout the forecast period. Alternatively, the contact lenses segment is anticipated to grow with the highest CAGR of 4.8% during the forecast period. Spectacle lenses are usually worn to correct refractive errors. These are usually priced low when compared to contact lenses and can be used for a variety of vision disorders unlike that of contact lenses. Growing number of individuals with vision disorders, is one of the major factors which is driving the need for vision treatment, and therefore the demand for spectacles. Based on material for spectacle lenses, the plastic segment is anticipated to gain the largest revenue of USD 1435.60 Million by the end of 2028. Further, on the basis of lens type for contact lenses, the single focus lenses segment is projected to grab the largest revenue of USD 162.6 Million by the end of 2028. Additionally, based on usage for spectacle lenses, the prescription glass segment is anticipated to hold the largest market share and further grow with a CAGR of 3.1% during the forecast period. The market is also segmented based on application for contact lenses into corrective, therapeutic, cosmetic, and prosthetic, out of which, the corrective segment is anticipated to gain the largest share of the market and attain the largest market revenue of USD 285.4 Million by the end of 2028. Based on distribution channel for spectacle lenses, the online segment is anticipated to grow with the largest CAGR of 4.4% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Brazil ophthalmic lenses market that are included in our report are HOYA VISION CARE COMPANY, SynergEyes, Carl Zeiss AG, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, Bausch & Lomb Incorporated, Sky Optical LLC (Solotica Brazil), HTK LENTES OFTALMICAS SA, and others.
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