The ”Latin America eyewear market“ is set to gain momentum from the increasing geriatric population in the region. Old people are mainly prone to suffering from ophthalmic disorders or vision impairments. This information is given by Fortune Business Insights™ in a new report, titled, “Latin America Eyewear Market Size, Share & Industry Analysis, By Product Type (Spectacles (Frames, Lens), Sunglasses (Plano, Prescription), and Contact Lenses (Toric, Multifocal, and Sphere)); By Distribution Channel (Retail Store, Online Store, and Ophthalmic Clinics), 2020-2027.” The report further states that the Latin America eyewear market size was USD 10.80 billion in 2019 and is projected to reach USD 15.05 billion by 2027, exhibiting a CAGR of 6.8% during the forecast period.
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COVID-19 Pandemic to Hinder Growth Fueled by Reduction in Patient Visits
The COVID-19 pandemic has compelled several medical institutions to either postpone or cancel all the non-essential ophthalmic procedures. They are mainly doing this to avoid physical contact with patients for preventing the transmission of the coronavirus. A research conducted by doctors in Goiana, for instance, showed that in 2020, the total number of patient visits in ophthalmic clinics declined by 60.0% in Brazil, unlike the previous year. We are offering accurate research reports to help you pave the way toward success and invest in the Latin America eyewear industry accordingly.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Increasing Usage of Smartphones and Computers to Accelerate Growth
The cases of ophthalmic disorders, such as cataract, myopia, and glaucoma are increasing rapidly in Latin America in recent years. The rising usage of digital screens, namely, smartphones, computers, laptops, and televisions is one of the crucial reasons responsible for the higher prevalence of the above-mentioned disorders. The World Health Organization (WHO), for instance, mentioned that more than 25 million people in Caribbean and Latin American countries were affected by age-related macular degeneration in 2019. These factors are anticipated to propel the Latin America eyewear market growth in the near future. However, the surging adoption of LASIK surgeries may hamper the demand for eyewear products in this region.
Spectacles Segment Held Dominant Share in 2019 Backed by Rising Cases of Hypermetropia
Based on product type, the spectacles segment procured the largest Latin America eyewear market share in 2019. This growth is attributable to the increasing prevalence of hypermetropia and other vision impairments among the general population in the region. Hence, the demand for vision correction products and devices, such as spectacles is set to grow.
Presence of Established Healthcare Infrastructure to Favor Growth in Mexico
In 2019, Brazil generated USD 4.17 billion in terms of revenue in the Latin America eyewear industry. The presence of numerous eyewear companies, coupled with the increasing government initiatives would contribute to this growth. Also, the high demand for multiple eyewear products in this country would aid growth.
Mexico, on the other hand, is expected to retain its second position throughout the forthcoming years. The presence of a well-established healthcare infrastructure in this country would boost growth. Additionally, the rising cases of ocular disorders are set to spur the demand for eyewear.
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Key Players Aim to Gain a Competitive Edge by Unveiling State-of-the-art Eyewear Products
The market for eyewear in Latin America contains numerous prominent manufacturers that are presently striving to gain a competitive edge by launching innovative products. The high demand in this region is also boosting these firms to compete with their rivals by generating more sales. Below are the two latest industry developments:
- September 2020: Essilor introduced its new generation of spectacle lens solutions called Stellest™ lens to fight against myopia. It was designed with the help of the company’s ‘Highly Aspherical Lenslet Target’ or HALT technology.
- February 2019: Essilor International acquired majority stakes in a prescription laboratory named Indulentes. It is based in Ecuador. This will help the former to strengthen its presence in the country.
A list of all the renowned eyewear manufacturers operating in Latin America:
- Alcon (Geneva, Switzerland)
- EssilorLuxottica (Charenton-le-Pont, France)
- CooperVision (Lake Forest, California, US)
- Johnson & Johnson Services, Inc. (New Brunswick, New Jersey, US)
- Bausch Health Incorporated (Bridgewater Township, US)
- Carl Zeiss Meditec AG (Oberkochen, Germany)
- Com(Bogotá, Colombia)
- Safilo Group S.p.A (Padua, Italy)
- Ben & Frank (Ciudad de, Mexico)
- mx (Mexico City, Mexico)
- la (Buenos Aires, Argentina)
- com (Mexico City, Mexico)
- cl (Santiago, Chile)
- Other Prominent Player
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Table Of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Market Drivers
- Market Restraints
- Market Opportunities
- New Product Launch, By Key Players
- Prevalence of Key Ocular Diseases, By Key Countries
- Overview of Consumer Buying Behavior of Eyewear Products
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Key Trends in the Eyewear Market
- Percentage of Adults Currently Wearing Eyewear, Latin America
- Impact of COVID-19 on Latin America Eyewear Market
Latin America Eyewear Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Contact Lenses
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis, Insights and Forecast – By Country/Sub-region
- Rest of Latin America
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