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.
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.
Major Latin America Eyewear Market Key players covered in the report include:
- 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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Our research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers and acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
It offers figurative estimations for upcoming years on the basis of the recent developments and historic data. For gathering information and estimating revenue for all segments, researchers have used top-down and bottom-up approaches. On the basis of data collected from primary and secondary research and trusted data sources the report will help both existing and new aspirants for market to figure out and study the market’s needs, market size, and competition.
Latin America Eyewear Market Analysis 2021:
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.
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.
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.
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- 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
- Competitive Analysis
- Key Industry Developments
- Latin America Market Share Analysis by Key Companies (2019)
- Company Profiles (Overview, Products, SWOT Analysis, Recent Developments, Strategies, Financials (based on availability))
- Johnson & Johnson Services, Inc.
- Bausch Health Incorporated
- Carl Zeiss Meditec AG
- Safilo Group S.p.A
- Ben & Frank
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