At 6.6% CAGR, South & Central America Ophthalmology Devices Market is Projected to be Worth US$ 5,557.30 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America ophthalmology devices market was valued at US$ 3,323.60 million in 2023 and is expected to reach US$ 5,557.30 million by 2031, registering a CAGR of 6.6% from 2023 to 2031. Upsurge in incidence of ophthalmic disorders and growing focus on telemedicine for eye care services are among the critical factors attributed to the South & Central America ophthalmology devices market expansion.

Ophthalmic devices are designed for surgical, diagnostic, and vision correction purposes. These devices have gained substantial importance over the years due to the high incidence of cataracts, glaucoma, and other vision-related issues. According to Eurostat, Cataracts are the leading cause of avoidable blindness, accounting for 20 million cases of blindness and 65.2 million cases of progressive visual loss globally. As people age, its prevalence rises; it reaches 92% at age 80 and beyond, from 4% at age 55 to 64. Cataract surgery is the most popular and successful procedure in all medicine. Every year, more than 30 million people have this procedure. Furthermore, according to the most recent Global Burden of Disease Study (GBD), there will be 43.3 million blind people, 295 million people with moderate to severe visual impairment, and 258 million people with mild visual impairment globally in 2020. It is predicted that between 2020 and 2050, the number of persons with visual impairment and blindness will increase by 90% and 50%, respectively.

In 2020, there was a 23% decrease in cataract procedures in Brazil as compared to the average of the five years before the pandemic. However, in 2021, there was a 21% increase in cataract surgeries. While the population aged over 60 years surged by 50.08%, the number of cataract procedures conducted by Brazil's public health system climbed by 79.77%, from 356,088 in 2010 to 640,408 in 2021. Greater public spending in the region led to a rise in the number of surgeries. Hence, the rising burden of ophthalmic diseases such as cataracts among adult and older populations propels the need for vision care devices (contact lenses, spectacle lenses, etc.), diagnostics and monitoring devices (ophthalmic ultrasound imaging systems, fundus cameras, and so on), and surgical devices (refractive surgical devices, ophthalmic microscopes, etc.). The demand for quality eye care products is increasing with a rise in the prevalence of ophthalmic diseases across the region.

On the contrary, high cost of ophthalmic surgeries hampers the growth of South & Central America ophthalmology devices market.

Based on product, the South & Central America ophthalmology devices market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held 60.0% share of the South & Central America ophthalmology devices market in 2023, amassing US$ 1,993.74 million. It is projected to garner US$ 3,444.92 million by 2031 to expand at 7.1% CAGR during 2023-2031.

In terms of application, the South & Central America ophthalmology devices market is segmented into cataract, glaucoma, refractory disorders, vitreoretinal disorders, and other applications. The glaucoma segment held 44.5% share of the South & Central America ophthalmology devices market in 2023, amassing US$ 1,477.69 million. It is estimated to garner US$ 2,660.83 million by 2031 to expand at 7.6% CAGR during 2023-2031.

By end user, the South & Central America ophthalmology devices market is segmented into hospital and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held 72.5% share of South & Central America ophthalmology devices market in 2023, amassing US$ 2,411.17 million. It is predicted to garner US$ 4,111.37 million by 2031 to expand at 6.9% CAGR during 2023-2031.

Based on country, the South & Central America ophthalmology devices market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 42.9% share of South & Central America ophthalmology devices market in 2023, amassing US$ 1,426.53 million. It is projected to garner US$ 2,518.01 million by 2031 to expand at 7.4% CAGR during 2023-2031.

Key players operating in the South & Central America ophthalmology devices market are Johnson & Johnson Vision Care Inc, Alcon AG, Carl Zeiss Meditec, Bausch & Lomb Inc, Essilor Intonational SAS, Nidek Co Ltd, Topcon Corp, and Hoya Corp., among others.

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