The Brazilian ophthalmic devices market is expected to register a CAGR of 5.8% during the forecast period. Cataract, one of the leading causes of blindness in developing countries, is widely prevalent in Brazil. The ophthalmic device market in Brazil is expected to grow, due to the presence of a universal healthcare system providing coverage for the underserved, rising number of eye-related diseases and disorders, and greater awareness among people. According to ECLAC's 2014 Statistical yearbook for Latin America, the percentage of the aging population (above 65 years) is expected to almost double by 2030, from 6.9% in 2010. Furthermore, the increasing availability of new ophthalmic devices and advanced techniques are favoring the growth of the market.
Key Market Trends
Contact Lenses Segment is Expected to Hold a Major Market Share in the Brazil Ophthalmic Devices Market
The factors attributing to the dominance of the contact lenses segment are good awareness regarding the availability of contact lenses and their advantages. Rising eye-related disorders population is also driving the contact lenses segment, while the aging population is expected to burden all areas of healthcare. The contact lenses are expected to show growth in the near future due to their convenience and lack of requirement for daily cleaning, while also considered safer for the eye as they reduce the risk of allergies and infections.
According to the World Population Ageing 2019 report, in Brazil, the population aged 65 years or over in 2019 was 19.526 million (9.3%), and this number is projected to reach 30.413 million (13.6%) in 2030. The number of the elderly population is expected to grow in the coming years, and the elderly population is more prone to eye disorders, which ultimately drives the market in the future. Furthermore, expected innovation in the coming years is likely to focus mainly on disposable lenses, and technological advancements in this segment are expected to boost the market over the forecast period.
The Brazilian ophthalmic devices market is consolidated and is highly competitive. The Brazilian market is dominated by a few global players. Most of the complex surgical, monitoring, and diagnostic devices are imported from developed countries, especially from the United States. Most of the global firms have a direct presence in Brazil, with some operating through a network of local distributors.
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