The Mexican ophthalmic devices market is expected to register a CAGR of 4.5% during the forecast period. The increasing prevalence of ophthalmic diseases and the increasing availability of new techniques are primary drivers of the Mexican market. The growing demand for ophthalmic healthcare in Mexico is further supplemented by a growing trend of medical tourism. According to the World Health Organisation (WHO) 2016 report estimations, Mexicans lost 55,000 healthy years as a result of blindness among poor people, and the number continues to grow. Thus, owing to the above factors, the market is expected to grow over the forecast period.
Key Market Trends
Contact Lenses Segment is Expected to Hold a Major Share in the Studied Market
The factors attributing to the dominance of the contact lenses segment are high 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 AARP International 2017 report, the Mexican population of those above 65 years of age is projected to grow by 277%, from 8.2 million in 2015 to over 30 million by 2050. As the aging population increases, more people are likely more prone to eye-related disorders in the future, which is expected to drive the market. 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 Mexican ophthalmic devices market is consolidated, and is highly competitive. The Mexican market is dominated by a few global players and 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 Mexico, however, some operate through a network of local distributors. Some of the companies which are currently dominating the market are Alcon Inc., Bausch & Lomb Inc., Carl Zeiss Meditec AG, Essilor International SA, HAAG-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation and Ziemer Ophthalmic Systems AG.
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