Brazil Ophthalmic Lenses Market TOC
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
April 22, 2021: Carl Zeiss AG announced the launch of an antireflective coating with antibacterial and antiviral properties, named ZEISS DuraVision AntiVirus Platinum UV, which is available for ZEISS plastic lenses. The product was launched by Carl Zeiss as an effort to fight against the COVID-19 pandemic.
June 9, 2021: Johnson & Johnson Vision Care, Inc. announced that in the 2021 BCLA virtual conference, it would showcase its new contact lens innovation, ACUVUE OASYS MULTIFOCAL with PUPIL OPTIMISED DESIGN and other clinical research data.
The Brazil ophthalmic lenses market garnered a revenue of USD 3303.90 Million in the year 2019, and is further anticipated to reach USD 3575.60 Million by the end of 2028 by growing with a CAGR of 3.2% during the forecast period, i.e., 2021-2028. The growth of the market in the region can be attributed to the growing prevalence of refractive errors amongst individuals, such as myopia, hyperopia, presbyopia, and others, along with the growing aging population, and the recent advancements in ophthalmic technologies.
Get more information on this report: Download Sample PDF
In Brazil, the aging population is growing at a significant pace. According to the statistics by the World Bank, the population aged 65 and above as a share of total population in the country, increased from 6.821% in 2010 to 9.252% in 2019. With the growing age, there is a rising concern for the prevalence of diseases, which is anticipated to contribute to the market growth. Some of the most common vision disorders, such as myopia, hyperopia, and presbyopia among others, require professional diagnosis and treatment. Medical practitioners provide ophthalmic lenses to treat these disorders, which is driving the demand for high quality lenses. The rising prevalence of such vision disorders among people is also anticipated to drive the market growth during the forecast period. Furthermore, rising research and development in ophthalmic technologies, which has given birth to different types of progressive lenses and contact lenses, as well as advanced ophthalmology equipment for the diagnosis of vision related problems, is also anticipated to create opportunities for market growth.
The Brazil ophthalmic lenses market is segmented by type into spectacle lenses and contact lenses. Amongst these segments, the spectacle lenses segment is anticipated to hold the largest share of the market throughout the forecast period. Alternatively, the contact lenses segment is anticipated to grow with the highest CAGR of 4.8% during the forecast period. Spectacle lenses are usually worn to correct refractive errors. These are usually priced low when compared to contact lenses and can be used for a variety of vision disorders unlike that of contact lenses. Growing number of individuals with vision disorders, is one of the major factors which is driving the need for vision treatment, and therefore the demand for spectacles. Based on material for spectacle lenses, the plastic segment is anticipated to gain the largest revenue of USD 1435.60 Million by the end of 2028. Further, on the basis of lens type for contact lenses, the single focus lenses segment is projected to grab the largest revenue of USD 162.6 Million by the end of 2028. Additionally, based on usage for spectacle lenses, the prescription glass segment is anticipated to hold the largest market share and further grow with a CAGR of 3.1% during the forecast period. The market is also segmented based on application for contact lenses into corrective, therapeutic, cosmetic, and prosthetic, out of which, the corrective segment is anticipated to gain the largest share of the market and attain the largest market revenue of USD 285.4 Million by the end of 2028. Based on distribution channel for spectacle lenses, the online segment is anticipated to grow with the largest CAGR of 4.4% during the forecast period.
Ans: The growing prevalence of vision disorders, and the increasing geriatric population, are some of the major factors anticipated to drive the market growth during the forecast period.
Ans: The market is anticipated to attain a CAGR of 3.2% over the forecast period, i.e., 2021-2028.
Ans: The high cost of ophthalmic lenses is one of the major factors estimated to hamper the market growth.
Ans: The major players in the market are HOYA VISION CARE COMPANY, SynergEyes, Carl Zeiss AG, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, Bausch & Lomb Incorporated, HTK LENTES OFTALMICAS SA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, material, lens type, usage, application, and by distribution channel.
Ans: The spectacle lenses segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
Submit RFP Buy Now Download Research Report Sample