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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.
Eyewear is an accessory that is designed for vision correction in order to protect eyes from debris, injurious radiations, and light. It includes spectacles, contact lenses, and sunglasses. They are widely used for vision correction or protection of eyes from UV lights and harmful particles. The increasing prevalence of ocular disorders, combined with recent technological advancements in this sector, has influenced several market players in the industry to develop cost-effective and efficient products for customers.
For instance, according to a study published by the British Journal of Ophthalmology, it was estimated that one in five people in Latin America had some degree of vision loss in 2015. it is estimated that from 2015 to 2020, the number of people with vision loss in the region is projected to increase by 12.0% and reach up to 132.3 million. Also, the changing lifestyle and modern fashion trends are set to influence the demand for attractive products, thereby propelling the growth of the market during the forecast period.
COVID-19 Pandemic to Restrict Demand for Eyewear Products Backed by Cancellation of Non-essential Procedures
The outbreak of the COVID-19 pandemic has had an overall negative effect on the market. The lockdown measure was imposed in Latin American countries, including Brazil, Mexico, Argentina, and others, which would lead to a negative impact on several industries, including eyewear. A large number of medical organizations reported rescheduling or canceling non-essential ophthalmic procedures due to the lockdown. They also recommended telehealth among healthcare professionals and patients to avoid physical contact and prevent the transmission of the coronavirus.
According to research conducted by doctors in Goiana, it was observed that in Brazil, the total number of patient visits in ophthalmic clinics decreased by 60.0% in 2020, compared to the previous year. Additionally, several market players registered a decline in their revenues during the first half of 2020 due to disturbances in supply chains, closure of retail stores, shopping malls, ophthalmic clinics, and postponement of elective and non-essential procedures, including eye check-up.
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Increasing Geriatric Population and Technological Advancements are the Vital Trends
The increasing aging population is one of the major social transformations of the twenty-first century. At present, population aging is observed in most of the Latin American countries and is one of the major risks for vision impairment or ophthalmic disorders. The aged population is more susceptible to numerous medical complications related to eye health. Hence, it would support the market growth for eyewear.
Also, increasing disposable income is responsible for rising spending on eye health and new fashion trends. Customers are inclining towards products that are providing better vision for night driving and are more comfortable for reading and computer use. Similarly, UV protective lenses prevent the eyes from damages caused by the harmful UV A and UV B rays coming from the sun. These factors are set to drive the growth of the market for eyewear in Latin America.
Rising Prevalence of Ocular Disorders in Latin America to Drive Growth
In recent years, there has been significant growth in ophthalmic disorders such as glaucoma, myopia, cataract, and others in Latin American countries. One of the major factors responsible for this is the rising usage of digital screens such as televisions, computers, and mobile, which has led to an increase in the number of vision impairment cases among the general population.
It is observed that the usage of visual aids, namely, glasses and contact lens among people, would grow significantly according to their age. This is mostly due to the higher incidence of ocular disorders such as myopia, hyper myopia, and age-related macular degeneration among geriatric patients.
The above factors, along with the changing lifestyle, increasing per capita spending, and changing consumer buying patterns in Latin America, would augment growth. At the same time, the introduction of technologically advanced spectacles and contact lenses by key players is expected to upsurge the demand for the products.
Growing Adoption of LASIK and Other Surgeries May Hamper Demand
Despite the significant developments in technologies and designs, there are certain factors limiting their adoption. One of them is the increasing adoption of LASIK and other surgical procedures for vision correction. The increasing number of ophthalmic surgical procedures is occurring because of the introduction of advanced technologies. Besides, the higher success rate of such surgeries compared to the products used for the correction of vision impairment would surge their popularity.
Also, the presence of limited reimbursement policies and various side-effects associated with the long-term usage of these products may restrain the market growth in developed and emerging countries.
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Spectacles Segment to Hold the Dominant Share of the Market
Based on the product type, the market is segmented into spectacles, sunglasses, and contact lenses. The spectacles segment is further bifurcated into frames and lenses. The sunglasses segment is classified into plano and prescription sunglasses. The contact lenses segment is divided into toric, multifocal, and sphere.
The spectacles segment held the dominating share in 2019 owing to the rising prevalence of vision impairment, myopia, and hypermetropia among the general population, thereby leading to the higher demand for vision correction devices and products. The contact lenses segment is projected to register a significant growth rate attributable to the rising shift of vision correction patients towards contact lenses due to their better aesthetic properties, ease of use, and functionality compared to traditional spectacles.
Online Store Segment to Grow at a Significant Pace during the Forecast Period
On the basis of the distribution channel, the market is fragmented into retail store, online stores, and ophthalmic clinics. The retail store segment held a dominant share of the market in 2019. The dominance is attributable to the strategic collaborations and acquisitions made by major players in the retail sector.
For instance, in January 2017, Luxottica Group, one of the major players in the market, acquired Brazil-based Óticas Carol, a major optical franchisor with around 950 stores across the country. On the other hand, the online stores segment is expected to showcase a significant CAGR owing to the increasing shift of customers in metropolitan and capital cities towards e-commerce platforms for purchasing the products.
Based on geography, the market for eyewear in Latin America is divided into Brazil, Mexico, Argentina, Columbia, Chile, Peru, Ecuador, and the rest of Latin America. Based on market size, Brazil dominated the market with USD 4.17 billion market value in 2019. The growing demand for eyewear and the increasing initiatives by governments and the presence of key players in the country are expected to increase eye health awareness. At the same time, the increasing number of patients undergoing eye tests was responsible for the dominance of this country in 2019.
Mexico is anticipated to be the second-largest leading country in terms of revenue. This growth is attributable to the presence of well-established healthcare infrastructure in the country for ophthalmic testing and examinations, as well as the increasing cases of ocular disorders among the Mexican population.
Argentina and Columbia accounted for a market share of 15.0% and 9.7%, respectively, in 2019, owing to the rising awareness among the population about vision care and the increasing expenditure of individuals on premium and trendy products.
Key Companies to Focus on Enhancing Their Product Portfolios to Compete in Eyewear industry
The market is extremely competitive and includes major players such as Alcon, EssilorLuxottica, CooperVision, Inc., Johnson & Johnson Services, Inc., Bausch Health Incorporated, and Carl Zeiss. They possess robust portfolios of products, including sunglasses and contact lenses and hence accounted for a dominant share of the Latin America market in 2019. Through various collaborations, acquisitions, and new product launches, these companies are gradually strengthening their market positions.
Eyewear companies such as LentisPlus.Com, Safilo Group S.p.A, Ben & Frank, Leco.mx, Infinit.la, Weblens.com, and Willbloom.cl, are continuously focusing on the development of advanced products and are also expanding their distribution channels across the region, intending to establish their foothold in the domestic market.
An Infographic Representation of Latin America Eyewear Market
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The Latin America eyewear market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, and distribution channel. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth over recent years.
Value (USD Billion)
By Distribution Channel
Fortune Business Insights says that the Latin America eyewear market stood at USD 10.80 billion in 2019 and is projected to reach USD 15.05 billion by 2027.
In 2019, the market value stood at USD 10.80 billion.
The market will exhibit steady growth at a CAGR of 6.8% during the forecast period (2020-2027).
By product type, the spectacles segment will lead the market.
The increasing prevalence of ocular disorders and changing lifestyles in Latin America are the key factors driving the products' demand.
Alcon, EssilorLuxottica, and Johnson & Johnson Services, Inc. are the top players in the market.
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