Brazil Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Brazil Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Brazil ophthalmic devices market is expected to register a CAGR of 5.8% over the forecast period.

The outbreak of the COVID-19 pandemic has pushed the pharmaceutical industry into action, with a race to develop both therapeutic and preventive drugs. Exponentially increasing cases of the coronavirus worldwide are leading to the need for the development of novel treatments, with several clinical trials underway. Meanwhile, the manufacturers of ophthalmic devices focused on developing biological vaccines and drugs, which can also be applied in the diagnosis and treatment of COVID-19. Initially, the outbreak of the pandemic adversely impacted the market in Brazil. Many regular eye surgeries were canceled and only emergency surgeries were taken by healthcare professionals during the pandemic. For instance, according to the study titled, "Impacts of the COVID-19 pandemic on elective cataract surgeries" published in May 2022, the COVID-19 pandemic significantly interrupted some cataract surgeries in Brazil from March to June 2020, and surgeons were taking measures against the spread of the virus heterogeneously. It also stated that during the pandemic more than half of the physicians performed only elective cataract surgeries. Therefore, such instances indicate that the market witnessed a slow growth during the pandemic. However, with the ease of restrictions and lockdown, the market is expected to gain momentum, thereby considerable growth is anticipated over the forecast period.

The increasing prevalence of eye disease and increasing geriatric population are the major drivers for the market. For instance, according to the study titled, "Prevalence and associated risk factors for dry eye disease among Brazilian undergraduate students" published in November 2021, dry eye symptoms were found to be a prevalent condition among Brazilian university students compared to the rate of dry eye among the general Brazilian population over 40 years of age. Similarly, according to the study titled, "Prevalence and risk factors for dry eye disease: the Sao Paulo dry eye study" in March 2022, dry eye disease prevalence in Sao Paulo city is higher in women than in men. It also stated that age and hypertension were stronger risk factors of dry eye disease for women. Therefore, increasing cases of eye disorders are anticipated to propel the market growth over the forecast period.

However, shortage of skilled professionals are likely to hinder the market growth over the forecast period.

Key Market TrendsContact Lenses Segment is Expected to Witness Growth Over the Forecast Period

Contact lenses are thin, clear plastic discs that you wear in your eye to improve your vision. Contacts float on the tear film that covers your cornea. Like glasses, contact lenses correct vision problems caused by refractive errors. The two most common types of contact lenses are hard and soft. The most common type of hard contact lens is the rigid gas permeable (RGP) lens. These lenses are usually made of plastic combined with other materials. They hold their shape tightly, yet allow oxygen to flow through the lens to your eye. However, most people choose to wear soft contact lenses. They tend to be more comfortable and there are many options.

The factors attributing to the dominance of the contact lenses segment are good awareness regarding the availability of contact lenses and their advantages. The rising eye-related disorders population is also driving the contact lenses segment, while the aging population is expected to burden all areas of healthcare. For instance, according to the study titled, "The frequency of blindness and visual impairment in the central-west region of Brazil" published in August 2021, around 3.6% of the Brazilian population (7.2 million) had blindness or visual impairment in 2021. It also reported that the rising number of ageing Brazilian population is the major cause of increasing the risk of blindness and visual impairment in the country. Furthermore, the study also highlighted that by increasing the access to proper eye care may help to minimize the risk of blindness and visual impairment in Brazil. Contact lenses are generally the most preffered option for patients suffering from visual impairement and eye disorders. Therefore, such instances are anticipated to propel the demand of contact lenses, thereby surging the segmemt growth over the forecast period.

Competitive Landscape

The Brazil ophthalmic devices market is consolidated and highly competitive. The Brazil 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. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Alcon Inc., Bausch & Lomb Inc., Carl Zeiss Meditec AG, Essilor International SA, HAAG-Streit Group, and Nidek Co. Ltd among others.

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