South & Central America Ophthalmology Devices Market Forecast to 2031 - Regional Analysis - by Product, Application, and End User

The South & Central America ophthalmology devices market was valued at US$ 3.32 billion in 2023 and is expected to reach US$ 5.55 billion by 2031; it is estimated to register at a CAGR of 6.6% from 2023 to 2031.

Increasing Number of Product Launches, Collaborations, Acquisitions Fuel South & Central America Ophthalmology Devices Market

Ophthalmology device manufacturers are implementing strategies such as strategic alliances, geographic expansions, partnerships, mergers and acquisitions, and product/service launches to mark their presence in the market.

In 2024, Innovative Eyewear reported significant advancements in its global expansion efforts. Partnerships with optical retailers in Bolivia, Honduras, El Salvador, Puerto Rico, Guatemala, and Brazil are among the expansion efforts in Latin America.

In 2023, Johnson & Johnson MedTech announced plans to construct a 200,000-square-foot manufacturing venue in Costa Rica's Alajuela. The plant's primary areas of production will be orthopedics and cardiac rhythm solutions. Additionally, the new facility will accommodate shared services and be able to evaluate and meet product demand for all of J&J MedTech's products, including Johnson & Johnson Vision.

These collaborative efforts and product developments contribute significantly to the growth of the South & Central America ophthalmology devices market.

South & Central America Ophthalmology Devices Market Overview

The South & Central America ophthalmology devices market is segmented into Argentina, Brazil, and the Rest of South & Central America. Brazil is expected to hold the major market share in this region. The Ophthalmology devices market in this region is expected to grow rapidly due to expanding healthcare facilities, rising prevalence of eye disorders, and initiatives taken by various private and public organizations.

Also, the prevalence of eye disease is increasing in Brazil, which can be mainly associated with the growing geriatric population. According to the study titled "Prevalence and associated risk factors for DED among Brazilian undergraduate students," published in November 2021, dry eye symptoms are more prevalent among Brazilian university students compared to the rate recorded among the general Brazilian population aged 40 or more.

As stated in the study titled "Prevalence and risk factors for dry eye disease: the Sao Paulo dry eye study" in March 2022, DED prevalence in Sao Paulo city is higher in women than in men. Moreover, hypertension and age were stronger risk factors for DED in women. Therefore, increasing cases of eye disorders propel the ophthalmology devices market growth in Brazil.

South & Central America Ophthalmology Devices Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Ophthalmology Devices Market Segmentation

The South & Central America ophthalmology devices market is segmented based on product, application, end user, and country.

Based on product, the North America ophthalmology devices market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held the largest share in 2023.

In terms of application, the North America ophthalmology devices market is segmented into cataract, glaucoma, refractory disorders, vitreoretinal disorders, and other applications. The glaucoma segment held the largest share in 2023.

By end user, the North America ophthalmology devices market is segmented into hospital and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held the largest share in 2023.

Based on country, the South & Central America ophthalmology devices market is categorized into Brazil, Argentina, the Rest of South & Central America. Brazil dominated the South & Central America ophthalmology devices market in 2023.

Key players operating in the South & Central America ophthalmology devices market are Johnson & Johnson Vision Care Inc, Alcon AG, Carl Zeiss Meditec, Bausch & Lomb Inc, Essilor Intonational SAS, Nidek Co Ltd, Topcon Corp, and Hoya Corp are some of the leading companies operating in the South & Central America ophthalmology devices market.