Mexico Ophthalmic Devices Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Ophthalmic Devices Market Analysis
Mexico's ophthalmic devices market is expected to register a CAGR of 4.5% over the forecast period.
COVID-19 has had a substantial impact on Mexico's ophthalmic devices market. For instance, an article published by the journal Nature, in October 2022, reported that the COVID-19 pandemic led to a massive pause in health research in Mexican hospitals, and the primary focus of the doctors was to treat COVID-19 infective patients first. Thus, initially rising COVID-19 cases led to the cancellation and postponement of certain eye-surgery procedures and thus impacted the growth of the studied market. However, with the decrease in COVID-19 cases and the slow return to normalcy, the country reported a significant increase in eye surgeries, which may allow the studied market to recover to its full growth potential over the forecast period.
The factors driving the growth of the studied market are the increasing prevalence of eye disease, technological advancements, and the high adoption of digital devices. For instance, in November 2022, the US Embassy and Consulates reported that in northern Mexico 15.7% of individuals have vision-threatening diabetes retinopathy, and while in the central Mexican state of Queretaro, 3.6% of the population with diabetes has vision-threatening diabetes retinopathy.
Similarly, an article published in the journal ARVO, in January 2021, reported that by the end of 2030, the number of people with glaucoma in Mexico was estimated to be 2.5 million, increasing to 3 million in 2040, and to 3.4 million in 2050. The increasing number of glaucoma cases reported in Mexico is constantly driving the demand for glaucoma surgery, thereby increasing the demand for ophthalmic devices and driving the growth of the studied market.
An increasing number of eye surgical procedures performed in Mexico is also fueling the growth of the studied market. For instance, an article published in the journal PAJO, in April 2022, reported that Tecnologico de Monterrey Mexico, the ophthalmology residency center, noted that more than 400 eye surgical procedures are being performed in the center annually.
Furthermore, the rising initiatives by the government and Mexican organizations are also fueling the growth of the studied market. For instance, in May 2021, Instituto Mexicano de Oftalmología opened another institute in Mexico that offered telemedicine-assisted first-time and subsequent consultation to patients mainly with glaucoma and diabetic retinopathy. This institute is on the mission to provide specialized ophthalmic healthcare to low-income people, who lack governmental support and private health coverage.
Despite various factors pushing the demand up, the obstacles cannot be ignored. The risks associated with eye surgery and lack of awareness may slow down the growth of the studied market.
Mexico Ophthalmic Devices Market Trends
This section covers the major market trends shaping the Mexico Ophthalmic Devices Market according to our research experts:
The Contact Lenses Segment is Expected to Witness Significant Growth Over the Forecast Period.
The factors contributing to the dominance of the contact lenses segment are high awareness regarding the availability of contact lenses and their advantages. The rising population with eye-related disorders 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 because they are convenient to use, don't need daily cleaning, and are considered safer for the eye as they reduce the risk of allergies and infections.
According to the AARP International 2021 report, the Mexican population of those above 65 is projected to grow by 175.8%, from 14.5 million in 2015 to over 40 million by 2050. As the aging population increases, more people are likely to face eye-related disorders like cataracts and glaucoma, which impair vision and, at some point, prevent them from performing simple, everyday activities, thereby increasing the demand for contact lenses, thus driving the growth of this segment.
Similarly, as per the AARP's analysis, about 50% of Mexico's general population requires optometric services and the Mexico Optometry Council has declared necessary guidelines to raise awareness of eye care and to provide quality eye care services to prevent the increase in visual impairment and blindness in Mexico. Thus, the increasing number of eye disorders and the awareness initiatives by Mexico's organization is expected to increase the demand for contact lenses in the country, and the segment is expected to grow.
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. For instance, in June 2022, Bausch + Lomb launched Revive's custom soft contact lenses, a new family of customizable soft contact lenses. These are available in spherical, toric, multifocal, and multifocal toric options and are designed to meet the vision needs of more patients, including those with high or unique prescriptions. They are available in all the countries of North America including Mexico.
Corneal Topography Systems Under Diagnostic and Monitoring Devices is Expected to Witness Significant Growth Over the Forecast Period
Corneal topography produces a detailed, visual description of the shape and power of the cornea. This type of analysis provides the doctor with fine details regarding the condition of the corneal surface. These details diagnose, monitor, and treat various eye conditions. The increasing prevalence of eye diseases and a growing geriatric population is driving the growth of this segment over the forecast period.
The rising geriatric population reported in the country is more prone to various ophthalmic diseases, and corneal topography provides a detailed visualization of the eye-related disorder, thereby contributing to the growth of this segment. For instance, an article published by JOO in March 2021 reported the high prevalence of eye disorders among the geriatric population of Mexico. The article also reported that a significant increase in eye disorders among children in Mexico was noticed over the last decade. Since the corneal topography system is advanced and successful in eye detection, the segment is expected to witness significant growth over the forecast period.
Furthermore, the Mexico Institute of Opthalmology in February 2022, reported that rising cases of cataracts were reported among the geriatric population. Thus, the increasing cases of cataracts among the geriatric population are propelling the demand for corneal tomography for detection of this disease, thereby contributing to this segment's growth.
Mexico Ophthalmic Devices Industry Overview
Mexico's ophthalmic devices market is moderately consolidated. Some of the companies which are present in 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, Ziemer Ophthalmic Systems AG, Hoya Corporation and Cooper Vision.
Mexico Ophthalmic Devices Market Leaders
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Alcon Inc
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Nidek Co. Ltd
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Johnson & Johnson
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Essilor International SA
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Carl Zeiss Meditec AG
*Disclaimer: Major Players sorted in no particular order
Mexico Ophthalmic Devices Market News
- In September 2022, Johnson & Johnson Vision Care, Inc launched its newest innovation, ACUVUE OASYS MAX 1-DAY contact lenses. ACUVUE OASYS MAX 1-Day multifocal contact lenses for presbyopia. The lens was launched in North America, including Mexico.
- In May 2022, the Naval Hospital of Coatzacoalcos in Mexico was inaugurated, and the hospital started its services in the field of ophthalmology, x-rays, gynecology, dentistry, first-generation equipment, etc. This will drive the demand for ophthalmic devices in the country.
Mexico Ophthalmic Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Eye Disease
4.2.2 Technological Advancements
4.2.3 High Adoption of Digital Devices
4.3 Market Restraints
4.3.1 Risk Associated with Eye Surgery
4.3.2 Lack of Awareness
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Devices
5.1.1 Surgical Devices
5.1.1.1 Glaucoma Drainage Devices
5.1.1.2 Glaucoma Stents and Implants
5.1.1.3 Intraocular Lenses
5.1.1.4 Lasers
5.1.1.5 Other Surgical Devices
5.1.2 Diagnostic and Monitoring Devices
5.1.2.1 Autorefractors and Keratometers
5.1.2.2 Corneal Topography Systems
5.1.2.3 Ophthalmic Ultrasound Imaging Systems
5.1.2.4 Ophthalmoscopes
5.1.2.5 Optical Coherence Tomography Scanners
5.1.2.6 Other Diagnostic and Monitoring Devices
5.1.3 Vision Correction Devices
5.1.3.1 Spectacles
5.1.3.2 Contact Lenses
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alcon Inc.
6.1.2 Bausch & Lomb Inc.
6.1.3 Carl Zeiss Meditec AG
6.1.4 Essilor International SA
6.1.5 HAAG-Streit Group
6.1.6 Johnson & Johnson
6.1.7 Nidek Co. Ltd
6.1.8 Topcon Corporation
6.1.9 Ziemer Ophthalmic Systems AG
6.1.10 Hoya Corporation
6.1.11 Cooper Vision
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Ophthalmic Devices Industry Segmentation
The term 'ophthalmic devices' refers to devices used in ophthalmic diagnostics, monitoring, and ophthalmic surgeries, along with devices used for vision correction, such as contact lenses. The Mexico Ophthalmic Devices Market is segmented by Devices (Surgical Devices (Glaucoma Drainage Devices, Glaucoma Stents and Implants, Intraocular Lenses, Lasers, and Other Surgical Devices), Diagnostic and Monitoring Devices (Autorefractors and Keratometers, Corneal Topography Systems, Ophthalmic Ultrasound Imaging Systems, Ophthalmoscopes, Optical Coherence Tomography Scanners, and Other Diagnostic & Monitoring Devices), Vision Correction Devices (Spectacles and Contact Lenses). The report offers the value (In USD Million) for the above segments.
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Mexico Ophthalmic Devices Market Research FAQs
What is the current Mexico Ophthalmic Devices Market size?
The Mexico Ophthalmic Devices Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Mexico Ophthalmic Devices Market?
Alcon Inc, Nidek Co. Ltd, Johnson & Johnson, Essilor International SA and Carl Zeiss Meditec AG are the major companies operating in the Mexico Ophthalmic Devices Market.
What years does this Mexico Ophthalmic Devices Market cover?
The report covers the Mexico Ophthalmic Devices Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Mexico Ophthalmic Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Ophthalmic Devices Industry Report
Statistics for the 2024 Mexico Ophthalmic Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Ophthalmic Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Mexico Glaucoma Surgery Market Report Snapshots
