Market Size of Mexico Ophthalmic Devices Industry
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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 Size Summary
The ophthalmic devices market in Mexico is poised for growth, driven by several key factors including the increasing prevalence of eye diseases, technological advancements, and the high adoption of digital devices. The market experienced a temporary setback due to the COVID-19 pandemic, which led to the postponement of eye surgeries. However, as the situation improved, there was a notable resurgence in eye surgeries, allowing the market to regain its momentum. The rising incidence of conditions such as diabetes retinopathy and glaucoma has significantly boosted the demand for ophthalmic devices, as these conditions necessitate surgical interventions. Additionally, government initiatives and the establishment of specialized healthcare facilities have further supported market expansion by providing access to ophthalmic care for underserved populations.
The contact lenses segment is expected to see substantial growth, fueled by increased awareness of their benefits and the convenience they offer. The aging population in Mexico, projected to grow significantly, is likely to drive demand for contact lenses as more individuals face age-related eye disorders. Innovations in contact lens technology, such as customizable soft lenses, are anticipated to enhance market growth. Furthermore, the corneal topography segment is gaining traction due to its ability to diagnose and monitor eye conditions, particularly among the geriatric population. The market is moderately consolidated, with key players like Alcon Inc., Bausch & Lomb Inc., and Johnson & Johnson actively contributing to its development through product launches and advancements in ophthalmic technology.
Mexico Ophthalmic Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Eye Disease
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1.2.2 Technological Advancements
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1.2.3 High Adoption of Digital Devices
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1.3 Market Restraints
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1.3.1 Risk Associated with Eye Surgery
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1.3.2 Lack of Awareness
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Devices
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2.1.1 Surgical Devices
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2.1.1.1 Glaucoma Drainage Devices
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2.1.1.2 Glaucoma Stents and Implants
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2.1.1.3 Intraocular Lenses
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2.1.1.4 Lasers
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2.1.1.5 Other Surgical Devices
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2.1.2 Diagnostic and Monitoring Devices
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2.1.2.1 Autorefractors and Keratometers
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2.1.2.2 Corneal Topography Systems
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2.1.2.3 Ophthalmic Ultrasound Imaging Systems
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2.1.2.4 Ophthalmoscopes
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2.1.2.5 Optical Coherence Tomography Scanners
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2.1.2.6 Other Diagnostic and Monitoring Devices
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2.1.3 Vision Correction Devices
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2.1.3.1 Spectacles
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2.1.3.2 Contact Lenses
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Mexico Ophthalmic Devices Market Size 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.