The Brazil Ophthalmology drugs and devices market size stood at around USD xx billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Ophthalmic drugs and devices are used for the treatment of various eye disorders like cataract, glaucoma etc. This market is particularly driven by escalating population of diabetes, as diabetes causes a direct impact on eyes. People with diabetes are 60% more prone of having an eye condition, and Brazil has 12 million diabetic individuals, which makes this a huge market for expansion.
Brazilian government is spending huge resources on healthcare expenditure, which gives a boost to investment in ophthalmology sector. Also, a rising number in diabetic patients is fuelling this industry.
High innovation in combination therapy and increasing number of glaucoma patients are also some reasons of its growth.
Longer gestation period in development of new drugs, patent expiry of old ones and adverse side effects are some of the market restraints.