Brazil Contact Lenses Market Analysis

Brazil Contact Lenses Market Executive Summary

Brazil Contact Lenses Market was valued at $428.50 Mn in 2023 and is predicted to grow at a CAGR of 9.9% from 2023 to 2030, to $829.73 Mn by 2030. 

Contact lenses are versatile medical devices placed directly on the eye, serving both functional and cosmetic purposes. They come in several types: soft lenses, made of flexible plastic allowing oxygen to the cornea; rigid gas permeable lenses for sharper vision; hybrid lenses combining features of both; and scleral lenses covering the cornea and sclera, useful for irregular corneas. They correct refractive errors like myopia and hyperopia and cater to cosmetic needs with colored variants. Fitting by an optometrist or ophthalmologist ensures proper selection based on individual eye health and lifestyle. Regular cleaning and adherence to wearing schedules are crucial for preventing infections and maintaining eye health. Risks include infections, dry eyes, and corneal abrasions if not used correctly. Regulated as medical devices, advancements like silicone hydrogel materials and UV-blocking capabilities enhance safety and comfort, making contact lenses a popular choice for vision correction and aesthetic enhancement globally.

In 2020, cataracts caused blindness in an estimated 15.2 Mn people aged 50 and older worldwide, with an additional 78.8 Mn experiencing moderate and severe vision impairment (MSVI) due to cataracts. Since 2000, there has been a significant rise in these cases, with a 29.7% increase in cataract blindness and a 93.1% increase in MSVI cases.

The market therefore is driven by significant factors like the rising prevalence of eye diseases, increasing disposable income, growing preference for convenience, and technological advancements. However, limited public insurance coverage, lack of awareness regarding proper care, and high costs restrict the growth and potential of the market.

Prominent players in this field are Bausch and Lomb, which emphasizes daily disposable contact lenses enhanced with comfort technologies and supports sustainability initiatives. On the other hand, CooperVision focuses on innovation through advanced materials, specialized solutions for myopia management, and convenient subscription services for contact lenses. Other contributors include Alcon Vision LLC, and Essilor International S.A. among others.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Eye Diseases: A growing population in Brazil with vision problems. There are estimates around 3.6% of the Brazilian population (7.2 Mn people) have blindness or visual impairment in 2021. This creates a demand for vision correction solutions, including contact lenses.

Increasing Disposable Income: Brazil's economy is experiencing growth, leading to rising disposable income for many Brazilians. A World Bank report estimates Brazil's GDP per capita at $15,030 in 2023 Source. This allows people to spend more on discretionary items like contact lenses.

Growing Preference for Convenience: Contact lenses offer a convenient alternative to eyeglasses for many people, especially those with active lifestyles or who prefer a certain aesthetic. This trend is gaining traction in Brazil.

Technological Advancements: The introduction of new materials and technologies like silicone hydrogel and daily disposables is reaching the Brazilian market. This offers improved comfort, wearability, and user experience, attracting more people to contact lenses.

Market Restraints

Limited Public Insurance Coverage: Contact lenses are generally not covered by Brazil's public health insurance system. This can be a barrier for some Brazilians, particularly those with limited financial resources.

Lack of Awareness Regarding Proper Care: There exists a gap in knowledge regarding proper contact lens hygiene and care practices. This could lead to complications and reduced wear time, potentially discouraging potential users.

High Cost: Contact lenses, especially specialty lenses or frequent replacement schedules, can be expensive in Brazil. This can be a barrier for some consumers, even with rising disposable income.

Regulatory Landscape and Reimbursement Scenario

The Brazilian contact lens market is regulated by the National Health Surveillance Agency (ANVISA), requiring all contact lenses, including corrective and cosmetic types, to be registered before they can be sold. This registration process involves submitting technical documentation and demonstrating compliance with Brazilian safety and performance standards. Lenses are classified based on risk, with most falling under Class II (medium-risk) and requiring detailed information on materials, design, and use, while Class III (high-risk) lenses, used for specific eye diseases, have stricter requirements. Manufacturers must also adhere to ANVISA's Good Manufacturing Practices (GMP) and conduct post-market surveillance to monitor product performance and report adverse events.

Regarding reimbursement, contact lenses are generally not covered by Brazil's Unified Health System (SUS). However, there are exceptions for medically necessary lenses prescribed by an ophthalmologist for conditions like keratoconus, where partial coverage through SUS might be possible depending on the specific condition and regional regulations. Private health insurance plans in Brazil may offer partial or full coverage for contact lenses, with the extent of coverage and eligibility criteria varying significantly across different plans.

Competitive Landscape

Key Players

Here are some of the major key players in the Brazil Contact Lenses Market

• Abbott Medical Optics, Inc.
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• ZEISS International
• Contamac
• CooperVision, Inc.
• Essilor International S.A.
• Hoya Corporation
• Medennium
• Seed Co., Ltd.