Brazil LASIK Surgery Market Analysis

Brazil LASIK Surgery Market Executive Summary

Brazil LASIK Surgery Market was valued at $88.25 Mn in 2023 and is predicted to grow at a CAGR of 6.21% from 2023 to 2030, to $134.55 Mn by 2030.

LASIK, or laser-assisted in situ keratomileusis, is a popular refractive surgery that reshapes the cornea to correct vision problems like near sightedness, farsightedness, and astigmatism, significantly reducing dependence on eyeglasses or contact lenses. Before surgery, an ophthalmologist performs a comprehensive eye exam to determine candidacy. The outpatient procedure, lasting about 15-30 minutes per eye, involves creating a thin corneal flap with a microkeratome or femtosecond laser, reshaping the underlying corneal tissue with an excimer laser, and repositioning the flap without stitches. Post-surgery, patients may experience temporary discomfort and blurred vision, with risks including dry eyes, glare, halos, infection, and rare vision under or overcorrections.

In Brazil, 7.4% of the population has a visual impairment, with 1.51% being blind, decreasing to 1.07% with refractive correction. Uncorrected visual impairment is 4.82%, dropping to 0.41% with correction. Major causes of visual impairment are refractive errors (76.8%), cataracts (over 60%), retinal disorders, glaucoma, and age-related macular degeneration. From 2010-2019, 1,859 deaths occurred from eye and adnexa cancers, primarily unspecified eye cancer (38.7%), malignant neoplasm of the orbit (22.6%), and malignant neoplasm of the retina (14.7%). Market is therefore driven by significant factors like rising prevalence, evolving consumer habits, and technological advancements. However, high costs, limited public insurance coverage, and uneven distribution of qualified surgeons restrict the growth and potential of the market.

Market Dynamics

Market Growth Drivers

Rising Prevalence: Brazil has a significant population with vision issues, with studies indicating that over 36% of adults in urban areas suffer from myopia. This large patient pool creates substantial demand for corrective procedures like LASIK surgery, driving market growth.

Evolving Consumer Habits: The Brazilian economy's recent recovery has increased disposable income for many citizens. With more financial resources, individuals are more likely to consider elective procedures like LASIK that enhance their quality of life. Additionally, there's a growing trend in Brazil towards consumerism and investing in personal appearance and health.

Technological Advancements: Advancements in LASIK technology have led to greater precision, faster recovery times, and potentially lower complication rates. These improvements make LASIK a more attractive option for patients in Brazil, encouraging more individuals to opt for the procedure.

Market Restraints

High Costs: LASIK surgery can be expensive in Brazil, especially when compared to the average national income. This high cost can be a significant barrier for many Brazilians, limiting the accessibility of the procedure to a broader population.

Limited Public Insurance Coverage: LASIK surgery is generally considered an elective procedure and is not typically covered by Brazil's Unified Health System (Sistema Único de Saúde - SUS). This lack of coverage adds to the financial burden for patients considering the procedure, making it less accessible for many.

Uneven Distribution of Qualified Surgeons: Availability of qualified ophthalmologists trained in advanced LASIK procedures and well-equipped LASIK facilities is often concentrated in major cities. This concentration restricts access for people living in rural areas, limiting the procedure's reach and market growth in those regions.

Regulatory Landscape and Reimbursement Scenario

Brazil has a structured regulatory framework for LASIK surgery, primarily governed by the Brazilian Health Regulatory Agency (ANVISA), which ensures that all medical devices, including those used in LASIK, meet safety and efficacy standards before being marketed. The General Council of Medicine sets ethical guidelines for medical practices, including those relevant to ophthalmology, which LASIK surgeons are required to follow. Additionally, the Mexican Society of Ophthalmology promotes high standards and ethical practices within the field, further influencing LASIK procedures in the country.

LASIK surgery in Brazil is generally classified as an elective procedure and is not typically covered by public health insurance programs like SUS, which focuses on essential medical services. Some private health insurance plans provide partial coverage. Most patients ultimately pay out-of-pocket for LASIK surgery, although the costs are often lower than in North America, making Brazil a popular destination for medical tourism. Many LASIK clinics also offer financing options to help manage the financial burden of the procedure.

Competitive Landscape

Key Players

Here are some of the major key players in the Brazil LASIK Surgery

• Rio de Janeiro
• Schwind eye-tech-solutions
• Abbott
• Technolas Perfect Vision GMBH
• Johnson and Johnson Private Ltd
• Zeimer Ophthalmic System AG
• Laser Sight Technologies, Inc
• Bausch + Lomb Incorporate
• Carl ZEISS AG
• Nidek Co, Ltd