Mexico Contact Lenses Market Analysis

Mexico Contact Lenses Market Executive Summary

Mexico Contact Lenses Market was valued at $257.10 Mn in 2023 and is predicted to grow at a CAGR of 9.15% from 2023 to 2030, to $474.54 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 led to blindness in approximately 15.2 Mn people aged 50 and older worldwide, with an additional 78.8 Mn suffering from moderate and severe vision impairment (MSVI) due to cataracts. Since 2000, cataract blindness cases have increased by 29.7%, and MSVI cases by 93.1%. Mexico, part of Latin America, also grapples with significant eye health challenges, including a heightened risk of developing cataracts, diabetic retinopathy, glaucoma, and macular degeneration among individuals aged 40 and older.

The market therefore is driven by significant factors like rising disposable income, high prevalence of eye disorders, and growing focus on aesthetics. However, limited public insurance coverage, lack of awareness regarding proper care, and competition from refractive surgery 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 Disposable Income: Mexico's economy is on an upward trajectory, leading to increasing disposable income for many Mexicans. The World Bank estimates Mexico's GDP per capita at $19,140 in 2023. This allows people to spend more on discretionary items like contact lenses.

High Prevalence of Eye Disorders: Statistics suggest a significant portion of the Mexican population suffers from vision problems. Mexican ophthalmic device market, which includes contact lenses, is expected to reach $1.4 Bn by 2027. This growth is partly driven by the prevalence of eye conditions.

Growing Focus on Aesthetics: There's a growing trend in Mexico, particularly among younger demographics, of prioritizing aesthetics. Coloured contact lenses offer a way to enhance appearance, driving demand in this segment of the market.

Market Restraints

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

Lack of Awareness Regarding Proper Care: There is a lack of awareness about the correct hygiene and care practices for contact lenses. This shortfall can result in complications and shorter wear duration, which may deter potential users.

Competition from Refractive Surgery: Advancements in laser vision correction procedures like LASIK are becoming increasingly accessible in Mexico. While not suitable for everyone, these options present some competition for the contact lens market for specific demographics.

Regulatory Landscape and Reimbursement Scenario

In Mexico, the regulatory oversight of contact lenses is managed by COFEPRIS (Comisión Federal para la Protección contra Riesgos Sanitarios). All contact lenses, including corrective and cosmetic varieties, must be registered with COFEPRIS before being imported, distributed, or sold. This process requires submitting technical documentation and demonstrating compliance with Mexican safety and performance standards. Contact lenses are classified based on risk, with most falling under Class II (medium-risk), necessitating detailed registration. Specialty lenses, categorized as Class III (high-risk), have stricter registration requirements. Manufacturers and distributors must implement a Quality Management System (QMS) adhering to international standards like ISO 13485 to ensure product quality and safety. Additionally, post-market surveillance is mandatory to monitor product performance and report any adverse events to COFEPRIS.

Regarding reimbursement, contact lenses are generally not covered by Mexico's public health insurance system. However, there are exceptions for medically necessary lenses prescribed by an ophthalmologist for specific eye conditions, which might receive partial coverage depending on the individual’s health insurance plan. Some private health insurance plans in Mexico may offer partial or full coverage for contact lenses, with the extent of coverage and eligibility criteria varying significantly based on the specific plan details.

Competitive Landscape

Key Players

Here are some of the major key players in the Mexico 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.