Latin America Prescription Lens Market Size & Outlook
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Latin America prescription lens market highlights
- The Latin America prescription lens market generated a revenue of USD 7,896.6 million in 2023.
- The market is expected to grow at a CAGR of 3.9% from 2024 to 2030.
- In terms of segment, single vision was the largest revenue generating type in 2023.
- Progressive is the most lucrative type segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 7,896.6 million |
| Market revenue in 2030 | USD 10,352.3 million |
| Growth rate | 3.9% (CAGR from 2023 to 2030) |
| Largest segment | Single vision |
| Fastest growing segment | Progressive |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Bifocal, Trifocal, Progressive, Workspace Progressives, Single Vision |
| Key market players worldwide | Essilorluxottica, ZEISS Group, Hoya Corp, Privé Revaux, Vision Ease Eyewear, Seiko Optical Products, Vision Rx Lab |
Other key industry trends
- In terms of revenue, Latin America region accounted for 17.1% of the global prescription lens market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 20,808.1 million by 2030.
Single vision was the largest segment with a revenue share of 27.21% in 2023. Horizon Databook has segmented the Latin America prescription lens market based on bifocal, trifocal, progressive, workspace progressives, single vision covering the revenue growth of each sub-segment from 2018 to 2030.
The Latin American region’s economy is majorly driven by Brazil. The healthcare spending of this region is reported to be around 7.6% of GDP, which is third in terms of healthcare spending after North America and Western Europe.
These countries have vibrant research relations with China and Europe. Furthermore, increasing private & government investments on R&D in healthcare and growing prevalence of ocular disorders are some of the factors expected to drive demand for technologically improved equipment for long-term care, which is expected to boost usage prescription lenses over the forecast period.
Initiatives such as eHealth initiative taken by the Pan American health organization and WHO in Latin America to improve the health of people is expected to further support the prescription lens market growth.
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Prescription Lens Market Scope
Prescription Lens Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Vision Rx Lab | View profile | 1001-5000 | Kolkata, West Bengal, India, Asia | https://www.visionrxlab.com/ |
| Seiko Optical Products | View profile | 101-250 | Chuo, Hokkaido, Japan, Asia | https://www.seikovision.com |
| Vision Ease Eyewear | View profile | 51-100 | Singapore, Central Region, Singapore, Asia | https://www.visioneaseeyewear.com |
| Privé Revaux | View profile | 11-50 | New York, New York, United States, North America | https://priverevaux.com |
| Hoya Corp | View profile | 36571 | 20th Floor Nishi-Shinjuku Building, 6-10-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo, Japan, 160-8347 | http://www.hoya.co.jp |
| ZEISS Group | View profile | 10001+ | Oberkochen, Baden-Wurttemberg, Germany, Europe | http://www.zeiss.com |
| Essilorluxottica | View profile | 200000 | 147, Rue de Paris, Charenton-Le-Pont, Paris, France, 94220 | https://www.essilorluxottica.com |
Latin America prescription lens market size, by country, 2018-2030 (US$M)
Latin America Prescription Lens Market Share, 2023 & 2030 (US$M)
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