Latin America Ophthalmic Drugs Market

Latin America Ophthalmic Drugs Market Size (2024 to 2029)

As per the research report, the Latin American Ophthalmic Drugs market was valued at around USD 4.50 billion in 2024. It is expected to grow at a CAGR of 6.4% and be worth USD 6.14 billion by 2029. It captures 12% of the global market.

An increasing number of people suffering from glaucoma around the region and substantial innovation and funding in the development of combination treatments are driving the growth of the Latin American ophthalmic drugs market. In addition, other factors such as FDA approvals, which raise medication approvals and increase surgeries in the ophthalmology industry due to the high prevalence of reactive defects, are fuelling the market growth.

The market is expanding as the population ages, the incidence of eye disorders increases, healthcare spending rises, and the use of minimally invasive surgeries increases. In addition, the growing patient population in developed and developing countries and rising healthcare spending on eye illness are driving the ophthalmic drug market forward.

As the prevalence of eye problems develops, the demand for ophthalmic medications grows. Eye diseases have already emerged as threats to people’s visual experience in many industrialized and developing countries. As the prevalence of diabetes has increased in many areas, diabetes medicines have been introduced. Glaucoma has been on the public health agenda for millennia due to the difficulties in recognizing it early and the need for long-term treatment.

The long gestation period for new drugs and undesirable side effects impede the expansion of the Latin American ophthalmic drugs market. Furthermore, the market growth is limited by issues like well-known drugs falling off patent and big players being hampered by the time it takes for the new drugs to join the market. In addition, risks associated with ocular disorders and a lack of public understanding of ophthalmology are further estimated to hamper the market’s growth rate.

This research report on the Latin American ophthalmic drugs market has been segmented and sub-segmented into the following categories.

Latin America Ophthalmic Drugs Market Analysis By Therapeutic Class

• Anti-inflammatory Drugs
• Anti-infective Drugs
• Anti-glaucoma Drugs
• Anti-allergy Drugs
• Anti-VEGF Agents
• Others

Latin America Ophthalmic Drugs Market Analysis By Product Type

• Prescription Drugs
• Over-the-Counter Drugs 

Latin America Ophthalmic Drugs Market Analysis By Distribution Channel

• Hospital Pharmacies
• Online Pharmacies
• Independent Pharmacies
• Drug Stores 

Latin America Ophthalmic Drugs Market Analysis By Disease Indications

• Dry Eye
• Glaucoma
• Infection/Inflammation
• Retinal Disorders
• Allergy
• Uveitis
• Others  

Latin America Ophthalmic Drugs Market Analysis By Dosage Form

• Liquid Ophthalmic Drug Forms
• Solid Ophthalmic Drug Forms
• Semisolid Ophthalmic Drug Forms
• Multicompartment Drug Delivery Systems
• Other Ophthalmic Drug Forms       

Latin America Ophthalmic Drugs Market Analysis By Technology

• Biologics
• Cell Therapy
• Gene Therapy
• Drug Delivery
• Small molecule
• Others 

Latin America Ophthalmic Drugs Market Analysis By Country

• Brazil
• Mexico
• Argentina
• Chile
• Rest of Latin America

The ophthalmic drug market in Latin America is expected to increase steadily during the forecast period. The expanding usage of health insurance is projected to play an essential part in the regional market growth.  Latin America is projected to record a moderate share in the global ophthalmic drugs market in the coming years as the market growth is fueled by the rising number of patients from glaucoma and significant innovation and funding in the development of combination therapy. Also, the expanding prevalence of diabetes and rising healthcare spending drive the Latin American ophthalmic drugs market. The major countries in the region, such as Brazil, Mexico, and Argentina, significantly contribute to regional market growth.

However, the Brazilian ophthalmic drugs market dominated the Latin American market in 2020, which is likely to augment the significant growth over the forecast period. Brazil is investing a considerable amount of capital in healthcare. Although many non-diabetic individuals get cataracts, people with diabetes have a 60% higher probability of developing this eye condition at a younger age and at a faster rate.

Furthermore, according to the World Health Organization (WHO), healthcare expenditure in Argentina accounted for a considerable portion of GDP, indicating that the Argentina government spent a significant amount of money on healthcare, boosting the expansion of the Latin American ophthalmic drugs market.

KEY MARKET PLAYERS

A few prominent companies operating in the Latin American ophthalmic drugs market profiled in this report are Carl-Zeiss AG, Ellex Medical Lasers Ltd., Hoya Corporation, Novagali Pharma S A, Abbott Medical Optics, Inc., Essilor International S.A. Other players in the market include Insight Vision Inc., Nidek Co.Ltd, Topcon Corporation, and Ziemer Ophthalmic Systems AG.