Mexico Ophthalmic Devices Market Size

Mexico Ophthalmic Devices Market Analysis

Mexico's ophthalmic devices market is expected to register a CAGR of 4.5% over the forecast period.

COVID-19 has had a substantial impact on Mexico's ophthalmic devices market. For instance, an article published by the journal Nature, in October 2022, reported that the COVID-19 pandemic led to a massive pause in health research in Mexican hospitals, and the primary focus of the doctors was to treat COVID-19 infective patients first. Thus, initially rising COVID-19 cases led to the cancellation and postponement of certain eye-surgery procedures and thus impacted the growth of the studied market. However, with the decrease in COVID-19 cases and the slow return to normalcy, the country reported a significant increase in eye surgeries, which may allow the studied market to recover to its full growth potential over the forecast period.

The factors driving the growth of the studied market are the increasing prevalence of eye disease, technological advancements, and the high adoption of digital devices. For instance, in November 2022, the US Embassy and Consulates reported that in northern Mexico 15.7% of individuals have vision-threatening diabetes retinopathy, and while in the central Mexican state of Queretaro, 3.6% of the population with diabetes has vision-threatening diabetes retinopathy.

Similarly, an article published in the journal ARVO, in January 2021, reported that by the end of 2030, the number of people with glaucoma in Mexico was estimated to be 2.5 million, increasing to 3 million in 2040, and to 3.4 million in 2050. The increasing number of glaucoma cases reported in Mexico is constantly driving the demand for glaucoma surgery, thereby increasing the demand for ophthalmic devices and driving the growth of the studied market.

An increasing number of eye surgical procedures performed in Mexico is also fueling the growth of the studied market. For instance, an article published in the journal PAJO, in April 2022, reported that Tecnologico de Monterrey Mexico, the ophthalmology residency center, noted that more than 400 eye surgical procedures are being performed in the center annually.

Furthermore, the rising initiatives by the government and Mexican organizations are also fueling the growth of the studied market. For instance, in May 2021, Instituto Mexicano de Oftalmología opened another institute in Mexico that offered telemedicine-assisted first-time and subsequent consultation to patients mainly with glaucoma and diabetic retinopathy. This institute is on the mission to provide specialized ophthalmic healthcare to low-income people, who lack governmental support and private health coverage.

Despite various factors pushing the demand up, the obstacles cannot be ignored. The risks associated with eye surgery and lack of awareness may slow down the growth of the studied market.