Emergen Research
The growth in demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving the market demand.
SURREY, BRITISH COLUMBIA, CANADA , April 18, 2022 /EINPresswire.com/ — The latest market evaluation report on the Smart Contact Lens Market explores how the Smart Contact Lens market will continue to expand for the forecast period 2020 – 2027. The study further serves as a unique research for stakeholders, product owners, and field marketing executives looking for actionable data and unique resource on market size, share, and growth. The market intelligence report gives business evangelists an authority to review the major trends, opportunities, and challenges expected to shape the future of the industry during the estimated period. Importantly, the study not only helps spot the major vendors but also their winning strategies. The real-time
The growth in demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving the market demand.
Smart Contact Lens Market Size – USD 5.71 billion in 2019, Market Growth – CAGR of 10.6%, Market Trends – Increasing advanced technology implementation like virtual and augmented reality.
The leading players in the market include Google LLC, Sensimed AG, Novartis International AG, Samsung Electronics Company Ltd, Rockwell Automation Inc., Sony Corporation, Hitachi Ltd., Alcon Laboratories Inc., Atmel Corporation, Mojo Vision Inc., among others.
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The Smart Contact Lens market is forecasted to grow significantly, owing to the growing demand for wearable medical appliances for the constant monitoring health condition of patients. The technological development in smart contact lens to diminish vision difficulties in humans and the increasing rate of geriatric people also propels market growth. The rising interest in smart medical gadgets among youth attracts them towards smart contact lenses.
The current trend of using contact lens over spectacles due to lifestyle changes and increased use of modern cosmetics among youth is also driving the smart contact lens market. Besides, the increasing rate of eye-related problems among the aged population is propelling the market. The extreme competition among leading players and the high cost of smart contact lenses hinder market growth.
The corrective smart contact lenses will witness a significant market growth in the anticipated period owing to the comfortability and availability of fashionable color lenses. The therapeutic smart contact lenses will also experience steady growth with a CAGR of 11.3% in the forecasted timeframe.
The increasing growth of 3D movies and gaming with the integration of virtual and augmented reality will enhance the smart contact lens market. On the other side, the feature like realtime stress reading of eye due to these advanced technologies would help doctors deliver better treatments.
The continuous glucose monitoring smart contact lens comprises a sensor and wireless microchip to check physical issues like glucose concentrations in the tears of a diabetic patient and inner pressure of glaucoma. Implementaion of these sensors are creating a demand for the segment.
The technological advancement of medical devices with the integration of IoT is boosting the market growth. Besides, smart contact lenses can check the blood sugar level for diabetics patients and monitor the patients’ physical condition. These technological development of medical devices are boosting the market of smart contact lens in the healthcare industry.
Escalating demand for glaucoma management solutions and a high level of consumer awareness in North America is expected to fuel the market with a significant CAGR of 11.0% in the forecasted timeframe.
Europe is following North America closely due to the widespread use of contact lenses and rising investments in research for smart contact lens. In the Asia Pacific region, countries like China and India are projected to indicate exponential expansion in the market due to the growing chronic disease of diabetes.
The growth in demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving the market demand.The report offers an accurate forecast estimation of the Smart Contact Lens industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Smart Contact Lens market.
Read More: https://www.emergenresearch.com/industry-report/smart-contact-lens-market
Emergen Research has segmented the global smart contact lens market based on type, technology, application, end-use industry, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Corrective
Therapeutic
Lifestyle
Technology Outlook (Revenue, USD Billion; 2017-2027)
Augmented Reality
Virtual Reality
Application Outlook (Revenue, USD Billion; 2017-2027)
Continuous Glucose Monitoring
Intraocular Pressure Monitoring
Others
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Automotive
Video Game
Defence
Others
The report strives to present the reader with deep insights of the market that can assist them in making fruitful business decisions and strategic investment plans. It highlights the lucrative investment opportunities and growth prospects to help key companies and new entrants capitalize on the emerging opportunities and gain a robust footing in the market.
The report further segments the market on the basis of product types and application spectrum offered in the market. The report also offers insights into the segment expected to show significant growth over the forecast period.
Regional Overview:
The global Smart Contact Lens market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Smart Contact Lens market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Key Objectives of the Report:
Analysis and estimation of the Smart Contact Lens market size and share for the projected period of 2020-2027
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Smart Contact Lens market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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