PUBLISHER: Acute Market Reports | PRODUCT CODE: 1236720
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1236720
The smart contact lens market is estimated to secure an impressive CAGR of 9.5% during the forecast period. Smart contact lenses are emerging as one of the most promising healthcare solutions aiding diabetic patients to monitor their diabetes and fitness level. Smart contact lens are the lenses which incorporates miniaturized sensors and wireless chips for monitoring physiological parameters including intraocular pressure in glaucoma patients and glucose levels of a diabetic patient using their tears.
Over the last few years, smart devices have gained immense popularity across the globe due to the rising need for continuously monitoring health condition at individual level. The global smart contact lenses market is majorly driven by the growing prevalence of diabetes Smart contact lenses track, monitor, and analyze the tear fluid, providing real-time and non-invasive diagnosis of glucose levels in a diabetic patient. Increasing diabetic complications including cataract and eye disorders are expected to facilitate the growth of the smart contact lenses market worldwide. In addition, rising cases of glaucoma and expanding ageing demographics with presbyopia (long-sightedness) are some other factors contributing to the market growth. Smart contact lens looks like a regular lens but comes with a sensor attached to it. The sensors present in the smart contact lens are helpful in recognizing eye-related problems and can also track the blood sugar level of patient through their correct vision and tears.
Smart contact lens technology has the potential of bringing about a revolution in the field of diabetes management as it allows people to manage their glucose levels at personal level. It also helps in lowering the cost of managing chronic diseases by offering more comprehensive and easier way of monitoring and diagnosing disease as compared to the prevalent conventional techniques. Equipped with sensors, smart contact lenses can provide noninvasive methods that continuously detect metabolites in the tears. This helps an individual to opt for consultation and take immediate action if the blood sugar levels are found elevated. The flexible and soft smart contact lenses can also be extended and modified to monitor other biomarkers including body temperature, blood pressure, or cholesterol level.
Technological advancements in smart contact lenses are expected to reduce vision problems in people as the wireless functioning of these lenses can maintain the eye temperature, thereby ensuring eye safety. Furthermore, growing health awareness across people from all age groups coupled with the growth in digitization is anticipated to boost the smart contact lenses market during the forecast period . On the other hand, high cost of smart contact lenses is expected to restrain the market growth in the initial years.
Key Players Identified for Smart Contact Lenses Market Include but are Not Limited to:
Alcon (Novartis AG), Google LLC, Innovega Inc., Samsung Electronics Co., Ltd., Sensimed AG, Sony Corporation, EP Global Communications, Inc., Liner Technologies, Johnson & Johnson, Vision and Mojo Vision And Others.
Key Developments:
March 2022: Mojo Vision made a new Mojo Lens prototype which is the world's tiniest and densest dynamic display, has low-latency connectivity, and has an eye-controlled user interface.
March 2022: Johnson & Johnson created the first lens capable of delivering medication directly into the eye.
January 2022: Mojo Vision, a maker of augmented reality contact lenses, has teamed with Adidas and a number of other fitness companies to bring their data-tracking eye lens to the consumer market.
April 2018: Johnson & Johnson Vision along with Transitions® Light Intelligent Technology™ announced ACUVUE OASYS® The world's first contact lens with vision correction and a dynamic photochromic filter that helps to balance the amount of light entering the eye on a continual basis.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Contact Lenses market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Smart Contact Lenses market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Application
Continuous Glucose Monitoring
Intraocular Pressure Monitoring
End User
Hospital & Clinics
Home Care Settings
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Smart Contact Lenses market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Smart Contact Lenses market?
Which is the largest regional market for Smart Contact Lenses market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Smart Contact Lenses market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Contact Lenses market worldwide?