The report, titled “Smart Contact Lenses Market” analyzes the global and regional market according to the type of application, the final user, and location. The report offers thorough historical and forecasts market size along with a trends analysis. The report provides the importance of market share, an overview of the product competitive analysis, crucial factors to consider, commercialization phases for each company and development options, manufacturing overview along with market share research for the key players analyzed within the smart contact lens market research.
market overview and dynamics The demand for smart contact lenses is expected will increase during the forecast time frame because of the growing commercialization
The market for smart contact lenses is predicted to expand at a rate of 28.4 percent during the 2022-2028 forecast timeframe. The rise in the incidence of glaucoma and the growing number of people who are aging with presbyopia will support the market’s expansion.
The market for smart lenses is predicted to experience a rapid expansion over the coming years because of the increasing need for more effective and cutting-edge glaucoma treatment technology that allows for a live and non-invasive assessment of sugar levels for diabetic patients. Furthermore, the increasing prevalence of diabetes among the geriatric and obese population, such as cataracts, eye problems and blindness, as well as increasing numbers of people suffering from presbyopia (long-sightedness) are expected to increase the demand for smart contact lenses around the globe.
North America is expected to grow at a rapid rate in the world smart contact lens market because of the high level of investment in the creation of smart lenses as well as the widespread use in use of these lenses within the populace. In Europe, the private and public players are focused on investing in the technological advancement of contact lenses. This is anticipated to increase the need for intelligent contact lenses within the region. The rapid growth of the population in the Asia Pacific is expected to increase the demand for smart contact lenses. Asia Pacific and the eating habits of the majority of people living in the region are likely to boost demands for intelligent contact lenses across the region.
Segmental Analysis
- Based on applications the glucose monitoring segment is expected to take most of the market part. The lenses are equipped with tiny sensors as well as wireless chips to observe physiological variables like intraocular pressure for diabetics.
- Based on the end-user the hospitals and clinics are expected to experience a substantial increase.
- Based on the region, North America is expected to account for a significant share of the world’s smart contact lens market due to the heightened awareness of people of this new technology.Competition Analysis
The global smart contact lenses market observes significant competition as a result of the presence of various established players in the market. New entrants and incumbent firms are investing in the global smart contact lenses market by examining and assessing developing models. Some of the prominent players have devised new business models that are currently on the market.
Patents of applications, product innovations, launches, and partnerships are the key strategies and activities adopted by the majority of market players.
- In March 2022, Mojo Vision, the Invisible Computing Company, unveiled the most advanced prototype of Mojo Lens, the world’s first smart contact lens. The Mojo Lens prototype is an innovation at the intersection of smartphones, AR/VR, smart wearables, and health tech.
- In May 2021, Innovega Inc. announced the filing of four patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyewear efficiently.
Some of the leading players involved in the smart contact lenses market include Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., Mojo Vision Inc., Alcon Vision LLC, Innovega Inc., InWith Corp., Johnson & Johnson Services Inc., Novartis AG, and among others.
RationalStat has segmented the global smart contact lenses market based on the application, end user, and region.
- By Application
- Continuous Intraocular Pressure Monitoring
- Glucose Monitoring
- Others (Cholesterol Detection, Sodium Detection, etc.)
- By End User
- Hospitals & Clinics
- Homecare
- Others (Ambulatory Surgery Centers)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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