Yahoo Finance Smart Contact Lenses Market Size to Surpass USD 7.2 Billion by 2027 at 10.4% CAGR – Report by Market Research Future (MRFR)
Smart Contact Lenses Market Trends and Insights By Application (Continuous Glucose Monitoring, Intraocular Pressure Monitoring), By End User Type (Hospitals, Clinics And Home Care Settings), Competitive Market Growth, Size, Share and Forecast to 2027
New York, USA, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Smart Contact Lenses Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Smart Contact Lenses Market Information By Application, End User and Region - Forecast till 2027", the market will obtain a valuation of USD 7.2 Billion and a CAGR of 10.4% by 2027 in the forecast period.
Market Synopsis
Smart contact lenses are one of the most recent developments in wearable electronics that can track physiological data from the eye and tear fluid. They offer non-invasive, real-time medical tests for glaucoma and diabetes. Future smart contact lens technology will be able to take pictures with the eyes and respond to the environment's changing lighting. Aside from everyone else, those who have AMD (age-related macular degeneration) will benefit greatly from these glasses. Contact lenses, one of optometry's fastest-growing specialties, have seen many significant advancements during the previous ten years. The use of smart lenses is one of the most current and significant developments in contact lenses.
These innovative lenses can detect diabetes, glaucoma, and other medical conditions with great speed. The development of smart contact lenses, which allow users to capture images while adjusting for changing lighting conditions for clear eyesight from light to dark, is another area of focus for major businesses. Electrodes for smart contact lens sensors are made of metal wires and transparent, highly stretchable graphene sheets. These sensors enable patients with diabetes and glaucoma to self-monitor their intraocular pressure and blood glucose levels.
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Report Scope:
Report Attribute | Details |
Market Size in 2027 | USD 7.2 Billion |
CAGR | 10.4% |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Application and End User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | Growing number of cases of glaucoma and the ageing population |
Technological advancement in smart contact lenses |
Smart Contact Lenses Market Competitive Landscape:
The outstanding contenders in the smart contact lenses market are:
Samsung (South Korea)
Sensimed SA (Switzerland)
Sony (Japan)
Alcon (U.S)
Google (U.S)
Smart Contact Lenses Market Dynamics:
Market Drivers:
Refractive errors are a group of eye conditions that make it difficult to see clearly. The smart contact lens market can aid by offering larger print and sharper visuals. The market is anticipated to develop due to the growing usage of smart lenses to avoid macular degeneration. The availability of numerous materials, brands, lens designs, and wear schedules that can accommodate practically everyone's unique demands and contact lenses are increasing and improving the lives of wearers as technology develops. Users benefit from more options and flexibility when it comes to contact lenses. There are many different types of contact lenses on the market.
The two layers of soft lenses contain sensors that measure blood sugar levels. A small hole in the outer layer of the lens allows tears to enter the sensor, which transmits the data to the wireless device for storage. Smart contact lenses have been well received in recent years and have become incredibly popular worldwide due to the growing demand for continuous health status monitoring. Additionally, used to track body temperature, cholesterol levels, and blood pressure are soft, flexible contact lenses with smart technology.
Market Restraints:
Despite the increased incidence of glaucoma, diabetes, and other illnesses worldwide, several problems prevent the widespread use of smart contact lenses. The general ignorance of this cutting-edge technology is one of the main causes. In addition, the price of these lenses is anticipated to restrain market expansion. However, efforts made by both government and non-government organizations to raise awareness of smart contact lenses and various upcoming product launches will aid in the expansion of product offerings and are likely to generate lucrative opportunities for the market's growth in developing regions. It would feel wonderful to replace eyeglasses with contact lenses.
By placing the things in their eyes through contact lenses, people can see them more clearly. People who wear contact lenses can easily conduct activities that might be inconvenient with glasses, like traveling and working out. However, improper use of contact lenses can result in various adverse effects, some of which may eventually impair eye eyesight and lower demand in the market.
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COVID 19 Analysis
The lockout and other functional limitations have disrupted the supply chain flow, and market actors are increasingly having trouble meeting consumer demand. There are many potential customers for the new solutions, but the smart contact lens sector must overcome several obstacles due to the limitations. The government supports the initiatives that are assisting the target audience in achieving a greater demand during the forecast period. They are assisting the major market players by giving them the necessary schemes and regulations. Due to preventive measures, COVID-19 has significantly increased the demand for medical goods from healthcare professionals and the public. By providing a consistent availability of personal safety gear on the market, producers of these goods can benefit from the rising demand for medical supplies. COVID-19 is expected to impact the market for smart contact lenses worldwide significantly.
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Smart Contact Lenses Market Segmentation
The market includes hospitals, clinics and home care settings by the end user type.
By application, the market includes intraocular pressure monitoring and continuous glucose monitoring.
Smart Contact Lenses Market Regional Insights
The market for smart contact lenses is now led by North America, with Europe coming in second. North America successfully won the worldwide smart contact lens industry by controlling the largest market share of the entire market. The major market participants emphasize client awareness, welcoming international brands, and providing cutting-edge items. This results from things like the broad selection of accessible items, greater consumer awareness, and the existence of global brands offering cutting-edge products. Due to the increased prevalence of diabetes and glaucoma, Europe is predicted to hold the second-place position in terms of market share.
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Additionally, growing governmental and non-government agency research activities for breakthroughs in smart contact lenses are anticipated to boost the market growth in this area. The Asia-Pacific market can forecast a significantly higher CAGR during the anticipated timeframe. Increasing patient awareness of advanced lenses and a significant untapped market is expected to drive the Asia-Pacific market during the projected period.
Discover more research Reports on Healthcare Industry by Market Research Future:
Contact Lenses Market Research Report: Information By Usage (Daily Wear, Extended Wear, and Traditional Wear), By Design (Spherical, Toric, Multifocal, Monovision, and Cosmetic), By Material (Silicone Hydrogel, Hydrogel, Glass Permeable, Hybrid, and Polymethyl Methacrylate (PMMA)), By Type (Opaque Contact Lenses, Enhanced Contact Lenses, and Tinted Contact Lenses), By Application (Conventional, Orthokeratology, and Decorative), By Distribution Channel (Retail Stores, Hospitals & Clinics, and E-Commerce), and Region
Intraocular Lens Market Trends, Growth and Insights by Type (Monofocal Intraocular Lens, Multifocal Intraocular Lens, Accommodating Intraocular Lens, Others), by Material (Hydrophobic Acrylic, Hydrophilic Acrylic, Others), and by End User - Global Forecast Till 2030
Orthokeratology Lens Market: Information by Material (Silicone Acrylate, Fluorosilicone Acrylate and Fluorocarbon Acrylate), Application (Myopia and Hyperopia), End User (Hospitals and Ophthalmic Clinic) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2030
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