Smart Contact Lenses Market Outlook, Regional Framework, Research Methodology and Forecast To 2030
Market Synopsis:
Market Research Future (MRFR) has recently availed a report
asserting that the global Smart Contact Lenses Market
anticipated is to expand at a significant CAGR of 10.4% during the forecast
period of 2022-2030 and reach USD 7.2 Bn by the end of 2030.
The smart contact lenses are wearable electronic lenses which are
capable of monitoring the physiological information of the eyes and the tear
fluids by using a wireless chip and miniaturized glucose sensor. The
advancement in medical applications of wearable electronics is proving to be
helpful in optimum health monitoring.
The widespread use of smart contact lenses for monitoring the
sugar levels in tears and intraocular pressure is one of the major factors that
are driving the global smart contact lenses market. The increasing prevalence
of diabetes is inducing demand for the smart contact lenses in the global market.
The real-time monitoring and wireless operation of the smart contact lenses
have provided new ways to manage the health statuses of individuals, which in
turn is leading to the expansion of the global Smart Contact Lenses
Market Share.
Along
with monitoring the health status, the smart contact lenses aid in the
improvement of eyesight and improved visual acuity, hence proving beneficial in
the eye disorders such as cataract, glaucoma, presbyopia, and others. This
application of smart contact lenses is increasing the adoption of these lenses
all over the world, resulting in the growth of the global smart contact lenses
market. The increasing popularity of non-invasive, user-friendly,
self-monitoring are smart contact lenses
reusable, smart devices among the population
is anticipated to fuel the expansion of the global smart contact lenses market
during the forecast period.
However, the high cost of smart contact lenses
and lack of awareness in the underdeveloped and developing regions are likely
to hinder the expansion of the global smart contact lenses size market during the forecast period.
Competitive Analysis:
The increasing investment in research and
development for introducing innovative new products in the smart contact lenses
market is strengthening the competition among the prominent global Smart
Contact Lenses Market Players.
Some of the prominent players of the global smart
contact lenses market are
·
Samsung (South Korea),
·
Sony (Japan),
·
Alcon (U.S),
·
Google (U.S), and
·
Sensimed SA (Switzerland).
In February 2018, Ulsan National Institute of
Science and Technology (UNIST) has developed a new bio-sensing contact lens
after a long period of research. These lenses are facilitated with a LED pixel
that turns off when the glucose level in diabetic patients has reached above
the threshold.
Market Segmentation:
The global Smart Contact Lenses
Market Insights has been segmented on the basis of application and end-users.
Based on application,
the smart contact lenses market is segmented into continuous glucose monitoring, intraocular pressure
monitoring and other applications such as
·
cholesterol detection,
·
sodium detection, and
·
alcohol detection.
Based on end-users,
the smart contact lenses market is segmented into
·
hospitals,
·
clinics, and
·
home care settings.
Detailed Regional Analysis:
The global Smart
Contact Lenses Market Outlook has been
regionally segmented into four major regions such as Americas, Europe, Asia
Pacific (APAC), and the Middle East and Africa. Among the regions, America is
dominating the global smart contact lenses market owing to the increasing
prevalence of diabetic patients, rapid adoption of wearable smart medical
devices, and skyrocketing demand for technologically advanced eye care solutions
in this region.
The increased investment in research and
development of smart medical devices and increasing number of the diabetic
population are driving the smart contact lenses market in the Europe region,
making it a send the largest market for smart contact lenses in the global
market.
The smart contact lenses market in the Asia
Pacific region is projecting steady growth due to the lack of awareness and
less inclination towards the adoption of smart medical devices due to their
high costs. However, the increasing prevalence of chronic diseases like
diabetes is likely to propel the growth of the smart contact lenses market in
this region during the forecast period.
The less penetration of advanced technology in
the Middle East and Africa region and the lack of primary healthcare services
are acting as major restraints on the smart contact lenses market in this
region.
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