Smart Contact Lens Market Trend, Business Opportunities, Challenges, Drivers and Restraint Research Report by 2027

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Increasing demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving market demand.

SURREY, BRITISH COLUMBIA, CANADA, April 18, 2022 /EINPresswire.com/ — The latest market valuation report on the Smart Contact Lenses Market examines how the smart contact lens market will continue to grow for the forecast period 2020-2027. The study also serves as unique research for stakeholders, product owners and field service executives seeking actionable data and unique resources on market size, share and growth. The Market Intelligence report empowers business evangelists to review the key trends, opportunities, and challenges expected to shape the future of the industry during the estimated timeframe. Importantly, the study not only helps identify the top vendors, but also their winning strategies. The real time

Increasing demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving market demand.

Smart Contact Lenses Market Size – $5.71 billion in 2019, Market Growth – CAGR of 10.6%, Market Trends – Increasing implementation of advanced technologies such as Virtual and Augmented Reality.

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 market for smart contact lenses is predicted to witness significant growth owing to the growing demand for wearable medical devices to constantly monitor the health status of patients. Technological development in smart contact lenses to reduce visual impairment in humans and increasing number of geriatric people are also driving the market growth. The growing interest in smart medical devices among young people is drawing them to smart contact lenses.

The current trend of wearing contact lenses over glasses due to lifestyle changes and increasing use of modern cosmetics among teenagers is also driving the smart contact lens market. In addition, the increasing rate of eye problems among the elderly population is driving the market. The extreme competition between leading players and the high cost of smart contact lenses are hampering the market growth.

The corrective smart contact lenses will experience significant market growth in the expected period owing to the convenience and availability of fashionable color lenses. Therapeutic smart contact lenses will also see steady growth at a CAGR of 11.3% over the projected timeframe.

The increasing growth of 3D movies and games with the integration of virtual and augmented reality will improve the smart contact lens market. On the other hand, because of these advanced technologies, the function like real-time eye stress measurement would help the doctors to offer better treatments.

The continuous glucose monitoring smart contact lens includes a sensor and wireless microchip to check physical problems such as glucose levels in a diabetic’s tears and internal pressure in glaucoma. The implementation of these sensors creates a demand for the segment.

The technological advancement of medical devices with the integration of IoT fuels the market growth. In addition, smart contact lenses can check the blood sugar level of diabetics and monitor the patients’ physical condition. This technological development of medical devices is boosting the market for smart contact lenses in the healthcare industry.

Increasing demand for glaucoma management solutions and high consumer awareness in North America are expected to drive the market at a significant CAGR of 11.0% over the forecast time frame.

Europe follows North America due to the widespread use of contact lenses and increasing investment in smart contact lens research. In the Asia-Pacific region, exponential growth of the market is predicted for countries like China and India due to the rise of chronic diabetes disease.

The growing 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 Smart Contact Lens industry based on the recent technological and scientific advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and to benefit from the emerging growth prospects in the Smart Contact Lenses market.

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Emergen Research has segmented the global smart contact lens market based on type, technology, application, end-use industry, and region:

Type Outlook (Revenue, $Bn; 2017-2027)

Corrective

therapeutic

lifestyle

Technology Outlook (Revenue, $Bn; 2017-2027)

expanded reality

Virtual reality

Bid Outlook (Revenue, $Bn; 2017-2027)

Continuous glucose monitoring

Monitoring of intraocular pressure

Other

Consumer Industry Outlook (Revenue, $Bn; 2017-2027)

healthcare

automobile

video game

defense

Other

The report strives to provide the reader with deep insights into the market that can help them to make fruitful business decisions and strategic investment plans. It highlights the lucrative investment opportunities and growth prospects to help key companies and new entrants seize the opportunities that arise and establish themselves solidly in the market.

The report further segments the market based on the types of products offered in the market and the range of applications. The report also provides insights into the segment which is expected to witness significant growth over the forecast period.

Regional overview:

The global smart contact lenses market has been categorized on the basis of major geographic regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Smart Contact Lenses Market in the major regions in terms of market share, market size, revenue contribution, distribution network and channel, and other key elements.

Main objectives of the report:

To analyze and estimate the market size and share of Smart Contact Lenses for the forecast period 2020-2027

Comprehensive analysis of key market players through SWOT analysis and Porter’s Five Forces Analysis to provide a clear understanding of the competitive landscape

To study current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects and risks of the global Smart Contact Lenses market

Analysis of the growth prospects for the stakeholders and investors by examining the promising segments

Strategic recommendations to established players and new entrants to capitalize on emerging growth opportunities

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