SAN FRANCISCO, USA, July 12, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market research has recently released expansive research titled “Global Smart Contact Lens Market” which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and success in the market. Smart Contact Lens Market Report Provides an In-depth Key analysis of Industry characteristics, size, growth rate, segmentation, regional and country analysis, competitive landscape, company shares, development trends, and business strategies for this market. This report records historical and forecasts market by region with its customer demographics which form the core of any business. The market report has expert insights on global industries, research factors, new products, company profiles, and market trends. According to the report, the Market will hit remarkable value, at exponential Compound Annual Growth.
Data Bridge Market Research analyses that the smart contact lens market is expected to undergo a CAGR of 16.00% during the forecast period. This indicates that the market value, which was USD 6.43 billion in 2021, would rocket up to USD 24.12 billion by 2029.
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The demand for the smart contact lens market has increased in both developed and developing countries, and the reason behind this is the increasing market strategic initiatives. The Asia-Pacific smart contact lens market is growing due to innovative products, increasing technological developments, and rising disposable income. The market will grow in the forecasted period due to the exploration of emerging markets, strategic initiatives by market players, and increasing healthcare expenditure.
Opportunity
- Technological advancements in contact lenses
Day by day, technology is coming up with various products to improve our lifestyle, which is happening in eye care. As technology advances, various brands, materials, lens designs, and wear schedules that can fit almost everyone's individual needs and contact lenses are improving and making wearers' lives better. Users enjoy greater flexibility and a lot more choices regarding contact lenses. There are a variety of contact lenses available in the market.
Smart Contact Lens Market: Competitive Landscape
- Mojo Vision Inc. (U.S.),
- GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.Ş (Turkey),
- RaayonNova LLC (U.S.),
- STMicroelectronics (Switzerland),
- Sensimed AG (Switzerland),
- Google. LLC (U.S.),
- SAMSUNG (South Korea),
- Sony Corporation (Japan),
- Innovega Inc. (U.S.),
- MediPrint™ Ophthalmics
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Recent Development
- In October 2019, Ocumedic, Inc. announced it had entered into an exclusive supply agreement and received a strategic investment from Gelest, Inc., a leading innovator in materials science and supplier to the global contact lens market. This has increased the company's product portfolio and sales.
- In November 2021, MediPrint announced the positive result from the novel post-cataract surgery lens patent. This positive outcome has increased the company's product sales and revenue.
- In March 2020, InWith Corp. announced that they have been working with Bausch and Lomb to develop smart contacts for the past year with their technology X.R. Biosensor. This has helped the company to increase its sales of the technology.
Challenge
- Safety concerns associated with the use of smart contact lens market
Contact lenses have a lot of advantages as well as disadvantages. Wearing contact lenses has several serious conditions, including eye infections and corneal ulcers. These conditions can develop very quickly and can be very serious.
It is important that hands dry before touching the contact lenses because germs from hands can be transferred to contact lenses and the lens case. Some germs cause eye infections.
Influence of this market report:
- Comprehensive assessment of all opportunities and risk in the market
- Recent innovations and major events
- Detailed study of business strategies for growth of the leading players
- Conclusive study about the growth plot and market for forthcoming years
- In-depth understanding this market - particular drivers, constraints and major micro markets
- Favourable impression inside vital technological and market latest trends striking the market
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Global Smart Contact Lens Market Segmentation
By Design (MicroLED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lenses, Drug Eluding Contact Lenses, Electrochemical Contact Lens Sensors, Light Diffractive Contact Lenses, Fluorescence-Based Contact Lenses, Others)
By Material (Graphene, Hydrogel Contact Lenses, Conducting Polymers, Hybrid Contact Lenses, Metal Nanowires, Carbon Nanotubes, Inorganic Magnetic Oxide Nanosheets, Metal MESH-Structures, Peptide Modified Gold Nanobowls (AUNBS))
By Application (Diabetes/Continuous Glucose Monitoring/Glaucoma, Intraocular Pressure Monitoring, Farsightedness, Eye Health Monitor, Cataracts, Drug Delivery, Night Vision, Others)
By Distribution Channel (Clinics, Retail Stores, E-Commerce, Hospitals)
By End User (Clinics, Hospitals, Home Care Settings, Others)
Global Smart Contact Lens Market Country Level Analysis
The global smart contact lens market is analyzed, and market size information is provided by design, material, application, distribution channel and end user.
The countries covered in the global smart contact lens market report are the U.S., Germany, U.K., Italy, Spain, Switzerland, Poland, Austria, and Japan.
Global Smart Contact Lens Market Dynamics:-
Drivers
- Increase in prevalence of refractive error
Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see the object clearly, and smart contact lens market help by providing larger print and clearer images. The increasing use of smart lenses to prevent macular degeneration is growing and is expected to drive market growth.
- Rising cases of diabetic retinopathy
Diabetic retinopathy is a type of diabetes complication that affects the eyes' vision. Diabetic retinopathy is caused by the damage to blood vessels of the light-sensitive tissue at the back of the eye (retina). According to researchers, wireless smart contact lens market could be the answer to detecting diabetes and treating diabetic retinopathy simply by wearing them.
Table of Content:
Chapter 1: Smart Contact Lens Market Overview
Chapter 1.1: Study Assumptions
Chapter 1.2: Scope of the Study
Chapter 2: Smart Contact Lens Market Economic Impact
Chapter 2.1: Analysis Methodology
Chapter 2.2: Research Phases
Chapter 3: Competition by Manufacturers
Chapter 3.1: Current Market Scenario
Chapter 3.2: Value Chain/Supply Chain Analysis
Chapter 3.3: Government Regulations and Initiatives
Chapter 4: Production, Revenue (Value) by Region
Chapter 5: Supply (Production), Consumption, Export, Import by Regions
Chapter 5.1: Market Drivers
Chapter 5.2: Market Restraints/Challenges
Chapter 5.3: Market Opportunities
Chapter 6: Production, Revenue (Value), Price Trend by Type
Chapter 7: Market Analysis by Application
Chapter 8: Market by Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Geographic Analyses
Chapter 12: Smart Contact Lens Market Effect Factors Analysis
Chapter 13: Smart Contact Lens Market Forecast
Chapter 14: Future Of The Market
Chapter 15: Appendix
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