Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Smart Contact Lenses Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The smart contact lens market is estimated to secure an impressive CAGR of 9.5% during the forecast period.
Smart contact lenses are emerging as one of the most promising healthcare solutions helping diabetic patients to monitor their diabetes and fitness level. Smart contact lens is the lenses that incorporate miniaturized sensors and wireless chips for monitoring physiological parameters including intraocular pressure in glaucoma patients and glucose levels of a diabetic patients using their tears.
Over the last few years, smart devices have gained immense popularity across the globe due to the rising need for continuously monitoring health conditions at the individual level. The global smart contact lenses market is driven by the growing prevalence of diabetes. Smart contact lenses track, monitor, and analyze the tear fluid, providing a real-time and non-invasive diagnosis of glucose levels in a diabetic patient.
Increasing diabetic complications including cataracts and eye disorders are expected to facilitate the growth of the smart contact lenses market worldwide. In addition, rising cases of glaucoma and expanding aging demographics with presbyopia (long-sightedness) are some other factors contributing to the market growth. Smart contact lens looks like the regular lens but comes with a sensor attached to them. The sensors present in the smart contact lens are helpful in recognizing eye-related problems and can also track the blood sugar level of patients through their correct vision and tears.
Smart contact lens technology has the potential of bringing about a revolution in the field of diabetes management as it allows people to manage their glucose levels at a personal level. It also helps in lowering the cost of managing chronic diseases by offering a more comprehensive and easier way of monitoring and diagnosing disease as compared to the prevalent conventional techniques. Equipped with sensors, smart contact lenses can provide noninvasive methods that continuously detect metabolites in the tears. This helps an individual to opt for consultation and take immediate action if the blood sugar levels are found elevated. The flexible and soft smart contact lenses can also be extended and modified to monitor other biomarkers including body temperature, blood pressure, or cholesterol level.
Technological advancements in smart contact lenses are expected to reduce vision problems in people as the wireless functioning of these lenses can maintain eye temperature, thereby ensuring eye safety. Furthermore, growing health awareness across people from all age groups coupled with the growth in digitization is anticipated to boost the smart contact lenses market during the forecast period. On the other hand, the high cost of smart contact lenses is expected to restrain the market growth in the initial years.
Key Developments:
March 2022: Mojo Vision made a new Mojo Lens prototype which is the world's tiniest and densest dynamic display, has low-latency connectivity and has an eye-controlled user interface.
March 2022: Johnson & Johnson created the first lens capable of delivering medication directly into the eye.
January 2022: Mojo Vision, a maker of an augmented reality contact lenses, has teamed with Adidas and a number of other fitness companies to bring their data-tracking eye lens to the consumer market.
Market Segmentation
Application
- Continuous Glucose Monitoring
- Intraocular Pressure Monitoring
End User
- Hospital & Clinics
- Home Care Settings
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Smart Contact Lenses market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Smart Contact Lenses market?
- Which is the largest regional market for Smart Contact Lenses market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Smart Contact Lenses market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Contact Lenses market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Smart Contact Lenses Market: Competitive Analysis
4. Smart Contact Lenses Market: Macro Analysis & Market Dynamics
5. Smart Contact Lenses Market: By Application, 2021-2031, USD (Million)
6. Smart Contact Lenses Market: By End User, 2021-2031, USD (Million)
7. North America Smart Contact Lenses Market, 2021-2031, USD (Million)
8. UK and European Union Smart Contact Lenses Market, 2021-2031, USD (Million)
9. Asia Pacific Smart Contact Lenses Market, 2021-2031, USD (Million)
10. Latin America Smart Contact Lenses Market, 2021-2031, USD (Million)
11. Middle East and Africa Smart Contact Lenses Market, 2021-2031, USD (Million)
12. Company Profile
Companies Mentioned
- Alcon (Novartis AG)
- Google LLC
- Innovega Inc
- Samsung Electronics Co Ltd
- Sensimed AG
- Sony Corporation
- EP Global Communications Inc
- Liner Technologies
- Johnson & Johnson
- Vision and Mojo Vision
For more information about this report visit https://www.researchandmarkets.com/r/xqqj6k
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