Wilmington, Delaware, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Market Overview and Dynamics: Demand for smart contact lenses to rise during the forecast period as a result of increasing commercialization
Smart Contact Lenses Market is expected to grow at a CAGR of 28.4% during the forecast period of 2022-2028, analysis by RationalStat. An increase in glaucoma prevalence and expanding aging demographics with presbyopia support the market growth.
The global smart lenses market is set to observe strong growth in the next couple of years, due to the growing demand for more efficient and innovative glaucoma management technology that provides a real-time and non-invasive diagnosis of sugar levels in diabetic patients. Moreover, the prevalence of diabetes in the geriatric and obese population such as eye disorders, cataracts, and blindness, and expanding demographics with presbyopia (long-sightedness) are further expected to augment the demand for smart contact lenses across the world.
North America is expected to gain a significant growth rate in the global smart contact lenses market due to high investment in the development of smart contact lenses and the significant penetration of smart contact lenses among the population. In Europe, private and public players are focusing on investing in technological development for contact lenses which are further expected to augment the demand for smart contact lenses in the region. The rapidly growing population in the Asia Pacific and the eating habits of the majority of people in the region are expected to augment the demand for smart contact lenses in the region.
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Segmental Analysis: Global Smart Contact Lenses Market
- On the basis of application, the glucose monitoring segment is expected to hold the majority of the share. These lenses are embedded with miniature sensors and wireless chips to monitor physiological factors such as intraocular pressure in diabetics.
- Based on end user, hospitals and clinics are anticipated to gain a considerable growth rate.
- Based on region, North America is expected to hold a prominent share of the global smart contact lenses market owing to the high awareness among the population about this advanced technology.
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Competition Analysis: Global Smart Contact Lenses Market
The global smart contact lenses market observes significant competition as a result of the presence of various established players in the market. New entrants and incumbent firms are investing in the global smart contact lenses market by examining and assessing developing models. Some of the prominent players have devised new business models that are currently on the market.
Patents of applications, product innovations, launches, and partnerships are the key strategies and activities adopted by the majority of market players.
- In March 2022, Mojo Vision, the Invisible Computing Company, unveiled the most advanced prototype of Mojo Lens, the world’s first smart contact lens. The Mojo Lens prototype is an innovation at the intersection of smartphones, AR/VR, smart wearables, and health tech.
- In May 2021, Innovega Inc. announced the filing of four patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyewear efficiently.
Some of the leading players involved in the smart contact lenses market include Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., Mojo Vision Inc., Alcon Vision LLC, Innovega Inc., InWith Corp., Johnson & Johnson Services Inc., Novartis AG, and among others.
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RationalStat has segmented the global smart contact lenses market based on the application, end user, and region.
- Global Smart Contact Lenses Market Value (US$ Million) and Volume (thousand units) Analysis By Application
- Continuous Intraocular Pressure Monitoring
- Glucose Monitoring
- Others (Cholesterol Detection, Sodium Detection, etc.)
- Global Smart Contact Lenses Market Value (US$ Million) and Volume (thousand units) Analysis By End User
- Hospitals & Clinics
- Homecare
- Others (Ambulatory Surgery Centers)
- Global Smart Contact Lenses Market Value (US$ Million) and Volume (thousand units) Analysis By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Continue!
- North America
- Leading Companies and Market Players
- Sensimed AG
- Google LLC
- Samsung Electronics Co. Ltd
- Sony Corp
- Mojo Vision Inc.
- Alcon Vision LLC
- Innovega Inc
- InWith Corp.
- Johnson & Johnson Services Inc.
- Novartis AG
Key Questions Answered in the Smart contact lenses Report:
- What will be the market value of the Smart contact lenses market by 2028?
- What is the market size of the Smart contact lenses market?
- What are the market drivers of the Smart contact lenses market?
- What are the key trends in the Smart contact lenses market?
- Which is the leading region in the Smart contact lenses market?
- What are the major companies operating in the Smart contact lenses market?
- What are the market shares by key segments in the Smart contact lenses market?
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- Defining the problem by understanding the type of market and data required by the client.
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- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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