Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Contact Lenses Market by Lens Designs, Materials, Application, Distribution Channel, End-User - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Smart Contact Lenses Market size was estimated at USD 4.43 billion in 2023, USD 5.17 billion in 2024, and is expected to grow at a CAGR of 17.13% to reach USD 13.41 billion by 2030. 
Smart contact lenses utilize electrodes produced from highly stretchable and transparent materials. By integrating a glucose sensor within a contact lens, patients can receive electrical notifications delivered by an LED. This innovative sensor enables the transmission of real-time health data by leveraging an embedded wireless antenna within the lens, revolutionizing the way patients monitor and share their vital information. Smart contact lenses measure eye pressure, check for glaucoma and glucose (sugar) levels in the tear film, and notify when the levels are elevated. The rising demand for wearable medical devices for health monitoring and the growing usage of smart lenses to avoid macular degeneration drive market growth. The limited awareness surrounding smart medical devices, coupled with the cost associated with these advanced lenses, is expected to impede the growth of the market. Nonetheless, the market is poised to benefit from favorable factors such as escalating investments in medical devices, ongoing research advancements in contact lens technology, growing awareness regarding smart contact lenses, and the introduction of innovative initiatives by both governmental and non-governmental entities. These factors are expected to create promising market expansion and development opportunities.
Regional Insights
The Americas has a significant landscape in the smart contact lenses market due to factors such as the wide range of products available, high consumer awareness, and international brands providing innovative products. The major market growth factors are the rise in technological advancement and the presence of a large number of key players in the region. Due to the increased prevalence of diabetes and glaucoma, Europe is predicted to hold a significant position in market growth. Additionally, growing governmental and non-government agency research activities for breakthroughs in smart contact lenses are anticipated to boost the market growth in this area. Increasing patient awareness of advanced lenses and a significant untapped market is expected to drive the Asia-Pacific region's growth in the smart contact lenses market.
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Contact Lenses Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Companies Mentioned
- Alcon Vision LLC
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- Contamac Ltd.
- CooperVision, Inc.
- EssilorLuxottica SA
- GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.S.
- Google LLC by Alphabet Inc.
- Hoya Corporation
- Innovega Inc.
- InWith Corporation
- Johnson & Johnson Vision Care, Inc.
- Konica Minolta, Inc.
- Medella Health
- Mediprint Ophthalmics
- Menicon Co., Ltd.
- Mojo Vision Inc.
- Ocumetrics
- Rodenstock GmbH
- Samsung Electronics Co., Ltd.
- SEED Co. Ltd.
- Sensimed AG
- Sony Group Corporation
- STAAR Surgical
- SynergEyes Inc.
- Verily Life Sciences
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 197 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $5.17 Billion |
| Forecasted Market Value (USD) by 2030 | $13.41 Billion |
| Compound Annual Growth Rate | 17.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/v3dnel
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