Smart Contact Lenses Market Size [2019-2026] worth USD 1,603.4 Million | exhibiting a CAGR of 38.9%
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Smart Contact Lenses Market size is projected to reach USD 1,603.4 Million in 2026, at CAGR of 38.9% during forecast period; Rapid Progress in Field of Optometry: Fortune Business Insights™
Pune, India, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The global “Smart Contact Lenses Market Size” is anticipated to reach USD 1,603.4 million by 2026 on account of the increasing incidences of eye disorders and the need for a contact lens with upgraded quality and performance. Smart contact lenses are the most recent and greatest developments of contact lenses. They can recognize health conditions such as diabetes, glaucoma, and others. As per a recent report published by Fortune Business Insights™ titled, “Smart Contact Lenses Market Size, Share & Industry Analysis, By Type (Continuous Intraocular Pressure Monitoring Lenses, Photochromic Lenses, and Others), By End User (Ophthalmology Clinics, Home Care, and Others), and Regional Forecast, 2019-2026,” the market value was USD 115.0 million in 2018 and will exhibit 38.9% CAGR in between 2019 and 2026.
Key Industry Development:
January 2020 – The development of a smart contact lens called Mojo Lens was declared by Mojo Vision Inc., with a built-in display that allows people to get access to useful and timely information without having to look down at a computerized screen.
Rising Prevalence of Diabetes will Propel Market Growth
The increasing prevalence of diabetes and glaucoma is a major factor in promoting the smart contact lenses market growth. Contact lenses are rapidly progressing in the field of optometry since the last decade and have gain momentum due to rapid advancements in this field. Smart contact lens is capable of detecting diseases such as diabetes and glaucoma and this is also boosting the overall market. Besides this, smart lenses offer other features such as automatic adjusting to light and dark environments, taking photographs, and are in high demand for patients with age-related Macular Degeneration (AMD) and other health-related issues.
However, the high cost of smart contact lenses may pose a major challenge to the growth of the market. This, coupled with the lack of awareness among people in developing nations may also hamper the overall market growth in the coming years.
What is the Objective of the Report?
The report is based on qualitative and quantitative analysis of the market and focuses on major factors boosting, repelling, challenging, and creating opportunities for the market during the forecast period. The report also offers interesting insights into the market and major industry developments related to the market. List of key players operating in the market and their strategies are mentioned in the report. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It also throws light on the current smart contact lenses market trends.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
Market Dominated by North America followed by Europe on Account of Increasing Prevalence of Glaucoma
Based on geographical segmentation, North America earned the largest smart contact lenses market share with revenue of USD 58.9 million earned in 2018. This is attributable to the increasing prevalence of diabetes and glaucoma in the region. According to the Glaucoma Research Foundation, an estimate of 2 million Americans was diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens will boost the regional market. This, coupled with adequate investments by players for the launch of new products will also help the region continue its dominance in the forecast period.
Europe ranks second in the market with the increasing incidences of glaucoma and diabetes. Additionally, research activities funded by both government and non-government organizations for innovations in smart contact lenses will help promote the Europe market in the long run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing number of the patient population and increasing awareness about the availability of advanced lenses.
Segmentation
By Type
Continuous Intraocular Pressure Monitoring
Photochromic Lenses
Others
By End User
Ophthalmology Clinics
Home Care
Others
By Geography
North America (the U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
Rest of the World
Competitive Landscape: Heavy Investments in Innovative Products will Intensify Market Competition
As per the report, the smart contact lens market is dominated by players such as Google, Samsung, and Sensimed AG. This is due to the rising investments in research and development of innovative products. The launch of constant innovative products has helped these companies compete for the top position in the market. Besides this, other players are engaging in various strategies such as merger and acquisition, investments in new product launches, joint ventures, agreements and contracts, and others to attract high smart contact lens market revenue in the forthcoming years.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
