Smart Contact Lens Market Size Worth USD 20.72 Billion in 2032 | Emergen Research

Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global Smart Contact Lens Market is anticipated to reach USD 20.72 Billion by 2032, according to a new report by Emergen Research. The Smart Contact Lens market is forecasted to grow significantly, owing to the growing demand for wearable medical appliances for the constant monitoring health condition of patients. The technological development in smart contact lens to diminish vision difficulties in humans and the increasing rate of geriatric people also propels market growth. The rising interest in smart medical gadgets among youth attracts them towards smart contact lenses.

The current trend of using contact lens over spectacles due to lifestyle changes and increased use of modern cosmetics among youth is also driving the smart contact lens market. Besides, the increasing rate of eye-related problems among the aged population is propelling the market. The extreme competition among leading players and the high cost of smart contact lenses hinder market growth.

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Segments Covered in the report

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MAJOR COMPANIES and Market Share Analysis

The market for smart contact lenses is fragmented, with a substantial number of large and medium-sized players, which account for a significant global share of the market. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various research and development activities. Some of the top players in the smart contact lenses market comprise:

• Google LLC
• Sensimed AG
• Novartis International AG
• Samsung Electronics Company Ltd
• Rockwell Automation Inc.
• Sony Corporation
• Hitachi Ltd.
• Alcon Laboratories, Inc.
• Atmel Corporation
• Mojo Vision, Inc.

Strategic Development

• In January 2020, Mojo Vision Inc. declared the production of built-in augmented reality smart contact lenses, which enable the user to access useful information effortlessly.
  
  
• In March 2019, one of the leading manufacturers of smart contact lens, Alcon Laboratories Inc., acquired Power Vision Inc., a US-based medical appliance manufacturing company engaged on making fluid-built intraocular lens implants. This acquisition expands Alcon’s capability to create this advanced smart contact lens to cataract patients through the globe.

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Key Highlights From The Report

• The corrective smart contact lenses will witness a significant market growth in the anticipated period owing to the comfortability and availability of fashionable color lenses. The therapeutic smart contact lenses will also experience steady growth with a CAGR of 11.3% in the forecasted timeframe. 
• The increasing growth of 3D movies and gaming with the integration of virtual and augmented reality will enhance the smart contact lens market. On the other side, the feature like realtime stress reading of eye due to these advanced technologies would help doctors deliver better treatments. 
• The continuous glucose monitoring smart contact lens comprises a sensor and wireless microchip to check physical issues like glucose concentrations in the tears of a diabetic patient and inner pressure of glaucoma. Implementaion of these sensors are creating a demand for the segment.
• The technological advancement of medical devices with the integration of IoT is boosting the market growth. Besides, smart contact lenses can check the blood sugar level for diabetics patients and monitor the patients' physical condition. These technological development of medical devices are boosting the market of smart contact lens in the healthcare industry.
• Escalating demand for glaucoma management solutions and a high level of consumer awareness in North America is expected to fuel the market with a significant CAGR of 11.0% in the forecasted timeframe.

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Emergen Research has segmented the global smart contact lens market based on type, technology, application, end-use industry, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Corrective
  • Therapeutic
  • Lifestyle
• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Augmented Reality
  • Virtual Reality
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Continuous Glucose Monitoring
  • Intraocular Pressure Monitoring
  • Others
• End-Use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Healthcare
  • Automotive
  • Video Game
  • Defence
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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