Global Smart Contact Lenses Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast - 2022 to 2028

The global smart contact lenses market is anticipated to grow at a CAGR of 12.0% during the forecast period (2022-2028).A smart contact lens means putting rigid, non-see-through components onto a lens that will be in direct contact with the eye. Smart contact lenses can act as medical devices, health trackers, and audio and video recorders. Smart contact lenses are used to assist people with diabetes by constantly measuring the level of glucose in the tears. These lenses contain miniaturized sensors and wireless chips for monitoring physiological issues such as intraocular pressure in diabetes patients. Sensors in lenses are placed inside the two layers of soft lenses, and a small hole in the outer layer allows the tear into the sensor that measures the blood pressure levels and the data is transmitted to the wireless device for storage.

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Soft and flexible smart contact lenses are also used to monitor blood pressure, cholesterol level, and body temperature. Additionally, the advancements in contact lens technology have become beneficial for diabetes patients. These are some of the factors that are driving the growth of the global smart contact lenses market. Rising prevalence of glaucoma which is a group of eye conditions that can cause blindness, and a rise in demand for more efficient, innovative glaucoma management technology which provides a real-time and non-invasive diagnosis of sugar levels in diabetic patients in which instruments are not used in their body for treatment purpose are further accelerating the growth of the market. However, the high cost of smart contact lenses is expected torestra in the growth of the global smart contact lenses market.

Some major players in the market include Johnson & Johnson Services, Inc., Innovega Inc., and Sensimed AG, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in May 2021, Innovega Inc. announced the filing of four new patent applications for automated systems that help ophthalmologists efficiently with contact lenses, and virtual reality. Additionally, in December 2020, Mojo Vision Inc. announced a joint development agreement with Menicon, Japan's contact lenses manufacturer. This agreement would supportboth the companies use their expertise to conduct a series of feasibility studies for the development of smart contact lenses product.

Market Coverage                                                                      

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
By End-User
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- Johnson & Johnson Services, Inc., Innovega Inc., and Sensimed AG, among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Smart Contact Lenses Market Report by Segment

By Type

Rapid Gas Permeable
Daily Wear Soft Lenses
Extended-Wear
Extended-Wear Disposable
Planned Replacement

By Application

Continuous Glucose Monitoring
Intraocular Pressure Monitoring

By End-User

Hospital & Clinics
Home Care Settings

 

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This release was published on openPR.