Smart Contact Lenses Market Outlook, Key Financials, Segmental Revenue and Geographical Revenue till 2027

Smart Contact-lenses are becoming well-known and are being adopted as on eye health weapons. In order to answer the burgeoning demand of contact choice, the smart contact lenses market is looking for new innovations and approaches that would put it on top of the worldwide market.They tend to be associated with various health conditions like myopia (nearsighted individuals), presbyopia-a type ocular disorder occurring in an aging population (due to irregular shape of lens) or glaucoma.

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Contact lenses (smart) have transformed many lives around the world. Companies such as Microsoft and Alibaba have already made waves with their smart contact lens designs. This report is about the market for smart contact lenses. There are different segments and drivers for these regulations in the market of these lenses and mainly focus on two: biotech and fashion/medical value segmentations.The most brilliant collaborations between fashion/medical world and technology provide new insights for near-sighted people about how the vision-enhancing smart contact lenses can be a valuable or even life changing product.

Market Segmentation

The smart contact lenses market size is expected to grow at a CAGR of 10.5% during the forecast period 2017-2023. The market is expected to reach $7.3 billion by 2023. The market can be divided into Continuous glucose monitoring and intraocular pressure monitoring based on the current technological applications that can be offered. Based on the types of end users, to whom this can be marketed, the market has been categorised into :

Hospitals
Healthcare Clinics
Homecare settings
Smart Contact Lenses market can also be categorized into five segments - general (close to 84%), specialty, and 3D lenticule lens for visual acuity, and smart lenses for eye implants for beyond minimum vision..North America, Asia Pacific, Europe, and the Rest of the World are the four segments that make up the market.

Regional Classification

On the basis of geography, North America is considered to be the largest region in the smart contact lens market. The U.S had been there but France and Germany are rapidly adding high end consumer market participation. In France, as a result of reimbursement programmes, self-funded uses are prevalent while in Germany brands are also seen as key drivers on account of prestige and advantages it has over competitor products. .The key countries in the market, such as U.S, Japan, and South Korea are all industrialized economies with a high per capita income.

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Industry News

The contact lenses market has been a popular choice for the potential customers to purchase and is the most segmented market in the tech industry. However, the main driver for this market is lack of information about healthcare technology. The analysis has found out that key players are Philips, Samsung,Valens Semiconductor Corporation and Ebang Communication Co., that are operating in North America, Europe and Asia-Pacific respectively.

The major drivers of this market include its increasing usage in Ophthalmology, easy accessibility to both patients and doctors, need for effective performance monitoring for their therapeutic use, demand for someone-centric approach in diagnostic aids, adoption widespread acceptance among a broad set of potential customers/applications such as cyclists/runners/athletes.

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This release was published on openPR.