Smart Contact Lens Market Share, Trends, Industry Growth and Competitive Outlook

Market Definition

A smart contact lens with a built-in visual display is designed to magnify images for people with low vision. The patented lens, designed by a company called Mojo Vision, can project content from a smartphone.

The smart contact lens is a regular hard or soft contact lens surrounded by a liquid crystal display, a tiny controller ASIC (Application-Specific Integrated Circuit), a light sensor, an accelerometer and gyroscope, and a very thin solid-state lithium-ion battery.

Smart contact lenses are used for various applications, such as myopia, hypoxia, and other eye disorders.

Global Smart Contact Lens Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

Increase in Prevalence of Refractive Error

Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see object clearly, and smart contact lenses help by providing clearer images. The increasing use of smart lenses to prevent macular degeneration is expected to drive smart contact lens market growth.

For instance,

According to the National Institute of Health study in 2015, 917 subjects participated. The prevalence of uncorrected refractive errors was 23.97% among males and 20% among females. The prevalence was seen to increase with age
According to Peter Ivins Eye Care in 2018, 2-year clinical trial results show that MiyoSmart lenses slow myopia progression by 59% and slow axial eye growth by an average of 60%.
Restraints

Increasing Side Effects Associated With Contact Lenses

Wearing contact lenses feel like an amazing upgrade to eyeglasses. People can see objects more clearly by using contact lenses. They can fit easily into the eye and allow people to perform numerous tasks that might be uncomfortable by wearing glasses, such as traveling and exercising, among others. However, if contact lenses are not used properly, there could be numerous side effects, even affecting the eye's vision in the long run.

Below are the various types of risks and side effects of using smart contact lenses:

Blockage of oxygen supply to the eyes: Contact lenses lie directly on the eye, cover the entire cornea, and the amount of oxygen reaching the eyes decreases. Passes of oxygen are required to keep the eye healthy
Diminished corneal reflex: Contact lenses cause to reduce the corneal reflex in the eye. The corneal reflex is a protective mechanism of the eye
Corneal abrasion: Contact lenses can scratch the cornea and which causes corneal abrasion if the contact lenses are not fitted properly or even when the eyes are too dry
Red eye or conjunctivitis: If people wear contact lenses for long hours, there will be a high risk of conjunctivitis
These are various symptoms associated with seasonal eye allergies while wearing smart contact lenses. Also, people have itchy or burning allergies to contact lens solutions, which hamper the demand for the smart contact lenses market.
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Global Smart Contact Lens Market Regional Analysis/Insights
The global smart contact lens market is categorized into eight notable segments: design, material, application, usability, technology, population, end user, and distribution channel.

The countries covered in the global smart contact lens market are U.S., Japan, Germany, U.K., Italy, Spain, Switzerland, Poland, and Austria.

North America is expected to lead the global smart contact lens market as it comprises a large number of major market players and a huge network of suppliers and manufacturers.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of phosphorus and its derivatives and the challenges faced due to stringent regulations are considered while providing forecast analysis of the country data.

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