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Smart Contact Lenses Market Projected to Reach USD 6098.80 Million by 2030

02-14-2024 01:14 PM CET | Health & Medicine

Press release from: SNS Insider Pvt Ltd

Smart Contact Lenses Market

Smart Contact Lenses Market

The SNS Insider report indicates that the Smart Contact Lenses Market was valued at USD 445.28 Million in 2022, and is expected to reach market size of USD 6098.80 Million by 2030, with a compound annual growth rate (CAGR) of 38.7% expected over the forecast period from 2023 to 2030.

Based on SNS Insider's research, Smart contact lenses with Augmented Reality capabilities provide customers with real time records that enhance their visibility. These lenses make it easy for users to gain the right of access to data hands free, by covering virtual facts into a true global environment.

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The Major Key Players In Smart Contact Lenses Market
→Azalea Vision,
→RaayonNova LLC, e- Vision Smart Optics, Inc.,
→InWith Corp,
→Innovega INC,
→Sensimed AG,
→Johnson & Johnson,
→Glakolens Biomedikal Biyoteknoloji San. Ve Tic. A.S.
→and other players

Smart Contact Lenses Market Report Scope -

Continued technological progress and increasing client attention, the future of smart contact lens market rising. The Smart Contact Lenses market is projected to explode as studies and improvements in sports continue to improve functionality and address the challenging situations that arise from these lenses. Smart contact lenses as drug delivery devices are currently the subject of significant research and development. These lenses are intended to deliver pharmaceutical compounds directly into the eye, introducing a new approach to ocular drug administration for conditions such as glaucoma.

Smart Contact Lenses Market Opportunities -

Technological Advancements in Contact Lenses
Technological developments and product development to improve people's lives, as well as eye care, are taking place all over the world. As technology advances, different brands are taking materials, lens designs, and wear schedules that can be adapted to almost any individual need, helping to develop contact lenses with improved quality, which improves the lives of users. A lot more choices are available to users in terms of contact lenses. The market offers a wide range of contact lenses.

Smart Contact Lenses Segmentation Analysis -

By Type
→Photochromic Lenses
→Continuous Intraocular Pressure Monitoring Lenses

By End User
→Home Care
→Ophthalmology Clinics

Based on type, the smart contact lens market is changing. Photochromic Lens Segment smart contact lenses dominate the market due to innovative technologies. Photochromic lenses are versatile because they change colour depending on the light. The Photochromic Lens Segment of smart contact lenses dominates the market and is predicted to continue to do so. Due to many variables, market experts estimate the segment's growth rate to rise significantly. The Photochromic Lens Segment of smart contact lenses is driven by economic expansion in developing countries. Advanced medical technology is in demand in emerging economies due to rapid economic growth.

The smart contact lenses market is segmented into different end-use categories such as hospitals, ophthalmology clinics, and home care settings. In 2022, the hospitals segment generated about USD 189.0 million in sales. Hospitals are increasingly implementing remote patient monitoring equipment. Smart contact lenses, which can collect and send health data remotely, allow for the remote monitoring of patients' vital signs and health indexes. This is particularly valuable for post-surgical rehabilitation, chronic disease management, and other situations that require constant monitoring.

Key Regional Development -

North America's smart contact lenses market generated USD 206.9 million sales in 2022 and is expected to increase significantly during the forecast period due to the prevalence of eye illnesses such as glaucoma and diabetes are increasing throughout North America. Smart contact lenses with health monitoring features, such as intraocular pressure monitoring for glaucoma patients, respond to the growing demand for advanced ocular disease prevention and treatment alternatives. For example, the American Academy of Ophthalmology reports that over 34 million Americans (23.9% of the population) aged 40 and up are myopic.

The increasing incidence of diabetes and glaucoma, Europe is expected to take second place in the market share. In addition, market growth in this region is expected to be driven by increasing research activities carried out by public and private organisations dedicated to the development of Smart Contact lenses. During the forecast period, the Asia Pacific market is expected to grow at a relatively higher compound annual growth rate. The market in Asia Pacific is expected to grow during the forecast period, driven by a growing number of patients who are aware of new lenses and an extensive but unpenetrable market.

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Key Takeaway from Smart Contact Lenses Market Study-

By analysing the functioning of the main market players in different developed and developing regions of the world, as well as their recent developments, to gain an insight into the individual players and the steps they have taken, to study the evolution of smart contact lenses for global growth. This also helps to determine the level of competitiveness in regions and smart contact lenses.

Recent Development Related to Smart Contact Lenses Market -

In July 2022, Raayon Nova/Smart Contact Lens presented its prototype device at AR conference at Columbia University. The company will be able to expand its activities around the world.

September 2022, to meet the demand for digital lifestyle, Johnson & Johnson VisionUS has introduced a new technology for presbyopia contact lenses: ACUVUE is a brand of presbyopia contact lenses. In order to meet the needs of digital lifestyles, it has been developed with an unprecedented combination of new technologies.

March 2022, the first contact lens that could deliver drugs straight to the eye was developed by Johnson & Johnson. The lenses contain the antihistamine , which was approved by the US Food and Drug Administration earlier this month.

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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Smart Contact Lenses Market Segmentation, By Type
8.1 Photochromic Lenses
8.2 Continuous Intraocular Pressure Monitoring Lenses
8.3 Others
9. Smart Contact Lenses Market Segmentation, By End User
9.1 Home Care
9.2 Ophthalmology Clinics
9.3 Others
10. Regional Analysis
11 Company Profile
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion

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Contact Us:
Akash Anand - Head of Business Development & Strategy
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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