Next Generation Contact Lenses And Visual Prostheses Market is Expected to Grow at a CAGR of 17.7% Over 2024-2031, Reaching US$ 608.0 million by 2031

Global Next Generation Contact Lenses And Visual Prostheses Market reached US$ 172.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 608.0 million by 2031. The market is expected to exhibit a CAGR of 17.7% during the forecast period (2024-2031).

Next Generation Contact Lenses And Visual Prostheses Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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The global next-generation contact lenses and visual prostheses market is driven by technological advancements, increasing awareness of daily eye care diagnostics, the rising prevalence of retinal diseases among the elderly, and the development of innovative biomaterials.

These advanced contact lenses and visual prostheses integrate electronic components, sensors, and microchips to monitor health parameters, measure intraocular pressure, and even deliver augmented reality (AR) experiences. Some cutting-edge contact lenses are designed to project digital information directly onto the wearer's field of view, enabling real-time data display, notifications, and virtual overlays.

List of the Key Players in the Next Generation Contact Lenses And Visual Prostheses Market: Johnson & Johnson, NIDEK, Novartis, Second Sight, NJ Retina, Interojo, OcuMedic, Bausch & Lomb, Pixium Vision and Menicon.

Industry Development:

In September 2022, Johnson & Johnson Vision announced the expansion of its Acuvue Ability overnight lens line, as well as the introduction of a new intraocular lens. The FDA has authorized an extended range of Acuvue Ability overnight therapeutic lenses for the treatment of myopia (nearsightedness). The clearance extends the range of allowed lenses to six diopters, up from four diopters previously.

In January 2023, Lumus, a pioneer in the development of reflective waveguide technology for augmented reality (AR) eyewear, announced the release of its 2nd generation Z-Lens 2D waveguide architecture, which expands on the 2D Maximus to enable the development of smaller, lighter AR eyeglasses with high-resolution image quality, outdoor-compatible brightness, and seamless Rx integration. The new technology will be officially demonstrated for the first time at CES 2023.

Growth Forecast Projected:

The Global Next Generation Contact Lenses And Visual Prostheses Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Next Generation Contact Lenses And Visual Prostheses Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Next Generation Contact Lenses And Visual Prostheses Market:

By type of product (Contact lens, Visual prostheses)

By type of diseases (Glaucoma, Diabetes, AMD, Retinitis pigmentosa and others)

By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Regional Analysis for Next Generation Contact Lenses And Visual Prostheses Market:

The regional analysis of the Next Generation Contact Lenses And Visual Prostheses Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

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⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Next Generation Contact Lenses And Visual Prostheses market?

➠ Who are the leading manufacturers in the global Next Generation Contact Lenses And Visual Prostheses industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Next Generation Contact Lenses And Visual Prostheses industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Next Generation Contact Lenses And Visual Prostheses market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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