Pune, Sept. 17, 2020 (GLOBE NEWSWIRE) — Global smart contact lenses market size is anticipated to reach USD 1,603.4 million by 2026 on account of the increasing incidences of eye disorders and the need for a contact lens with upgraded quality and performance. Smart contact lenses are the most recent and greatest developments of contact lenses. They can recognize health conditions such as diabetes, glaucoma, and others.
As per a recent report published by Fortune Business Insights™ titled, “Smart Contact Lenses Market Size, Share & Industry Analysis, By Type (Continuous Intraocular Pressure Monitoring Lenses, Photochromic Lenses, and Others), By End User (Ophthalmology Clinics, Home Care, and Others), and Regional Forecast, 2019-2026,” the market value was USD 115.0 million in 2018 and will exhibit 38.9% CAGR in between 2019 and 2026.
Significant Industry Developments of the Smart Contact Lenses market include:
January 2020 – The development of a smart contact lens called Mojo Lens was declared by Mojo Vision Inc., with a built-in display that allows people to get access to useful and timely information without having to look down at a computerized screen.
Highlights of the Report:
- Analysis of the impact of Covid-19 that the market would face in the near future.
- In-depth analysis of the growth drivers and obstacles.
- Profile of all the companies operating in the market.
- Elaborate data about the dominating region.
- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
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What is the Objective of the Report?
The report is based on qualitative and quantitative analysis of the market and focuses on major factors boosting, repelling, challenging, and creating opportunities for the market during the forecast period. The report also offers interesting insights into the market and major industry developments related to the market. List of key players operating in the market and their strategies are mentioned in the report. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It also throws light on the current smart contact lenses market trends.
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Rising Prevalence of Diabetes will Propel Market Growth
The increasing prevalence of diabetes and glaucoma is a major factor in promoting the smart contact lenses market growth. Contact lenses are rapidly progressing in the field of optometry since the last decade and have gain momentum due to rapid advancements in this field. Smart contact lens is capable of detecting diseases such as diabetes and glaucoma and this is also boosting the overall market. Besides this, smart lenses offer other features such as automatic adjusting to light and dark environments, taking photographs, and are in high demand for patients with age-related Macular Degeneration (AMD) and other health-related issues.
However, the high cost of smart contact lenses may pose a major challenge to the growth of the market. This, coupled with the lack of awareness among people in developing nations may also hamper the overall market growth in the coming years.
Market Dominated by North America followed by Europe on Account of Increasing Prevalence of Glaucoma
Based on geographical segmentation, North America earned the largest smart contact lenses market share with revenue of USD 58.9 million earned in 2018. This is attributable to the increasing prevalence of diabetes and glaucoma in the region. According to the Glaucoma Research Foundation, an estimate of 2 million Americans was diagnosed with glaucoma in the year 2017.
Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens will boost the regional market. This, coupled with adequate investments by players for the launch of new products will also help the region continue its dominance in the forecast period.
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Heavy Investments in Innovative Products will Intensify Market Competition
As per the report, the smart contact lens market is dominated by players such as Google, Samsung, and Sensimed AG. This is due to the rising investments in research and development of innovative products. The launch of constant innovative products has helped these companies compete for the top position in the market.
Besides this, other players are engaging in various strategies such as merger and acquisition, investments in new product launches, joint ventures, agreements and contracts, and others to attract high smart contact lens market revenue in the forthcoming years.
List of Significant Vendors Operating in Smart Contact Lenses Market include:
- Innovega Inc.
- Alcon Vision LLC
- Mojo Vision Inc.
- Sensimed AG
- Other vendors
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Smart Contact Lenses Market Segmentations:
● Continuous Intraocular Pressure Monitoring
● Photochromic Lenses
By End User
● Ophthalmology Clinics
● Home Care
● North America (the U.S. and Canada)
● Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
● Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
● Rest of the World
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Have a Look at Related Reports:
Contact Lenses Market Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmlogists), and Regional Forecast, 2019-2026
Eyewear Market Share & Industry Analysis, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026
Vision Care Market Share & Industry Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics), and Regional Forecast, 2019-2026
Spectacles Market Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026
Reading Glasses Market Share & Industry Analysis, By Age Group (Less than 18 years, 18-64 years, and 65 years and above), By Type (Prescription Reading Glasses and OTC Reading Glasses), By Distribution Channel (Retail Stores, Online Sales Channels, Ophthalmol-ogy Clinics), and Regional Forecast, 2019-2026
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