Smart Contact Lenses Market to Grow at a CAGR of 24.8% By 2028

By Ashwin Naphade  | Date: November 01, 2022

Smart Contact Lenses Market to Grow at a CAGR of 24.8% By 2028

An analysis of Smart Contact Lenses Market Has been provided in the latest report added by Market Study Report that primarily focuses on the market trends, demand, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

The global smart contact lenses market is expected to grow at a CAGR of around 24.8% over the forecast period. The market growth is attributed to the growing strategic alliances among the major players for the expansion of their product offerings. Currently, the product portfolio of smart contact lens is limited and major market players such as Google, Sony, and Samsung are working for the development of this advanced technology. Smart contact lenses can be used as an interface between the human body and an electronic device for wearable healthcare applications. Built on a biocompatible polymer, the smart contact lens contains ultrathin, flexible electrical circuits, and a microcontroller chip. This combination delivers real-time electrochemical bio-sensing, on-demand controlled drug delivery, wireless power management, and data communication. The device holds great potential for the treatment of diabetes-related diseases. Hence the rise in prevalence of diabetes and glaucoma is driving the market growth.

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Market Segmentation

The global smart contact lenses market has been analyzed on the basis of application, end user, and region. Based on application, the market is segmented into continuous intraocular pressure monitoring, glucose monitoring, and others. Among these, glucose monitoring is projected to hold a prominent share in the market. Further, on the basis of end-user, the market is segmented into hospitals & clinics, homecare, and others. Hospital segment is projected to hold a prominent share in the market. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to exhibit a remarkable growth during the forecast period.

Market Structure and Competition Landscape

The global smart contact lenses market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., Mojo Vision Inc., Alcon Vision LLC, Innovega Inc., InWith Corp., Johnson & Johnson Services Inc., Novartis AG, and among others. To maintain their market position, the key players operating in the smart contact lenses market are focusing on research and development. Some of the key developments in the market are:

•             In March 2022, Mojo Vision, the Invisible Computing Company, unveiled the most advanced prototype of Mojo Lens, the world's first smart contact lens. The Mojo Lens prototype is an innovation at the intersection of smartphones, AR/VR, smart wearables, and health tech.

•             In May 2021, Innovega Inc. announced the filing of four patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyewear efficiently.

Key Questions Answered in the Research Report:

1. What is the estimated growth rate for the market?

2. What is the region wise industry size, growth drivers and challenges key market trends?

3. What are the key innovations, technology upgrades, opportunities, in the Market? 

4. What are the leading companies in the Industry and how they perform in Market?

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About Author

Ashwin Naphade

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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