Market Overview
The Smart Contact Lenses Market Trends will obtain a valuation of USD 7.2 Billion and a CAGR of 10.4 % by 2027 in the forecast period.
Our eyes play an important role in viewing the world through our eyes. But when there is a slight problem with the eyes, and the vision is not clear, then a clear vision can be obtained using spectacles or contact lenses. Spectacles are sometimes too irritating as it has to be worn on the eyes. So, in such a case, a contact lens can be used. Contact lenses are very thin and can be placed on the cornea of our eyes. Usage of contact lenses the irritation caused by using spectacles. Nowadays, people are using these contact lenses to improvise their looks.
This new concept has played an important role in increasing the smart contact lenses market. During the pandemic situation of COVID’19, like all other markets, even the smart contact lenses market was affected due to the strict lockdown imposed by the government. As the situation is coming under other control, the rise in the market can be experienced.
Key Players:
Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland)
Market Segmentation
The smart contact lenses market can be segmented on application, end-user, and region.
- According to the application category, the market can be subdivided into intraocular pressure and continuous glucose monitoring segments.
- The end-user category consists of hospitals, clinics, and home care segments.
- According to the regional category, the market is divided based on North America, Europe, Asia-Pacific, and the rest of the world.
Regional Classification
When the application category is analyzed, the continuous glucose monitoring technology segment dominates the market. The increase in diabetic patients is one of the reasons. Diabetes directly affects the eyes and vision. The intraocular pressure monitoring segment also functions in many cases and is moving towards progress. All three segments of the end-user category contribute to the market growth. According to the regional category, North America dominates the market.
COVID 19 Analysis
Since the arrival of the pandemic, the healthcare department has a new rival to defeat which has brought a major change in the life of people and in the way the businesses used to function. The lockdown and other functional restrictions have disrupted the supply chain flow and also, the market players are facing major difficulties in catering to the market demand with each passing day. The new-age solutions have a lot of potential buyers but owing to the restrictions, the smart contact lenses industry has to overcome a lot of restraints on the way. The lenses market was witnessing a stagnant growth during the pandemic year of 2020 and hence, the market players are on the path of revival.
The government is supporting the initiatives that are helping the target audience strive for a wider demand during the forecast period. They are supporting the key market players by providing them with the requirement of schemes and regulations. The key market players are investing in the research and development departments and also, opening their arms towards mergers and acquisitions that will help the smart contact lenses industry to present better product portfolios and launches based on innovation for the target audience.
Industry News
The global analysis of the smart contact lenses market states that the market is expected to reach 7.2 billion US dollars by the end of 2023 with a 10.4% CAGR. The concept of applying contact lenses for good looks, new entrants in the manufacturing field of contact lenses, etc., are some of the facts that fuel the market growth. However, the cost of these lenses may hamper the market growth. As the affordability in developed countries is good, people prefer using quality products at a higher price also. But when things are meant for all, the cost factor also has to be considered. A focus on finding a suitable solution by reducing the cost of contact lenses will result in market growth. The eye is one of the most sensitive and important organs of the human body, and a sort of research and development in improving eyesight will help many individuals. The government should make suitable policies to support the research and development activities. Other investors should also make not only governments but investments as research and development in the field of eyes will lead to innovations that will be used by many.
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