Market Overview
The Smart Contact Lenses Market Growth 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 lessens the irritation caused by using spectacles. Nowadays, people are using these contact lenses to improvise their looks.
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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.
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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