Smart Contact Lenses Market is estimated to be US$ 916.17 million by 2030 with a CAGR of 10.40% during the forecast period

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Published Date: May 2023

The Smart Contact Lenses Market accounted for US$ 159.09 million in 2020 and is estimated to be US$ 916.17 million by 2030 and is anticipated to register a CAGR of 10.40%. Aesthetics and cosmetics are the most motivating factors for people that want to avoid wearing glasses or to vary the looks or color of their eyes. Others wear contact lenses for functional or optical reasons. In comparison with spectacles, contact lenses typically provide better sight, and don't collect moisture (from rain, snow, condensation, etc.) or perspiration. This will make them preferable for sports and other outdoor activities. Contact wearers also can wear sunglasses, goggles, or other eyewear of their choice without having to suit them with prescription lenses or worry about compatibility with glasses. Additionally, there are conditions like keratoconus and aniseikonia that are typically corrected better with contact lenses than with glasses.

The report “Global Smart Contact Lenses Market, By Type (Daily-Wear Soft Lenses, Extended- Wear Lenses, Rigid Gas- Permeable (RGP) Lenses, and Extended- Wear Disposable Lenses), By Product Type (Disposable Type and Frequent Replacement Type), By Application (Intraocular Pressure Monitoring and Continuous Glucose Monitoring), By End-User Type (Clinics, Home Care Settings, and Hospitals), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Highlights:

In August 2019, Samsung Electronics Co. Ltd. patented smart contact lenses that lets having controlling over phone by blinking.
On 26th of July 2021, INMO announced its latest innovation on the crowd funding platform Indiegogo. INMO Air is a pair of wireless lightweight AR smart glasses that delivers a completely hands-free connection between technology and real life.

Analyst View:

Smart Contact Lenses can control the myopia which is the propelling factor for the growth of global market. Furthermore, during the physical and sports activities the lenses are better for vision instead of eyeglasses which is expected to drive the target market growth over the forecast period. Smart contact lenses improve the vision by eliminating the spectacles which is the another fueling factor for the growth of target market. In addition, the smart contact lenses are worn for the aesthetic use which is the major boosting factor for the growth of global market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Smart Contact Lenses Market, By Type (Daily-Wear Soft Lenses, Extended- Wear Lenses, Rigid Gas- Permeable (RGP) Lenses, and Extended- Wear Disposable Lenses), By Product Type (Disposable Type and Frequent Replacement Type), By Application (Intraocular Pressure Monitoring and Continuous Glucose Monitoring), By End-User Type (Clinics, Home Care Settings, and Hospitals), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

Key Market Insights from the report:

The Global Smart Contact Lenses Market accounted for US$ 159.09 million in 2020 and is estimated to be US$ 916.17 million by 2030 and is anticipated to register a CAGR of 10.40%. The global smart contact lenses market report segments the market on the basis of type, product type, application, end-user type, and region.

Based on type, the Global Smart Contact Lenses Market is segmented into the Daily-Wear Soft Lenses, Extended- Wear Lenses, Rigid Gas- Permeable (RGP) Lenses, and Extended- Wear Disposable Lenses.
Based on product type, the Global Smart Contact Lenses Market is segmented into the Disposable Type and Frequent Replacement Type.
Based on application, the Global Smart Contact Lenses Market is segmented into Intraocular Pressure Monitoring and Continuous Glucose Monitoring.
Based on end-user, the Global Smart Contact Lenses Market is segmented into Clinics, Home Care Settings, and Hospitals.
By region, the Global Smart Contact Lenses Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global smart contact lenses market owing to rising demand for smart contact lenses.

Competitive Landscape:

The key players in Global Smart Contact Lenses Market are Sensimed AG, Google Inc., Alcon laboratories Inc., Samsung Electronics Co. Ltd., Innovega Inc., Novartis AG, Bausch & Lomb Inc., Sony Electronics Inc, Sensimed SA and Johnson & Johnson Surgical Vision Inc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period