Smart Contact Lenses Market Size to Hit USD 1,603.4 million by 2026 at a CAGR of 38.9%

PRESS RELEASE
Published February 21, 2023

Smart Contact Lenses Market Outlook 2023: Market Trends, Segmentation, consumption by Regional data, Market Growth and Competitive Landscape

Themarket for smart contact lenseswas valued atUSD 115.0 million in 2018and is anticipated to grow toUSD 1,603.4 millionby 2026, at aCAGR of 38.9%.During the forecast period, it is expected that the market in Asia-Pacific will experience a CAGR that is relatively higher. The market in Asia Pacific is anticipated to be driven by rising patient awareness of advanced lenses and the existence of a sizable untapped market during the forecast period.High public awareness of this cutting-edge technology is anticipated to continue to contribute to this region’s dominance of the smart contact lenses market during the forecast period.

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The market is dominated by North America followed by Europe on Account of the 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 estimated of 2 million Americans were diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lenses 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.

Europe ranks second in the market with increasing incidences of glaucoma and diabetes. Additionally, research activities funded by both government and non-government organizations for innovations in smart contact lenses will help promote the Europe market in the long run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing patient population and increasing awareness about the availability of advanced lenses.

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Market Dominated by North America followed by Europe on Account of the 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 estimated of 2 million Americans were diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lenses 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.

Europe ranks second in the market with increasing incidences of glaucoma and diabetes. Additionally, research activities funded by both government and non-government organizations for innovations in smart contact lenses will help promote the Europe market in the long run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing patient population and increasing awareness about the availability of advanced lenses.

The 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 gained 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, and 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.

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A list of Significant Vendors Operating in this market includes:

  • Sony
  • Innovega Inc.
  • Alcon Vision LLC
  • Samsung
  • Mojo Vision Inc.
  • Google
  • Sensimed AG
  • Other vendors

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