The global smart contact lenses market size is anticipated to reach USD 1,603.4 million by 2026 on account of the increasing incidences of eye disorders and the need for a contact lens with upgraded quality and performance. Smart contact lenses are the most recent and greatest developments of contact lenses. They can recognize health conditions such as diabetes, glaucoma, and others. As per a recent report published by Fortune Business Insights™
Market Dominated by North America followed by Europe on Account of 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 estimate of 2 million Americans was diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens 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 the 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 lon
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g run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing number of the patient population and increasing awareness about the availability of advanced lenses.
List of Significant Vendors Operating in this market include:
Sony
Innovega Inc.
Alcon Vision LLC
Samsung
Mojo Vision Inc.
Google
Sensimed AG
Other vendors
Market Dominated by North America followed by Europe on Account of 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 estimate of 2 million Americans was diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens 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 the 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 number of the patient population and increasing awareness about the availability of advanced lenses.
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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 gain 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, 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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Some major points from Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Epidemiology of Diabetes, Glaucoma for Key Countries/Regions
Key Industry Developments such as Mergers, Acquisitions, and Partnerships
Key Industry Trends
Technological Advancements in Smart Contact Lenses
Global Smart Contact Lenses Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Continuous Intraocular Monitoring
Photochromic Lens
Others
Market Analysis, Insights and Forecast – By End User
Clinics
Home Care
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Rest of the World
North America Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis – By Type
Continuous Intraocular Monitoring
Photochronic Lens
Others
Market Analysis – By End User
Clinics
Home Care
Others
Market Analysis – By Country
U.S.
Canada
Europe Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis – By Type
Continuous Intraocular Monitoring
Photochronic Lens
Others
Market Analysis – By End User
Clinics
Home Care
Others
Market Analysis – By Country/Sub-region
U.K.
Germany
France
Spain
Italy
Scandinavia
Rest of Europe
Continued...
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