Market Size – USD 5.71 billion in 2019, Market Growth - CAGR of 10.6%, Market Trends – Increasing advanced technology implementation like virtual and augmented reality.
Vancouver, BC -- (SBWIRE) -- 04/09/2021 -- The growth in demand for effective and innovative glaucoma management solutions and rising cases of diabetes-related eye problems are driving the market demand.
The global Smart Contact Lens Market is anticipated to reach USD 12.52 Billion by 2027, according to a new report by Emergen Research. The Smart Contact Lens market is forecasted to grow significantly, owing to the growing demand for wearable medical appliances for the constant monitoring health condition of patients. The technological development in smart contact lens to diminish vision difficulties in humans and the increasing rate of geriatric people also propels market growth. The rising interest in smart medical gadgets among youth attracts them towards smart contact lenses.
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The report has been formulated through extensive primary and secondary research along with verified and reliable data obtained from industry experts and professionals. The study offers a clear understanding of the current market scenario owing to the COVID-19 pandemic and offers a comprehensive analysis of the current and future impact of the pandemic on the overall market landscape. The economic landscape and the market environment have observed drastic changes due to the social restrictions and government-enforced lockdowns imposed to curb the spread of COVID-19.
Key Highlights From The Report
The technological advancement of medical devices with the integration of IoT is boosting the market growth. Besides, smart contact lenses can check the blood sugar level for diabetics patients and monitor the patients' physical condition. These technological development of medical devices are boosting the market of smart contact lens in the healthcare industry.
Escalating demand for glaucoma management solutions and a high level of consumer awareness in North America is expected to fuel the market with a significant CAGR of 11.0% in the forecasted timeframe.
Europe is following North America closely due to the widespread use of contact lenses and rising investments in research for smart contact lens. In the Asia Pacific region, countries like China and India are projected to indicate exponential expansion in the market due to the growing chronic disease of diabetes.
The leading players in the market include Google LLC, Sensimed AG, Novartis International AG, Samsung Electronics Company Ltd, Rockwell Automation Inc., Sony Corporation, Hitachi Ltd., Alcon Laboratories Inc., Atmel Corporation, Mojo Vision Inc., among others.
The report projects the market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration.
To identify the key trends in the industry, click on the link below: https://www.emergenresearch.com/industry-report/smart-contact-lens-market
Emergen Research has segmented the global smart contact lens market based on type, technology, application, end-use industry, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Corrective
Therapeutic
Lifestyle
Technology Outlook (Revenue, USD Billion; 2017-2027)
Augmented Reality
Virtual Reality
Application Outlook (Revenue, USD Billion; 2017-2027)
Continuous Glucose Monitoring
Intraocular Pressure Monitoring
Others
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Automotive
Video Game
Defence
Others
Objectives of the Report:
Study of the global Smart Contact Lens market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
Industrial structure analysis of the Smart Contact Lens market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of Smart Contact Lens market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Smart Contact Lens market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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Smart Contact Lens Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Smart Contact Lenses Market Segmentation & Impact Analysis
4.1. Smart Contact Lenses Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing demand for effective glaucoma management solutions
4.2.2.2. The rising cases of diabetes-related eye problems
4.2.2.3. Increasing advanced technology like virtual and augmented reality
4.2.3. Market restraints analysis
4.2.3.1. High cost product
4.2.3.2. Extreme competition among leading players
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
CONTINUED…!
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