Published on : May 21, 2021
Albany, New York, May 21, 2021: Contact Lens are objects used to correct the vision, and sometimes for aesthetic purpose. Technological advancement in contact lenses has resulted in smart contact lenses. These smart contact lenses have sensors intact in them. Besides managing the vision issue, the smart lenses enable to detect the glucose level using tears and intraocular pressure.
Growing trend of smart medical devices is likely to fuel the global smart contact lenses market in forthcoming years.
The market is gaining much traction among youth because of their inclination towards smart wearable device for various purposes including health monitoring. Also, youth are aware regarding the lifestyle change and adapts the trending cosmetic products.
This factor, in turn, is fuelling the smart contact lenses market.
Moreover, the smart contact lenses have also received approval by U.S. FDA for monitoring intraocular pressure, in August 2015.
The newly added report “Global Smart Contact Lenses Market Insights, Forecast To 2026” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of the global clinical trial imaging size market during the forecast period.
The report consists of several chapters, each chapter depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.
The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several enterprises, stakeholders, and other key operators of the global smart contact lenses market to get an idea of possible growth rate in coming years.
The global smart contact lenses market is driven by growing prevalence of diabetes across the world.
Rising Trend of Wearable Monitoring Devices Pushes Adoption of Smart Contact Lenses
Further, growth of the market is supported by growing demand for wearable medical devices for monitoring the health condition of patients. Also, inclination of people towards smart lenses instead of smart glasses is favouring growth of smart contact lenses market in coming years.
On the other hand, high cost of smart contact lenses is hindering the adoption rate. This, in turn, is anticipated to restrain the makret growth during the forecast period.
Nevertheless, growing prevalence of glaucoma following rise in number of diabetes related complications such as cataract and blindness, vision disorders, growing geriatric population with long-sightedness (presbyopia), and rising awareness regarding self-monitoring devices are some of the major factors fuelling growth of the global smart contact lens market.
According to American Diabetes Association, diabetes patients are nearly 40% more likely to develop glaucoma and 60% more susceptible to develop cataract when compared to that of non-diabetic population.
Further, advances in ophthalmology and rising demand for effective glaucoma approaches are some few factors likely to boost growth of the global smart contact lens market.
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In addition, due to presence of both regional and international players, the global smart contact lens market is highly fragmented in nature. Also, presence of key companies are creating barriers for the new entrants. The key companies are engaged in innovative product development to strengthen their foothold in the global market.
Some of the key companies operating in the global smart contact lens market are Sensimed AG, Innovega Inc., Alcon (Novartis AG), Liner Technologies, Sony Corporation, Google LLC, EP Global Communications Inc., and Samsung Electronics Co. Ltd.