Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global smart contact lenses market is expected to grow at a CAGR of around 24.8% over the forecast period. The market growth is attributed to the growing strategic alliances among the major players for the expansion of their product offerings. Currently, the product portfolio of smart contact lens is limited and major market players such as Google, Sony, and Samsung are working for the development of this advanced technology. Smart contact lenses can be used as an interface between the human body and an electronic device for wearable healthcare applications. Built on a biocompatible polymer, the smart contact lens contains ultrathin, flexible electrical circuits, and a microcontroller chip. This combination delivers real-time electrochemical bio-sensing, on-demand controlled drug delivery, wireless power management, and data communication. The device holds great potential for the treatment of diabetes-related diseases. Hence the rise in prevalence of diabetes and glaucoma is driving the market growth.
Market Segmentation
The global smart contact lenses market has been analyzed on the basis of application, end user, and region. Based on application, the market is segmented into continuous intraocular pressure monitoring, glucose monitoring, and others. Among these, glucose monitoring is projected to hold a prominent share in the market. Further, on the basis of end-user, the market is segmented into hospitals & clinics, homecare, and others. Hospital segment is projected to hold a prominent share in the market. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to exhibit a remarkable growth during the forecast period.
Market Structure and Competition Landscape
The global smart contact lenses market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., Mojo Vision Inc., Alcon Vision LLC, Innovega Inc., InWith Corp., Johnson & Johnson Services Inc., Novartis AG, and among others. To maintain their market position, the key players operating in the smart contact lenses market are focusing on research and development. Some of the key developments in the market are:
• In March 2022, Mojo Vision, the Invisible Computing Company, unveiled the most advanced prototype of Mojo Lens, the world's first smart contact lens. The Mojo Lens prototype is an innovation at the intersection of smartphones, AR/VR, smart wearables, and health tech.
• In May 2021, Innovega Inc. announced the filing of four patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyewear efficiently.
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