During the forecast period, the Smart Contact Lens Market is projected to achieve a notable compound annual growth rate (CAGR) of 10.5%. It is estimated that the market will be valued at US$ 7.7 billion in 2022 and is expected to reach US$ 20.90 billion by the year 2032.
The Smart Contact Lens market is projected to experience moderate growth, capturing a significant compound annual growth rate (CAGR) throughout the forecast period. There is a rising demand for Smart Contact Lens among diabetes patients to monitor glucose levels in their tears.
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The demand for Smart Contact Lens is expected to increase due to the incorporation of wireless chips and miniaturized sensors that enable the monitoring of various physiological parameters. The global market is currently witnessing popularity and a subsequent increase in the adoption of Smart Contact Lens for monitoring diverse health conditions.
Advent of Telehealth and Virtual Care to Create Tailwind for the Smart Contact Lens Market Growth
Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.
During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.
Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Smart Contact Lens market.
Key Smart Contact Lens Market Takeaways and Projections
- The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2032.
- Germany Smart Contact Lens market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2022 to 2032.
- China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
- India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.
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Report Benefits & Key Questions Answered
- Smart Contact Lens Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Smart Contact Lens market. It also studies the impact of these dynamics on the market for the previous assessment period 2017 to 2021 to forecast the scope of market growth over the coming forecast period 2022 to 2032.
- Smart Contact Lens Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Smart Contact Lens market. As per the survey, Smart Contact Lens sales will project steady growth over the forecast period.
- Smart Contact Lens Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Smart Contact Lens market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
- Smart Contact Lens Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.
Competitive Landscape Analysis
The latest study conducted by FMI provides in-depth insights into the global Smart Contact Lens market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Smart Contact Lens market.
Some of the prominent market players are profiled by FMI are:
Sensimed AG, Google Inc., Novartis AG, Samsung Electronics Co., Ltd., Innovega Inc
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Smart Contact Lens: Segmentation
The global Smart Contact Lens market has been classified on the basis of application, end user and geography.
Based on application, the global Smart Contact Lens market is divided into following:
- Continuous Glucose Monitoring
- Intraocular Pressure Monitoring
Based on the end user type, the global Smart Contact Lens market is divided into following:
- Home Care Settings
- Clinics
Region
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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