DUBLIN--(BUSINESS WIRE)--The "Smart Contact Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Contact Lenses Market is expected to register a CAGR of 9.8% over the forecast period, 2022-2027.
The impact of COVID-19 on the smart contact lenses market's growth was adverse in the year 2020 due to fewer eye care consultations. For instance, according to data published in August 2020 by the Centers for Disease Control and Prevention and the American Academy of Ophthalmology, there was a nearly 80% initial decrease in ophthalmology visits, and as of mid-June, there was still a 40% cumulative decrease in ophthalmology visits in the United States. However, owing to the recommencement of ophthalmology practices and procedures worldwide, the market may prevail with a normal growth rate in the near future.
For instance, according to the article "Tele-consultations in the wake of COVID-19 - Suggested guidelines for clinical ophthalmology," published in June 2020 in India, the Ministry of Health and Family Welfare proposed guidelines for safe ophthalmology practices in the COVID-19 scenario, such as eye care facilities should ensure that tele-counseling and teleconsultation should be encouraged to reduce patient visits and/or appointment systems can be followed to call patients needing examinations, eye investigations, or procedures. Likewise, in March 2020, the American Academy of Ophthalmology (AAO) released practice guidelines advising ophthalmologists to cease providing any treatment other than urgent and emergent care. Such factors are projected to boost the demand for smart contact lenses among the patient population, thereby leading to the growth of the market over the coming years.
Furthermore, the major factors fuelling the market's growth are the rising burden of eye disorders, the growing prevalence of presbyopia in the geriatric population, the surge in advancements in glaucoma treatment technologies, and the increasing research and development activities by key market players for smart contact lens manufacturing.
Smart contact lenses find their use in diagnosing diabetes and glaucoma by measuring the level of glucose in tears and monitoring intraocular pressure within the eyes. The rising burden of diabetes, leading to eye disorders, is thus expected to drive the demand for smart contact lenses, thereby significantly contributing to the market growth. For instance, as per a November 2021 published article titled, "Global Prevalence of Diabetic Retinopathy and Projection of Burden through 2045: Systematic Review and Meta-analysis", among individuals with diabetes, the global prevalence was 22.27% for diabetic retinopathy, 6.17% for vision-threatening DR (VTDR), and 4.07% for clinically significant macular edema.
In addition, as per a July 2021 published article titled, "Prevalence of primary open-angle glaucoma in the last 20 years: a meta-analysis and systematic review", the study provided the most updated worldwide prevalence of primary open-angle glaucoma (POAG) for the last 20 years. As per the study results, the overall global prevalence of POAG in the population over 40 years old is 2.4%. Moreover, according to a March 2022 update, in South Korea, a POSTECH research team led by Professor Sei Kwang Hahn and Ph.D. candidate Geon-Hui Lee, in collaboration with Dr. Sangbaie Shin of PHI BIOMED Co., developed a smart contact lens-type wearable device to prevent diabetic retinopathy and treat it in its early stages by irradiating 120 W far-red/LED light to the retina. This technology for smart LED contact lenses has attracted great attention for various ophthalmologic diseases.
Thus, the abovementioned factors indicate that the growing burden of eye disorders and advancements in smart contact lens technology will drive the demand for smart contact lenses over the forecast period.
However, the high cost of smart contact lenses and lack of awareness pertaining to these lenses are the major factors restraining the market's growth.
Key Market Trends
- Continuous Glucose Monitoring Segment Expected to Hold a Significant Market Share
- North America Expected to Hold the Largest Share
Competitive Landscape
The smart contact lenses market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Sensimed, Mojo Vision, Innovega Inc., InWith Corporation and Johnson & Johnson among other market players.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Eye Disorders
4.2.2 Increasing Research and Development for Smart Contact Lenses
4.3 Market Restraints
4.3.1 High Cost of Smart Contact Lenses and Lack of Awareness
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Rigid Gas-Permeable (RGP)
5.1.2 Daily-wear Soft Lenses
5.1.3 Extended-wear Lenses
5.1.4 Others
5.2 By Application
5.2.1 Continuous Glucose Monitoring
5.2.2 Continuous Intraocular Pressure Monitoring
5.3 By End-user
5.3.1 Hospitals
5.3.2 Ophthalmology Clinics
5.3.3 Other End-users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Middle-East and Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Sensimed
6.1.2 Mojo Vision
6.1.3 Innovega Inc.
6.1.4 InWith Corporation
6.1.5 Johnson & Johnson
6.1.6 Samsung
6.1.7 Sony Group Corporation
6.1.8 EP Global Communications Inc (EPGL)
6.1.9 International Business Machines (IBM) Corporation
6.1.10 Huawei Biomed
6.1.11 RaayonNova LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sywt9k.
