The demand for Smart contact lens is set to increase as it includes wireless chip and miniaturized sensors to monitor the physiological parameters during the forecast period.
During the forecast period, the Smart Contact Lens Market is expected to grow at a CAGR of 10.5%. The market is expected to be valued at US$ 7.7 billion in 2022, rising to US$ 20.90 billion by 2032.
During the projected period, the Smart Contact Lens market is expected to grow at a moderate rate while registering a considerable CAGR. During the projection period, the demand for Smart Contact Lenses that detect the amount of glucose in patients' tears is increasing.
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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
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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. and others
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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:
Based on the end user type, the global Smart Contact Lens market is divided into following:
Region
Future Market Insights (ESOMAR certified 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.
May 31, 2023