Smart contact lenses market outlook
The idea of applying lenses has gained a lot of fascination and recognition amongst the youth. This is a result of the changing lifestyle and preferences of people. Wearing specs causing discomfort and is a major concern of allergies due to sweat especially in the summers. Also, lenses are a part of the demand as it is considered as a trending cosmetic product. Owing to these factors and trends, the smart contact lenses market share is expected to rise to a market valuation worth USD 7.2 billion by the end of the forecast period in 2023. The expected rate of growth for the forecast period stands at 10.4% during the forecast period of 2017-2023.
Market Overview
Smart contact lenses are referred to as thin lenses that have a major role to play in improvising the vision of the ones using them. Also, these lenses can be employed for aesthetic use. These lenses are playing a major role to assist the dependence of people on the use of spectacles and are emerging as a major substitute for people who don’t like to use spectacles owing to any of the reasons. Also, these lenses possess sensors that have a reliable role to play in noticing the glucose levels that are a part of the intraocular pressure and tears.
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COVID 19 Analysis
Since the arrival of the pandemic, the healthcare department has a new rival to defeat which has brought a major change in the life of people and in the way the businesses used to function. The lockdown and other functional restrictions have disrupted the supply chain flow and also, the market players are facing major difficulties in catering to the market demand with each passing day. The new-age solutions have a lot of potential buyers but owing to the restrictions, the market has to overcome a lot of restraints on the way. The global lenses market was witnessing a stagnant growth during the pandemic year of 2020 and hence, the market players are on the path of revival.
The government is supporting the initiatives that are helping the target audience strive for a wider demand during the forecast period ending in 2023. They are supporting the key market players by providing them with the requirement of schemes and regulations. The key market players are investing in the research and development departments and also, opening their arms towards mergers and acquisitions that will help the market to present better product portfolios and launches based on innovation for the target audience.
Market Dynamics
Drivers
The prominent players of the market are focusing on the development of a wide range of contact lenses that will help in catering to the vibrant demands of various customers across different locations worldwide. Product differentiation is one of the major factors positively impacting the market growth.
Restraints
However, the cost of procurement for these lenses does not fit all the customers, their spending capacity, and their set budgets. Hence, this factor is likely to act as a restraint for the global market growth during the forecast period ending in 2023.
Technology Analysis
The growing incidence of health concerns like diabetes is having an impact on the eyes of patients. Also, the market is witnessing a huge demand for something innovative and creative because of the changing tastes and preferences. The altering trends in the market are pushing the key market players to function on their toes and cater to the demand. Investing in smart contact lenses and other wearable devices helps in constant monitoring of the patient’s help which is likely to develop promising opportunities for growth and expansion on a global scale during the forecast period of 2017-2023.
Study Objectives
- To understand the market dynamics in terms of drivers, restraints, and opportunities by taking into consideration the points put forward by the leaders of the industry and the subject-matter experts across the globe
- To understand the factors that have a reflection on the overall market valuation by noticing the revenue models of the segments that function in different parts of the globe during the forecast period that ends in 2023
- To study the steps of the market for global growth by analyzing the functioning of the key market players across various developed and developing regions of the globe and also picking their recent developments to have an idea about the individual players and the steps undertaken. Also, this helps to understand the competitive degree that prevails across the regions and global market.
Segment Overview
Owing to the demand and aim towards a global presence, the smart contact lenses market has been divided to target more consumers and enhance the supply chain mechanism. Also, the functioning of these market players helps in achieving the predicted market valuation for the ongoing period that is from 2017 to 2023. The smart contact lenses market has been segmented based on the following:
Based on application
The application segment of the market presents continuous glucose monitoring along with intraocular pressure monitoring. There are some other applications as a part of this segment as well.
Based on the market end-users
The market end-users of the lenses and have a major role to play in smart contact lenses market growth are both hospitals and clinics along with home care settings.
Based on the global regions
The global market operations are currently functional in 4 major geographies of the world namely the North American region, the European countries, the APAC region, alongside the rest of the world (RoW).
Regional Analysis
Owing to the spread of the market across various regions, the North American region is likely to dominate the global market because of the availability of a huge range of products as per one’s taste. The key market players are focusing on customer alertness, inviting global brands and also, offering innovative products. Following the trend, the European region is likely to enjoy the second-highest growth during the forecast period of 2017-2023. However, the APAC region is likely to enjoy the fastest growth because of the high purchasing capacity of people and the spreading need for creative products.
Smart Contact Lenses Market Competitive Landscape
To complete the study objectives and understand the scope of the market through its recent developments, it is imperative to have an idea about the prominent market players and their functions. Also, these help in understanding the revenue models that have the potential to make a difference to the final market valuation by the end of the forecast year that is 2023. The key players of the market spread across the globe are as follows:
- Linear Technologies
- Innovega Inc.
- NXP Semiconductors.
- SAMSUNG
- Novartis AG
- Analog Devices Inc.
- TOWA
- Texas Instruments Incorporated.
- Sensimed AG
- STMicroelectronics
- Nanomix
- Hitachi, Ltd.
- Murata Manufacturing Co., Ltd.,
- Rockwell Automation
- Panasonic Corporation
Recent Developments
- The colored lenses are gaining major momentum amongst the youth of the APAC and North American region. Also, owing to the changing trends and differentiation, the global market is expected to witness a huge demand for disposable contact lenses. Hence, the key market players are focusing on the development of the same and thus, grabbing great opportunities on a global scale.
- The steep increase in the disposable income of people is enhancing their purchasing power which further, has a role to play in staggering a great demand for the developed products of the market. The increased income is helping people to keep up with the market trends and hence, opt for smart lenses no matter if they use spectacles or not. This is one of the major factors that is attracting the audience towards various market segments and hence, holds a promising future in terms of growth for the market by the end of the forecast period that is 2017-2023.
- The North American market consisting of areas like the USA and Canada is innovatively investing in the development of product portfolios and launched for the audience on a global level. Also, these regions are opening the doors to international brands to cater to the need of a larger audience, thus providing them with great returns.
- The European market players situated in areas like Germany are increasing their investment and rendering support for the need for technological development and enhancement prevailing in the market. This is likely to provide a much-needed boost to the market push the market to provide a variety to the customers. Also, this has a major role to play to help the region give tough competition for domination on the global scale.
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Report Overview
The smart contact lenses market share for the forecast period that ends in 2023 is predicted in the report. Also, the report mentions the market dynamics which help in predicting the CAGR rate of growth. Also, the report discusses the various market segments and their functioning in major locations of the world. To study the competition, the report discusses the key market players and the steps undertaken by them for growth.
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