Increasing prevalence of glaucoma, growing aging population with presbyopia (long-sightedness) and growing demand for more efficient and innovative glaucoma management technologies that provide real-time and non-invasive diagnosis of sugar levels in diabetic patients are driving the market growth. Additionally, rise in cases of diabetes-related complications such as cataracts, eye disorders, and blindness is contributing to the growth of the smart contact lens market. Most of the younger generation is interested in using contact lenses along with lifestyle changes and being informed about trending cosmetic products.
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The growing trend of smart medical devices is also attracting the younger generation, which is impacting the growth of the market. Increasing health awareness among people of all age groups associated with the expansion of digitalization is predicted to fuel the growth of the smart contact lens market. Google Inc. Working with Alcon, Novartis AG’s eye care division, on smart lenses, the product can detect blood sugar levels from tears. However, the cost of smart contact lenses and intense competition among the major market players restrains the growth of the smart contact lenses market worldwide.
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The Smart Contact Lens market is segmented by type, application, end user, and region. On the basis of type segment, the market is segmented into rapid gas permeable (RGP), daily wear soft lenses, extended-wear and planned replacement. On the basis of application, the smart contact lens market is segmented into continuous glucose monitoring and intraocular pressure monitoring. Based on end-user, it is segmented into hospital & clinic and home care settings. On the basis of region, the smart contact lens market is analyzed in North America, Europe, Asia-Pacific and LAMEA.
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- This report provides a detailed quantitative analysis of the current market trends and market forecast estimations from 2019 to 2026, which assists to identify the prevailing smart contact lenses market opportunities.
- An in-depth market analysis includes analysis of various regions and is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global market is provided.
- Region-wise and country-wise smart contact lenses market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand competitive outlook of the global smart contact lenses market.
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Some of the major players operating in the smart contact lenses market include Alcon (Novartis AG), Google LLC, Innovega Inc., Samsung Electronics Co., Ltd., Sensimed AG, Sony Corporation and EP Global Communications, Inc., and Liner Technologies.
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