North America Smart Contact Lens Market, By Design (MicroLED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lenses, Drug Eluding Contact Lenses, Electrochemical Contact Lens Sensors, Light Diffractive Contact Lenses, Fluorescence-Based Contact Lenses, Others), Material (Graphene, Hydrogel Contact Lenses, Conducting Polymers, Hybrid Contact Lenses, Metal Nanowires, Carbon Nanotubes, Inorganic Magnetic Oxide Nanosheets, Metal MESH-Structures, Peptide Modified Gold Nanobowls (AUNBS)), Application (Diabetes/Continuous Glucose Monitoring/Glaucoma, Intraocular Pressure Monitoring, Farsightedness, Eye Health Monitor, Cataracts, Drug Delivery, Night Vision, Others), Distribution Channel (Clinics, Retail Stores, E-Commerce, Hospitals), End User (Clinics, Hospitals, Home Care Settings, Others) - Industry Trends and Forecast to 2029
Market Analysis and Insights
Smart contact lens market are an advanced optics technology designed to enhance human possibilities. Smart contact lens market is expected to grow in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAR of 13.2% in the forecast period of 2022 to 2029. The increase in healthcare expenditure and funding are the major drivers that propelled the market's demand in the forecast period.
However, side effects associated with smart contact lens market may hamper the future growth of the North America Smart contact lens market. Adoption of strategic alliances like partnerships and acquisitions by key market players is an opportunity for the growth of the North America smart contact lens market.
2022 to 2029
Revenue in USD Thousand, Pricing in USD
By Design (MicroLED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lenses, Drug Eluding Contact Lenses, Electrochemical Contact Lens Sensors, Light Diffractive Contact Lenses, Fluorescence-Based Contact Lenses, Others), Material (Graphene, Hydrogel Contact Lenses, Conducting Polymers, Hybrid Contact Lenses, Metal Nanowires, Carbon Nanotubes, Inorganic Magnetic Oxide Nanosheets, Metal MESH-Structures, Peptide Modified Gold Nanobowls (AUNBS)), Application (Diabetes/Continuous Glucose Monitoring/Glaucoma, Intraocular Pressure Monitoring, Farsightedness, Eye Health Monitor, Cataracts, Drug Delivery, Night Vision, Others), Distribution Channel (Clinics, Retail Stores, E-Commerce, Hospitals), End User (Clinics, Hospitals, Home Care Settings, Others)
Market Players Covered
Mojo Vision Inc. (U.S.), GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.Ş (Turkey), RaayonNova LLC (U.S.), STMicroelectronics (Switzerland), Sensimed AG (Switzerland), Google. LLC (U.S.), SAMSUNG (South Korea), Sony Corporation (Japan), Google (U.S.), Innovega Inc. (U.S.), MediPrint™ Ophthalmics (U.S.), and others
Smart contact lens market are an advanced optics technology designed to enhance human possibilities.
The demand for the Asia-Pacific smart contact lens market has increased in both developed and developing countries, and the reason behind this is the increasing market strategic initiatives. The Asia-Pacific smart contact lens market is growing due to innovative products, increasing technological developments, and rising disposable income. The market will grow in the forecasted period due to the exploration of emerging markets, strategic initiatives by market players, and increasing healthcare expenditure.
North America Smart Contact Lens Market Dynamics
- Increase in prevalence of refractive error
Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see the object clearly, and smart contact lens market help by providing larger print and clearer images. The increasing use of smart lenses to prevent macular degeneration is growing and is expected to drive market growth.
- Rising cases of diabetic retinopathy
Diabetic retinopathy is a type of diabetes complication that affects the eyes' vision. Diabetic retinopathy is caused by the damage to blood vessels of the light-sensitive tissue at the back of the eye (retina). According to researchers, wireless smart contact lens market could be the answer to detecting diabetes and treating diabetic retinopathy simply by wearing them.
Increasing side effects associated with contact lenses
Wearing contact lenses would feel like an amazing upgrade to eyeglasses. People can see the objects more clearly by popping them into their eyes by using contact lenses. Contact lenses can fit easily into the eye and allow people to perform numerous tasks that might be uncomfortable in the glasses, such as traveling and exercising, among others. However, if the contact lenses are not used properly, they will affect various type of side effect, even if they will affect eye vision in the long run, which hamper the demand of the market.
Technological advancements in contact lenses
Day by day, technology is coming up with various products to improve our lifestyle, and the same is happening in eye care. As technology advances, various brands, materials, lens designs, and wear schedules that can fit almost everyone's individual needs and contact lenses are improving and making wearers' lives better than ever. Users enjoy greater flexibility and a lot more choices when it comes to contact lenses. There are a variety of contact lenses available in the market.
- Safety concerns associated with the use of smart contact lens market
Contact lenses have a lot of advantages as well as disadvantages. Wearing contact lenses has several serious conditions, including eye infections and corneal ulcers. These conditions can develop very quickly and can be very serious.
It is important that hands dry before touching the contact lenses because germs from hands can be transferred to contact lenses and the lens case. Some germs cause eye infections.
Post COVID-19 Impact on North America Smart Contact Lens Market
COVID-19 has resulted in a substantial upsurge in demand for medical supplies from both healthcare professionals and the general public for precautionary measures. Manufacturers of these items have an opportunity to take advantage of the increased demand for medical supplies by ensuring a steady supply of personal protective equipment on the market. COVID-19 is anticipated to have a big impact on the North America Smart contact lens market.
- In October 2019, Ocumedic, Inc. announced it had entered into an exclusive supply agreement and received a strategic investment from Gelest, Inc., a leading innovator in materials science and supplier to the North America contact lens market. This has increased the company's product portfolio and sales.
- In November 2021, MediPrint announced the positive result from the novel post-cataract surgery lens patent. This positive outcome has increased the company's product sales and revenue.
- In March 2020, InWith Corp. announced that they have been working with Bausch and Lomb to develop smart contacts for the past year with their technology X.R. Biosensor. This has helped the company to increase its sales of the technology.
North America Smart Contact Lens Market Scope and Market Size
North America smart contact lens market is segmented based on design, material, application, distribution channel, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- MicroLED Display Contact Lens
- Diagnostic Sensor Integrated Contact Lens
- Photodetector Contact Lenses
- Drug Eluding Contact Lenses
- Electrochemical Contact Lens Sensors
- Light Diffractive Contact Lenses
- Fluorescence-Based Contact Lenses
Based on design, the North America smart contact lens market is segmented into microLED display contact lens, diagnostic sensor integrated contact lens, photodetector contact lenses, drug eluding contact lenses, electrochemical contact lens sensors, light diffractive contact lenses, fluorescence-based contact lenses, and others.
- Hydrogel Contact Lenses
- Conducting Polymers
- Hybrid Contact Lenses
- Metal Nanowires
- Carbon Nanotubes
- Inorganic Magnetic Oxide Nanosheets
- Metal MESH-Structures
- Peptide Modified Gold Nanobowls (AUNBS)
Based on material, the North America smart contact lens market is segmented into graphene, hydrogel contact lenses, conducting polymers, hybrid contact lenses, metal nanowires, carbon nanotubes, and inorganic magnetic oxide nanosheets, metal MESH-structures, peptide modified gold nanobowls (AUNBS).
- Diabetes/Continuous Glucose Monitoring/Glaucoma
- Intraocular Pressure Monitoring
- Eye Health Monitor
- Drug Delivery
- Night Vision
Based on application, the North America smart contact lens market is segmented into diabetes/continuous glucose monitoring/glaucoma, intraocular pressure monitoring, farsightedness, eye health monitor, cataracts, drug delivery, night vision, others.
- Retail Stores
Based on distribution channel, the North America smart contact lens market is segmented into clinics, retail stores, e-commerce and hospitals.
- Home Care Settings
Based on end user, the North America smart contact lens market is segmented into clinics, hospitals, home care settings, others.
North America Smart Contact Lens Market Country Level Analysis
The North America smart contact market is analyzed, and market size information is provided by design, material, application, distribution channel, and end user.
The country covered in the North America smart contact lens market report in the U.S.
In 2022, the U.S. is dominating due to key market players in the largest consumer market with high GDP and is expected to grow due to the rise in technological advancement.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands impact on sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Smart Contact Lens Market Share Analysis
North America smart contact lens market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company's focus on the North America smart contact lens market.
The major companies dealing in the North America smart contact lens market are Mojo Vision Inc. (U.S.), GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.Ş (Turkey), RaayonNova LLC (U.S.), STMicroelectronics (Switzerland), Sensimed AG (Switzerland), Google. LLC (U.S.), SAMSUNG (South Korea), Sony Corporation (Japan), Google (U.S.), Innovega Inc. (U.S.), MediPrint™ Ophthalmics (U.S.), and others.
Research Methodology: North America Smart Contact Lens Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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