Smart Contact Lenses Market Will Reach USD 1,603.4 Million by 2026;. Strategic Alliances for Production of Advanced Contact Lenses will Aid in Expansion of Market

The global smart contact lenses market size will reach USD 1,603.4 million by 2026 owing to the increasing cases of diabetes worldwide and their after effects on the human eye in the form of vision disorders. Smart contact lenses are the most recent wearable electronic devices prevalent globally in the last decade. They are capable of exploring camera technologies along with augmented and virtual reality. Fortune Business Insights™ in their recently published report titled, “Smart Contact Lenses Market Size, Share & Industry Analysis, By Type (Continuous Intraocular Pressure Monitoring Lenses, Photochromic Lenses, and Others), By End User (Ophthalmology Clinics, Home Care, and Others), and Regional Forecast, 2019-2026,” offers an in-depth analysis of the market and its prospects. As per this report, the market value was USD 115.0 million in 2018 and will exhibit a CAGR of 38.9% within the forecast period of 2019 to 2026.

Ministry of Health, Labor and Welfare Approved Registration of Sensimed Triggerfish Sensors

Medical devices produced by Sensimed, SEED Co. received approval for their Sensimed Triggerfish Sensors in October 2018. The Swiss Company product offers a unique non-invasive soft contact lens-based solution for automated recording of uninterrupted ocular dimensional change for 24 hours. CE mark was awarded to this product in 2010, whereas the Food and Drug Administration approved it in 2016. The Japanese market witnessed the launch of the first of its kind smart contact lens with the Sensimed Triggerfish Sensors and will be beneficial for patients with normal-tension glaucoma (NTG).

The CEO of Sensimed, David Bailey said, “The launch of this product will reduce the overall burden of nighttime IOP measurements and help with the segmentation of NTG patients at the same time. Initial clinical trials are successful with the help of this currently trending noninvasive technology and the collaborative effort of both SEED and Sensimed will continue in the forthcoming years.” Such initiatives taken by companies are estimated to aid in the expansion of the market in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/smart-contact-lenses-market-102717

Increasing Cases of Glaucoma to Bolster Growth

The increasing incidences of diabetes and glaucoma are major factors boosting this market growth. As per the World Health Organization, an estimate of 422 million people worldwide was suffering from diabetes in 2014. Clinical Proofs state that smart contact lenses are endorsed for rapid diagnosis of various health conditions other than glaucoma and diabetes. Such factors will promote the growth of the market in the coming years. Apart from this, the sensors used in smart contact lens use electrodes composed of metal wires and highly transparent and stretchable graphene sheets. These sensors can help toself-monitor intraocular pressure and glucose levels and are expected to promote the growth of the market in the long run.

On the contrary, factors such as lack of awareness about the latest technology used for eye treatment and the high cost of smart contact lenses may cause major hindrance to the overall market. Nevertheless, government and non-government support in terms of spreading awareness and improving healthcare facilities, and reimbursement policies will help create lucrative growth opportunities for the market in the future.

Samsung, Sensimed AG, and Google Holding Dominant Shares in Market

The global smart contact lens is oligopolistic in nature with the presence of a handful of players. Among these, three companies earned the dominant share owing to the massive investments they made in the development and launch of innovative products. These companies include Google, Sensimed AG, and Samsung. Besides this, other players are engaging in mergers and acquisitions, joint ventures, contracts and agreements, and other strategies for the development of innovative products. This will help them attract high market revenue in the coming years.

Significant Industry Developments of Smart Contact Lenses Market are as follows:

• January 2020 – Development of a smart contact lens called Mojo lens was announced by Mojo Vision Inc. These lenses have a built-in display that allows users to get access to timely information about their eye health without having to look at the computer screen.

List of Key Market Manufacturers are:

• Sony


• Innovega Inc.


• Alcon Vision LLC


• Mojo Vision Inc.


• Samsung


• Google


• Sensimed AG

Further Report Findings

• North America held the dominant smart contact lenses market share with a revenue of USD 58.9 Million in 2018. This is attributed to the increasing prevalence of glaucoma and diabetes in the region.


• Concerning segmentation by type, the photochromic lens segment emerged dominant with an 84.9 %share in 2018 owing to the technological advancement and increasing preference for this lens.

Global Market is categorized into: