Smart Contact Lenses Market 2021 | To Reach USD 1,603.4 Million Owing to Increasing Incidences of Eye Disorders Worldwide: Fortune Business Insights™

The global smart contact lenses market size is anticipated to reach USD 1,603.4 million by 2026 on account of the increasing incidences of eye disorders and the need for a contact lens with upgraded quality and performance. Smart contact lenses are the most recent and greatest developments of contact lenses. They can recognize health conditions such as diabetes, glaucoma, and others. As per a recent report published by Fortune Business Insights™

Market Dominated by North America followed by Europe on Account of Increasing Prevalence of Glaucoma

Based on geographical segmentation, North America earned the largest smart contact lenses market share with revenue of USD 58.9 million earned in 2018. This is attributable to the increasing prevalence of diabetes and glaucoma in the region. According to the Glaucoma Research Foundation, an estimate of 2 million Americans was diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens will boost the regional market. This, coupled with adequate investments by players for the launch of new products will also help the region continue its dominance in the forecast period.

Europe ranks second in the market with the increasing incidences of glaucoma and diabetes. Additionally, research activities funded by both government and non-government organizations for innovations in smart contact lenses will help promote the Europe market in the long run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing number of the patient population and increasing awareness about the availability of advanced lenses.

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Market Dominated by North America followed by Europe on Account of Increasing Prevalence of Glaucoma

Based on geographical segmentation, North America earned the largest smart contact lenses market share with revenue of USD 58.9 million earned in 2018. This is attributable to the increasing prevalence of diabetes and glaucoma in the region. According to the Glaucoma Research Foundation, an estimate of 2 million Americans was diagnosed with glaucoma in the year 2017. Therefore, the increasing incidences of such cases and the rising awareness about smart contact lens will boost the regional market. This, coupled with adequate investments by players for the launch of new products will also help the region continue its dominance in the forecast period.

Europe ranks second in the market with the increasing incidences of glaucoma and diabetes. Additionally, research activities funded by both government and non-government organizations for innovations in smart contact lenses will help promote the Europe market in the long run. Furthermore, the Asia Pacific market will also witness significant growth on account of the increasing number of the patient population and increasing awareness about the availability of advanced lenses.

Rising Prevalence of Diabetes will Propel Market Growth

The increasing prevalence of diabetes and glaucoma is a major factor in promoting the smart contact lenses market growth. Contact lenses are rapidly progressing in the field of optometry since the last decade and have gain momentum due to rapid advancements in this field. Smart contact lens is capable of detecting diseases such as diabetes and glaucoma and this is also boosting the overall market. Besides this, smart lenses offer other features such as automatic adjusting to light and dark environments, taking photographs, and are in high demand for patients with age-related Macular Degeneration (AMD) and other health-related issues.

However, the high cost of smart contact lenses may pose a major challenge to the growth of the market. This, coupled with the lack of awareness among people in developing nations may also hamper the overall market growth in the coming years.

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By Marion Evans