Pune, India, February 20, 2019 -- /360iResearch/ -- The report "Global Smart Contact Lenses Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2024 (Q4 2018 Update)", published by 360iResearch, states that the global market was valued at USD 4,721.57 million in 2017 and is projected to reach USD 11,841.57 million by 2024, growing at a CAGR of 14.04% from 2017 to 2024.
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The major forces driving the growth of the smart contact lenses market include the growing demand for wearable medical devices for continuous health and fitness monitoring and increase use of smart contact lenses to minimize vision problems in people. Moreover, increasing prevalence of glaucoma, diabetes, and aging demographics with presbyopia increased adoption owing to continuous innovative product development and increased application in cholesterol detection, sodium detection, and alcohol detection are also some of the factors that are driving the market growth. However certain factors such as the unawareness regarding the use of smart devices may hinder the market growth. In the middle of difficulty lies opportunity such as the rising investments in smart medical devices, increase in research and development in the field of contact lenses, and potential market in the fast-developing economies such as india and china. The possible challenges for the market growth is downward pricing pressure owing to its commodity nature. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on function, the global smart contact lenses market is studied across Glucose Monitoring, and Intraocular Pressure Monitoring. Based on type, the global smart contact lenses market is studied across Daily-wear Soft Lenses, Extended-wear, Extended-wear Disposable, Planned Replacement, and Rigid Gas-permeable. Based on end user, the global smart contact lenses market is studied across Home care settings, and Hospitals & Care Providers. Based on geography, the global smart contact lenses market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the smart contact lenses market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are Alcon, Analog Devices, Atmel, Banner Engineering, CooperVision, Google Inc., Hitachi, Innovega Inc., InvenSense, Johnson & Johnson, Knowles, Linear Technologies, Murata Manufacturing, NXP Semiconductor, Nanomix, Novartis AG, Panasonic, Rockwell Automation, STMicroelectronics, Samsung Electronics Co., Ltd., Sensimed AG, Sony, and Texas Instruments.
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