North America Smart Contact Lens Market report is the broad market research report which studies the challenges, market structures, opportunities, driving forces, emerging trends, and competitive landscape of Healthcare industry. Moreover, the report revises general market conditions, estimates market share and possible sales volume of Healthcare industry, figure out the probable market for a new product to be launched and discover the most appropriate method for the distribution of certain product. By taking into consideration specific base year and historic year, calculations in the report have been performed which interprets the market performance in the forecast years by giving information about what the market definition, classifications, applications, and engagements are.
The rise in FDA approval and the presence of a wide range of products and devices are raising market growth. The rising government investments with the rising awareness among the population are expected to provide lucrative opportunities to market growth. However, the increasing product recall may challenge the market's growth.
Data Bridge Market Research analyzes that the North America smart contact lens market is expected to reach the value of USD 486,070.83 thousand by 2030, at a CAGR of 13.6%. The micro-LED display contact lenses segment is expected to dominate the North America smart contact lens market with the increasingly advanced technology and rising strategic initiatives by major market players.
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A smart contact lens with a built-in visual display is designed to magnify images for people with low vision. The patented lens, designed by a company called Mojo Vision, can project content from a smartphone.
The smart contact lens is a regular hard or soft contact lens surrounded by a liquid crystal display, a tiny controller ASIC (Application-Specific Integrated Circuit), a light sensor, an accelerometer and gyroscope, and a very thin solid-state lithium-ion battery.
Smart contact lenses are used for various applications, such as myopia, hypoxia, and other eye disorders.
Some of the key market players in the North America smart contact lens market are Innovega INC, InWith Corp, Sensimed AG, RaayonNova LLC, Mediprint, e-Vision Smart Optics, Inc., and SAMSUNG among others.
North America Smart Contact Lens Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
· Increase in Prevalence of Refractive Error
Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see object clearly, and smart contact lenses help by providing clearer images. The increasing use of smart lenses to prevent macular degeneration is expected to drive smart contact lens market growth.
For instance,
· According to the National Institute of Health study in 2015, 917 subjects participated. The prevalence of uncorrected refractive errors was 23.97% among males and 20% among females. The prevalence was seen to increase with age
· According to Peter Ivins Eye Care in 2018, 2-year clinical trial results show that MiyoSmart lenses slow myopia progression by 59% and slow axial eye growth by an average of 60%.
North America Smart Contact Lens Market Scope
The North America smart contact lens market is categorized into eight segments based on design, material, application, usability, technology, population, end user, and distribution channel. 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.
By Design
· Micro-LED 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
On the basis of design, the North America smart contact lens market is segmented into fluorescence-based contact lenses, electrochemical contact lens sensors, light diffractive contact lenses, micro-LED display contact lenses, photodetector contact lenses, drug eluding contact lenses, diagnostic sensor integrated contact lenses, and others.
By Material
· Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
· Polyvinyl Alcohol (PVA)
· Polyacrylamide (PA)
· Polyethylene Terephthalate (PET)
· Polydimethylsiloxane (PDMS)
· Other
On the basis of material, the North America smart contact lens market is segmented into Poly (2-Hydroxethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA), Polyacrylamide (PA), Polyethylene Terephthalate (PET), Polydimethylsiloxane (PDMS), and others.
By Application
· Monitoring
· Therapeutics
· Other applications
On the basis of application, the North America smart contact lens market is segmented into monitoring, therapeutics, and other application.
By Usablity
· Single use
· Extended use
On the basis of usability, the North America smart contact lens market is segmented into single use and extended use.
By Technology
· Fluorescence-based sensing technology
· Holographic sensing technology
· Colorimetric based sensing technology
· Electrochemical-based technologies
· Other
On the basis of technology, the North America smart contact lens market is segmented into fluorescence-based sensing technology, holographic sensing technology, colorimetric based sensing technology, electrochemical-based technologies, and others.
By Population Type
· Pediatric
· Adult
· Geriatric
On the basis of population type, the North America smart contact lens market is segmented into pediatric, adults, and geriatric.
By End User
· Eye hospital
· Ophthalmology clinics
· Homecare setting
· Other
On the basis of end user, the North America smart contact lens market is segmented into eye hospital, ophthalmology clinics, home care settings, and others.
By Distribution Channel
· Retail stores
· Online stores
· Eye care practitioners
· Other
On the basis of distribution channel, the North America smart contact lens market is segmented into retail stores, online stores, eye care practitioners, and others.
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How Does the Report Aid Your Business Discretion?
• This section of this Market report highlights some of the most relevant factors and growth enablers that collectively ensure a high-end growth spurt
• The report unravels details on pronounced share assessments across both country-wise as well as region-based segments
• A leading synopsis of market share analysis of dynamic players inclusive of high-end industry veterans
• New player entry analysis and the scope of new business models
• The report includes strategic recommendations for new business veterans as well as established players seeking novel growth avenues
• A detailed consultation service based on historical as well as current timelines to ensure feasible forecast predictions
• A thorough evaluation and detailed study of various segments as well as sub-segments across regional and country-specific developments
• Details on market estimations, market size, dimensions
• A review of market competitors, their high-end product and service portfolios, dynamic trends, as well as technological advances that portray high-end growth in this Market
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