According to a new market research report published by Acute Market Reports “Augmented and Virtual Reality Contact Lens Market (Lens – AR Contact, VR Contact; Application – Gaming, Medical) – Growth, Future Prospects, and Competitive Analysis, 2020 – 2028”, the overall augmented and virtual reality contact lens market worldwide is set to grow with a CAGR of 70% during the forecast period.
The overall augmented and virtual reality contact lens market is highly driven by the rapidly growing demand for consumer electronics worldwide. Augmented and virtual reality contact lenses are devices that could provide a virtual display that could have a variety of uses from supporting the visually impaired to video military applications. The device is in the form of a conventional contact lens with added bionics technology in the form of augmented reality, with functional electronic circuits and infrared lights to create a virtual display allowing the viewer to see a computer-generated display superimposed on the world outside. As a result of these features, we are expecting high growth in the augmented and virtual reality contact lens market during the forecast period.
Based on the application, the AR contact lens segment led the market with a significant contribution in augmented and virtual reality contact lens market revenue. The demand for AR contact lenses is backed by the increase in demand for AR devices and applications in healthcare, retail, and e-commerce. Further, rising investment in the augmented reality is driving the growth of the augmented contact lens. Notably, augmented reality modeling and 3D visualization are of vital use in the healthcare sector. On account of all these factors, we are expecting the AR contact lens segment to continue leading the market throughout the forecast period.
Based on geography, North America dominates the market for augmented and virtual reality contact lenses. With the increasing adoption of technological products in North America, the region has the highest market share. The Asia Pacific is set to demonstrate the fastest growth in the market over the forecast period. Emerging economies of the Asia Pacific such as China and India shall lead the market. Further, the growth of the gaming market along with smart devices in the region is driving the growth for the augmented and virtual reality contact lens market growth. As a result of these factors, we are expecting Asia Pacific to grow with the highest CAGR during the forecast period.
Some of the major companies profiled in the report include Innovega, Inwith Corp., Mojo Vision, Sony, Samsung, Verily Life Sciences, Sensimed AG, Medella Health, Alcon, Ocumetrics Bionic Lens, and others.
Browse the full report at https://www.acutemarketreports.com/report/augmented-and-virtual-reality-contact-lens-market
The Global Augmented and Virtual Reality Contact Lens Market is Segmented into:
By Lens Type (2018–2028; US$ Bn)
By Application Type (2018–2028; US$ Bn)
By Geography (2018–2028; US$ Bn)
*Complete segmentation list is on the report page
Key questions answered in this report
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