The recent study published by Market Research Future (MRFR) reveals that the global smart contact lenses market is set to thrive at a CAGR of 10.4% during the forecast period 2017 to 2023. The valuation of the global market is expected to grow from USD 4.5 Bn in 2016 to USD 7.2 Bn towards the end of 2023. These devices offer various advantages such as continuous monitoring of various health indicators which is anticipated to expedite its adoption globally.
The global smart contact lenses market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas has control over the largest share of the global market and is expected to retain its market position through the forecast period. The rising burden of diabetes in the region is fueling the demand for the product. As per American Diabetes Association’s analysis in 2015, 30.3 million Americans had diabetes. Other factors responsible for the expansion of smart contact lenses market are technological developments in the eye care industry, accelerated adoption of wearable devices, etc. Furthermore, the presence of key players and rising awareness about fitness are projected to favor the growth of the market.
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Europe stands at the second spot in the global smart contact lenses market and is poised to grow substantially in the forthcoming years. The rising investments in smart medical devices are anticipated to propel the expansion of the regional market. Furthermore, the high adoption rate of smart contact lenses and the increasing burden of diabetes are projected to pave the way for market growth over the assessment period.
The changing trends in consumer behavior have accelerated the sales of contact lenses. The rising burden of diabetes and technological innovations have paved the way for smart contact lenses into the market. Smart contact lenses have sensors for the detection of glucose levels in tears and intraocular pressure. Furthermore, the ongoing trend of using medical devices is further expected to boost the growth trajectory of the global smart contact lenses market.
Investments are likely to flow towards innovation of products and addition of features to the lenses. The growing research & development activities are presumed to augment the market presence of smart contact lenses over the next few years. However, the expensiveness of these products is set to check the proliferation of the smart contact lenses market. In addition, the robust competition existing in the market restricts the entry of new participants, thus, holding its growth.
Smart Contact Lenses Industry Update:
March 2018 Theraoptix recently took home the MIT Sloan Healthcare Innovation Prize at their annual competition’s and also received a $25,000 grand prize which was sponsored by Optum, a health services firm. The contact lens is made from FDA-approved materials and delivers eye medication in a sustained and controlled release. The lens is sandwiched between contact lens material which is a drug-filled polymer film and shaped into a tiny circular strip that does not interfere with the wearer’s vision. The sandwiching structure allows the drugs to seep from the film into the eye gradually.
Smart Contact Lenses Industry Segments
On the basis of application, the global smart contact lenses market has been segmented into continuous glucose monitoring, intraocular pressure monitoring and other applications (cholesterol detection, sodium detection, and alcohol detection).
On the basis of end users, the smart contact lenses market has been segmented into hospitals, clinics, and home care settings.
Global Smart Contact Lenses Market Players
Some of the key players profiled in this report are Samsung (South Korea), Alcon (U.S), Google (U.S), Sony (Japan), Sensimed SA (Switzerland).
Samsung is a multinational conglomerate company manufacturing wide range of products. In April 2016, the company received a patent for smart contact lenses with in-built camera in South Korea.
In October 2018, Verily, formerly part of Google, and Novartis’ eye-care division Alcon halted their partnership of developing glucose-sensing smart contact lenses.
In November 2018, VSPARTICLE, a Dutch startup has claimed to develop a low-cost technology for printing sensors that enables smart contact lenses to perform different applications such as glucose sensing, bio-marker sensing, etc.
In November 2018, scientists in Belgium and Japan along with SEED, which is a Japan-based maker of contact lenses have developed soft smart contact lens with an integrated RF antenna, LED microchip, and stretchable interconnections.
In October 2018, LG Group, a South Korean multinational company, has initiated smart contact lenses as its convergent research & development project.
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Asia Pacific exhibits tremendous potential owing to the large-scale prevalence of chronic diseases. However, the high cost of these lenses remains an impediment to the expansion of the smart contact lenses market in the region. Thus, the market is expected to witness steady growth across the review period. The fast-developing economies such as India and China are predicted to emerge as growth pockets of the regional market.
The Middle East & Africa is set to exhibit limited growth in the upcoming years due to limited technological penetration.
Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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