The Smart Contact Lenses Market was valued at USD 4.5 billion in 2016, and it could touch the valuation of USD 7.2 billion in 2023, says Market Research Future (MRFR). MRFR also states that the market is slated to achieve a CAGR of 10.4% during the forecast period (2017-2023).
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.
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Smart Contact Lenses Industry Update:
July 2019 IMT Atlantique, a French engineering institute, has developed the world’s first micro battery which could work against the challenge of small-scale energy storage during the development of smart contact lenses. This technology has grabbed the attention of the US military and someday could deliver improved visual capabilities along with medical and automotive assistance for them.
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 Market Segments
The market for smart contact lenses has been segmented on the basis of application and end-users.
The global smart contact lenses market, depending on the application, cover intraocular pressure monitoring, continuous glucose monitoring, and others. Other applications include sodium detection, alcohol detection, and cholesterol detection.
The end users of smart contact lenses are hospitals, clinics, and home care settings.
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.
Regional Analysis:
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.
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.
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.
LIST OF TABLES
Table 1 Smart Contact Lenses Industry Synopsis, 2017-2023
Table 2 Global Smart Contact Lenses Market Estimates And Forecast, 2017-2023, (USD Million)
Table 3 Global Smart Contact Lenses Market By Region, 2017-2023, (USD Million)
Table 4 Global Smart Contact Lenses Market By Devices, 2017-2023, (USD Million)
Table 5 Global Smart Contact Lenses Market By End User, 2017-2023, (USD Million)
Table 6 North America Smart Contact Lenses Market By Devices, 2017-2023, (USD Million)
Table 7 North America Smart Contact Lenses Market By End User, 2017-2023, (USD Million)
Continued…
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LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Global Smart Contact Lenses Market
Figure 3 Segmentation Market Dynamics For Smart Contact Lenses Market
Figure 4 Global Smart Contact Lenses Market Share, By Devices, 2016
Figure 5 Global Smart Contact Lenses Market Share, By End User, 2016
Figure 6 Global Smart Contact Lenses Market Share, By Region, 2016
Figure 7 North America Smart Contact Lenses Market Share, By Country, 2016
Continued…
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