Globally, America accounts for the largest market share. America consists of two regions namely North America and South America. Increasing diabetic population, demand of eye care solutions with innovative technology, increasing adoption of upgraded wearable medical devices and trends in cosmetics drive the growth of this market in America.
Europe is the second largest market due to an increase in expenditure on research in smart medical devices. Moreover, extensive use of smart contact lenses in the European countries also drives the market growth. According to the report published by World Health Organization (WHO) in 2015, over 60 million people were suffering from diabetes in the European Region.
Asia pacific is expected to be the fastest growing market due to increasing burden of chronic diseases such as diabetes, cardiovascular diseases, and growth of medical device sector in developing economies such as China and India. However, countries such as China and India are expected to show exponential growth in the market in this region.
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However, in the Middle East and Africa the market shows slow growth due to low technology penetration. In Africa, there is an increasing demand for primary care services and unavailabity of medical care restrains the growth of the market.
Smart Contact Lenses Market – Sketch
The rise in the demand for smart wearable devices has increased the demand for smart contact lenses as well of late. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to touch USD 7.2 billion in terms of revenue by 2023 while growing with a CAGR of approximately 10.4% in the forecast period.
The need for continuous monitoring has been a significant factor in the expansion of the market. Moreover, improvement in the end product quality and features have led to the development of the market further. The smart contact lenses are also expected to be used extensively in the augmented reality market, which will be used extensively to stream content. Smart contact lenses also lessen the need for invasive procedures, which are otherwise complicated and painful. The application of smart lenses especially in response to treatment of diabetes is expected to boost the market favorably over the forecast period.
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
The smart contact lenses market globally has been segmented on the basis of the applications of the smart contact lenses which comprises of intraocular pressure monitoring, continuous glucose monitoring, and other applications. The other applications are sodium detection, cholesterol detection, and alcohol detection. The smart contact lenses on the basis of end users market are segmented into hospitals, home care settings and clinics. The regions that are covered in the market include APAC, North America, Europe and Rest of the World.
Global Smart Contact Lenses Market Players
Key players in Smart Contact Lenses Market are: Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), 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.
Global Smart Contact Lenses Market Competitive Analysis
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. According to Samsung Mobile’s report, Samsung started developing smart contact lenses as a means to create a better augmented reality experience than the ones that exist through Google Glass-like wearables.
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Google is an American multinational technology company received a patent from the U.S FDA for smart contact lenses in November 2015. Increasing demand for self-monitoring devices, increasing aging population with eye disorders associated to diabetes and user friendliness of smart contact lenses drive this market in America. Development of innovative products for eye care and diabetes management their increasing popularity among people also contribute to the growth of this market.
Google agreed for partnership with the pharmaceutical company Novartis to develop smart contact lenses that can track diabetes by measuring blood glucose levels in tears and fix farsightedness as well.
Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
TOC Continued…
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