Trend in the use of medical devices is found to be increasing from last few years, with the urge of innovative product development and technological advancement. Smart contact lenses monitor physiological parameters like blood glucose level helping the patient to manage his/her health. It also help a person to take immediate action and take consultation if blood glucose levels are elevated. Hence, smart contact lenses have brought a revolutionary change in diabetes management. Global Smart contact lenses market is expected to reach USD 7.2 billion by 2023 at a CAGR of 10.4% during forecast period 2017 to 2023.
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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 has been segmented on the basis of application which includes Continuous Glucose Monitoring, Intraocular Pressure Monitoring and other applications. Other applications are Cholesterol detection, Sodium detection and Alcohol detection. On the basis of end users market is segmented into hospitals, clinics and home care settings.
Regional analysis:
Globally, America accounts for the largest market share. America consists of two regions namely North America and South America. According to American Diabetes Association, diabetes patients are 40% more susceptible to the glaucoma making it necessary to continuously monitor glucose levels, thus favoring the growth of this market. According to a Center for Disease Control, nearly 26 million Americans are living with diabetes and about 7 million are undiagnosed, 79 million people living with prediabetes. It is the precursor to Type 2 diabetes, which accounts for up to 95 percent of all cases in the United States.
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.
Asia pacific is expected to be the fastest growing market 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.
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Contact lens are thin lenses are worn to improve vision or for aesthetic use. An increase in the trend of using contact lens has been noticed in last few years. Contact lenses eliminate the need of using spectacles. Technological advancement in smart contact lenses is on the verge of creating something innovative with a goal to minimize vision problems in people. Smart contact lenses have sensors that detect glucose levels in tears and intraocular pressure. Most of the youth are attracted towards the use of contact lenses with changing lifestyle and awareness about trending cosmetic products. The youth is also influenced by the growing trend of smart medical devices, thus influencing the market growth.
The growth of smart contact lenses market is attributed to increasing prevalence of diabetes, changing trends in eye wear, replacement of smart glasses by smart lenses and demand of wearable medical devices for continuously monitoring health condition of patients. The restrain for this market is the price of smart contact lenses. Also, fierce competition among major market players creates barriers for new entrants in the market. Key players in eth market are engaged in innovative product development to withstand their position in the market.
According to findings from the WHO, in 2014, approximately 422 million people suffered from diabetes across the globe.
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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)
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