Smart devices are now gaining popularity across the globe due to their various advantages such as continuous monitoring of various health indicators. Devices such as smart watches, smart lenses and smart lenses are mostly widely used for fitness and diabetes monitoring. In August 2015, smart contact lenses have received U.S approval for monitoring intraocular pressure. Global Smart Contact Lenses Market is expected to reach USD 7.2 billion in 2023 from USD 4.5 billion in 2016 with a CAGR of approximately 10.4% during the forecast period 2017-2023.
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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.
Top Key Player of Smart Contact Lenses Market:
Some of the key players in this market are: Samsung (South Korea), Sony (Japan), Alcon (Us), Google (Us), others
America is the largest market for Smart Contact Lenses Industry. 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. Additionally, rising awareness about fitness and availability of wearable medical devices. Furthermore, according to the American Diabetes Association, in 2015, approximately 30.3 million Americans which is 9.4% of the American population were suffering from diabetes.
Europe is the second largest market due to an increase in expenditure on research in smart medical devices. 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 the prevalence of chronic diseases such as diabetes is increasing from last few years, creating growth opportunities for the market. However, market shows steady growth in this region because smart medical devices are not affordable for most of the developing countries, and unawareness regarding the use of smart devices. China and India are expected to show exponential growth in the market.
The market shows slow growth in Middle East and Africa because of 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.
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