Global Smart Contact Lenses Information, By Application (Continuous Glucose Monitoring, Intraocular Pressure Monitoring), By End User Type (Hospitals, Clinics and Home Care Settings) – Forecast Till 2023
Global market of smart contact lenses 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.
LEADING KEY PLAYER FOR SMART CONTACT LENSES MARKET
Samsung (South Korea),
Sensimed SA (Switzerland)
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MARKET SCENARIO FOR SMART CONTACT LENSES MARKET
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.
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.
REGIONAL ANALYSIS FOR SMART CONTACT LENSES MARKET
America is the largest market for smart contact lenses. 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.
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.
SEGMENTATION FOR SMART CONTACT LENSES MARKET
The 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.
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MAJOR TOC FOR SMART CONTACT LENSES MARKET
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
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
CHAPTER 5. MARKET FACTOR ANALYSIS
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
TOC to be continued……
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