The recent study published by Market Research Future (MRFR) reveals that the Global Smart Contact Lenses Market is set to thrive at a CAGR of 10.4% during the forecast period 2019 to 2023. The valuation of the global market is expected to grow from USD 4.5 Bn in 2016 to USD 7.2 Bn towards the end of 2023. These devices offer various advantages such as continuous monitoring of various health indicators which is anticipated to expedite its adoption globally.
Global Smart Contact Lenses Market Players
The room for development in the market seems to be promising through the forecast period. The market has been led into a new period of growth as the market is normally in a state of mutability. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The ripple effects of the market’s growth have altered the competitive backdrop of the market. The odds for growing revenue inflow in the business are likely to multiply through the forecast period. The mounting interest in change within the business has ultimately permitted the businesses to apply many situations accessible in the market. The businesses in this market are also trying to improve and uphold financial fluidity that can be vital to invest in progress as and when applicable. Contenders who are a part of the market have planned their corporate strategy blueprint in a way that that can bring the top outcomes for progress in the current scenario, while also at the same time providing customer value dependably. Localization is among of the more favored trends for growing the market portion of the competitors in the market.
The noteworthy competitors in the smart contact lenses market are Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland) to name a few.
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Smart Contact Lenses Market – Scenario
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.
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.
In October 2018, Verily, formerly part of Google, and Novartis’ eye-care division Alcon halted their partnership of developing glucose-sensing smart contact lenses.
In November 2018, VSPARTICLE, a Dutch startup has claimed to develop a low-cost technology for printing sensors that enables smart contact lenses to perform different applications such as glucose sensing, bio-marker sensing, etc.
In November 2018, scientists in Belgium and Japan along with SEED, which is a Japan-based maker of contact lenses have developed soft smart contact lens with an integrated RF antenna, LED microchip, and stretchable interconnections.
In October 2018, LG Group, a South Korean multinational company, has initiated smart contact lenses as its convergent research & development project.
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.
Europe, APAC, North America and Rest of the World are the regions that are studied in the regional analysis of the market. The American region is the leading market for smart contact lenses. Growing diabetic population, the demand for eye care solutions with inventive technology, growing adoption of upgraded wearable medical devices and trends in cosmetics sector are driving the progress of this market in the American region. Additionally, increasing awareness about the availability and fitness of wearable medical devices. The European market is the second major market owing to a rise in spending on research in smart medical devices. Widespread use of smart contact lenses in the European countries also is an important driver of the market growth. The Asia Pacific region the incidence of chronic diseases such as diabetes is growing as compared to the last few years, making opportunities for growth of the market. However, the market shows stable growth in this region because smart medical devices are not reasonably priced in most of the developing countries, and ignorance regarding the use of smart devices. Nations such as India and China are anticipated to show extremely high growth in the market. The market is demonstrating slow growth in the Middle East and Africa region due to low technology penetration. In Africa, there is a mounting demand for primary care services and unavailability of medical care is restraining the development of the market in this region.
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Some Brief Table of Content
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
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