The Smart Contact Lenses Market a new research report released by MarketResearchFuture.com report analyzes the Global Market 2019 economy status through various segments of the with size expansion and growth status – forecast to 2023.
The smart contact lenses are wearable electronic lenses which are capable of monitoring the physiological information of the eyes and the tear fluids by using a wireless chip and miniaturized glucose sensor. The advancement in medical applications of wearable electronics is proving to be helpful in optimum health monitoring. Market Research Future (MRFR) has recently availed a report asserting that the global smart contact lenses market is anticipated to expand at a significant CAGR of 10.4% during the forecast period of 2017-2023 and reach USD 7.2 Bn by the end of 2023.
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The widespread use of smart contact lenses for monitoring the sugar levels in tears and intraocular pressure is one of the major factors that are driving the global smart contact lenses market. The increasing prevalence of diabetes is inducing demand for the smart contact lenses in the global market. The real-time monitoring and wireless operation of the smart contact lenses have provided new ways to manage the health statuses of individuals, which in turn is leading to the expansion of the global smart contact lenses market.
Along with monitoring the health status, the smart contact lenses aid in the improvement of eyesight and improved visual acuity, hence proving beneficial in the eye disorders such as cataract, glaucoma, presbyopia, and others. This application of smart contact lenses is increasing the adoption of these lenses all over the world, resulting in the growth of the global smart contact lenses market. The increasing popularity of non-invasive, user-friendly, self-monitoring smart devices among the population is anticipated to fuel the expansion of the global smart contact lenses market during the forecast period.
Global Smart Contact Lenses Market Players
Some of the key players profiled in this report are Samsung (South Korea), Alcon (U.S), Google (U.S), Sony (Japan), 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.
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.
On the basis of application, the global smart contact lenses market has been segmented into continuous glucose monitoring, intraocular pressure monitoring and other applications (cholesterol detection, sodium detection, and alcohol detection).
On the basis of end users, the smart contact lenses market has been segmented into hospitals, clinics, and home care settings.
The global smart contact lenses market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas has control over the largest share of the global market and is expected to retain its market position through the forecast period. The rising burden of diabetes in the region is fueling the demand for the product. As per American Diabetes Association’s analysis in 2015, 30.3 million Americans had diabetes. Other factors responsible for the expansion of smart contact lenses market are technological developments in the eye care industry, accelerated adoption of wearable devices, etc. Furthermore, the presence of key players and rising awareness about fitness are projected to favor the growth of the market.
Europe stands at the second spot in the global smart contact lenses market and is poised to grow substantially in the forthcoming years. The rising investments in smart medical devices are anticipated to propel the expansion of the regional market. Furthermore, the high adoption rate of smart contact lenses and the increasing burden of diabetes are projected to pave the way for market growth over the assessment period.
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Asia Pacific exhibits tremendous potential owing to the large-scale prevalence of chronic diseases. However, the high cost of these lenses remains an impediment to the expansion of the smart contact lenses market in the region. Thus, the market is expected to witness steady growth across the review period. The fast-developing economies such as India and China are predicted to emerge as growth pockets of the regional market.
The Middle East & Africa is set to exhibit limited growth in the upcoming years due to limited technological penetration.
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