The Smart Contact Lenses Market to touch the valuation of USD 7.2 billion in 2023, says Market Research Future (MRFR). MRFR also states that the market is slated to achieve a CAGR of 10.4% during the forecast period (2018-2023).
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
The smart contact lenses market has grown significantly in response to the surging geriatric population and the mounting demand for eye care solutions. The rising adoption of wearable medical devices coupled with the high prevalence of glaucoma and diabetes benefits the market as well. Technological developments in wearable electronics, as well as wireless communication, have turned out to be a vital tool leading to the realization of several medical applications using health monitoring technologies. Smart contact lenses are used to monitor the physiological information of eye as well as tear fluid, providing non-invasive, real-time medical diagnostics.
It is reported that glaucoma affects close to 67 million people around the world and is the main cause of irreversible vision loss and blindness. Smart contact lenses help obtain spontaneous deviations within the eyes and allow the physicians to treat glaucoma backed with essential information. If these reasons are factored in, then the market growth is inevitable during the evaluation period.
Smart contact lenses are considered to be a promising noninvasive solution to monitor glucose. Smart contact lenses with microsensor used for analyzing glucose levels is touted to be life-changing technology within the healthcare sector. Considering various benefits of this technology, the information technology vendors are making moves to capture related technologies in a bid to expand their market presence.
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- Sensimed SA (Switzerland),
- Alcon (U.S),
- Sony (Japan),
- Google (U.S),
- Samsung (South Korea),
are the key contributors of the smart contact lenses market.
July 2019 IMT Atlantique, a French engineering institute, has developed the world’s first micro battery which could work against the challenge of small-scale energy storage during the development of smart contact lenses. This technology has grabbed the attention of the US military and someday could deliver improved visual capabilities along with medical and automotive assistance for them.
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.
The market for smart contact lenses has been segmented on the basis of application and end-users.
The global smart contact lenses market, depending on the application, cover intraocular pressure monitoring, continuous glucose monitoring, and others. Other applications include sodium detection, alcohol detection, and cholesterol detection.
The end users of smart contact lenses are hospitals, clinics, and home care settings.
The main markets for smart contact lenses are Europe, the Americas, Middle East, and Africa and Asia Pacific.
The Americas is considered to be the leading market for smart contact lenses. Huge pool of diabetic population and the surge in demand for eye care solutions with innovative technology have a big hand in the said growth. The rising adoption of sophisticated wearable medical devices, as well as trends in cosmetics, favors the market growth to a great extent. Also, the mounting awareness about fitness along with the availability of wearable medical devices in the region boosts market growth. With the boost in demand for self-monitoring devices, expanding aging population with eye disorders related to diabetes and the user-friendliness of smart contact lenses will do wonders for the regional market growth. The region is also known for developing highly innovative products for eye care as well as diabetes management, which has led to significant market growth over the years.
Europe, as the second leading smart contact lenses market, benefits from the rise in expenditure on research in smart medical devices. The growing use of smart contact lenses in a number of countries bodes well with the market growth in the region. In 2015, the data released by the World Health Organization (WHO) said that more than 60 million people in the region suffered from diabetes. These statistics indicate the rising need for smart contact lenses in the region, resulting in market expansion.
Prevalence of chronic diseases like diabetes and the presence of profitable countries like India and China could lead the Asia Pacific market to greater heights in the next few years. The growing disposable income and the improving economy of the countries in the region are expected to benefit the smart medical devices market.
Middle East and Africa could demonstrate sluggish market growth on account of low technology penetration. There is a rising demand for primary care services in Africa; however the lack of advanced medical care could hold back the region from growing in the near future.
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