The rise in the demand for smart wearable devices has increased the demand for smart contact lenses as well of late. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to touch USD 7.2 billion in terms of revenue by 2023 while growing with a CAGR of approximately 10.4 percent in the forecast period.
The need for continuous monitoring has been a significant factor in the expansion of the Smart Contact Lenses Market Size. Moreover, improvement in the end product quality and features have led to the development of the market further. The smart contact lenses are also expected to be used extensively in the augmented reality market, which will be used extensively to stream content. Smart contact lenses also lessen the need for invasive procedures, which are otherwise complicated and painful. The application of smart lenses especially in response to treatment of diabetes is expected to boost the market favourably over the forecast period.
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Key Players:
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.
Industry Segments
The smart contact lenses market globally has been segmented
- 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 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.
Detailed Regional Analysis
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.
Global Competitive Analysis
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.
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.
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