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.
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.
However, the high cost of smart contact lenses and lack of awareness in the underdeveloped and developing regions are likely to hinder the expansion of the global smart contact lenses market during the forecast period.
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Some of the prominent players of the global smart contact lenses market are Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), and Sensimed SA (Switzerland).
The global smart contact lenses market has been segmented on the basis of application and end-users. Based on application, the smart contact lenses market is segmented into continuous glucose monitoring, intraocular pressure monitoring and other applications such as cholesterol detection, sodium detection, and alcohol detection.
Based on end-users, the smart contact lenses market is segmented into hospitals, clinics, and home care settings.
Detailed Regional Analysis:
The global smart contact lenses market has been regionally segmented into four major regions such as Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa. Among the regions, America is dominating the global smart contact lenses market owing to the increasing prevalence of diabetic patients, rapid adoption of wearable smart medical devices, and skyrocketing demand for technologically advanced eye care solutions in this region.
The increased investment in research and development of smart medical devices and increasing number of the diabetic population are driving the smart contact lenses market in the Europe region, making it a send the largest market for smart contact lenses in the global market.
The smart contact lenses market in the Asia Pacific region is projecting steady growth due to the lack of awareness and less inclination towards the adoption of smart medical devices due to their high costs. However, the increasing prevalence of chronic diseases like diabetes is likely to propel the growth of the smart contact lenses market in this region during the forecast period.
The less penetration of advanced technology in the Middle East and Africa region and the lack of primary healthcare services are acting as major restraints on the smart contact lenses market in this region.
The increasing investment in research and development for introducing innovative new products in the smart contact lenses market is strengthening the competition among the prominent players of the global smart contact lenses market.
In February 2018, Ulsan National Institute of Science and Technology (UNIST) has developed a new bio-sensing contact lens after a long period of research. These lenses are facilitated with a LED pixel that turns off when the glucose level in diabetic patients has reached above the threshold.
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