Market Overview
Smart
contact lenses are implemented with sensors, which detects intraocular pressure
and glucose levels in tears. With smart devices gaining immense popularity
across the world due to several benefits like constant monitoring of health
indicators, smart contact lenses have emerged as an important device. Smart
contact received the U.S. approval in August 2015 for monitoring intraocular
pressure. The global smart contact lenses market size is expected to register a
CAGR of 9.3%, surpassing a valuation of USD 10.7 billion during the forecast
period (2023-2032).
The
smart contact lenses market is witnessing remarkable growth driven by
technological advancements and the increasing demand for wearable technology.
One of the key drivers propelling this market forward is the rising popularity
of augmented
reality contact lenses. These innovative lenses integrate augmented reality
technology directly into the user's field of vision, offering a seamless and
immersive experience. Augmented reality contact lenses have the potential to
revolutionize various industries, including healthcare, gaming, and navigation,
by overlaying digital information onto the real world.
Smart
contact lenses comprise a miniaturized glucose sensor and a wireless chip. The
tiny pinhole present in the lens enables tear fluid to ooze out into the sensor
and measure blood sugar level. The smart contact lenses market is gaining
traction across the globe, mainly due to the rising incidence of diabetes,
replacement of smart glasses by smart lenses, changing trends identified in
eyewear, and increased demand of wearable medical devices. Moreover, the key
players involved in the market are highly engaged in the development of
innovative products, which helps them to withstand their position in the
market.
The
surging demand for more efficient glaucoma management approaches will encourage
the market growth in the coming years. Also, advancements in ophthalmology are
estimated to augment the product demand. The rising incidence of
diabetes-related complications like ophthalmology, and eye disorders, and
surging prevalence of glaucoma will contribute to the market growth across the
globe.
On
the contrary, smart contact lenses are expensive, which can slow down its
growth in the foreseeable future.
Competitive Dashboard
Smart
Contact Lenses Market Players operating in the smart contact lenses
market include
- Sony
(Japan),
- Samsung
(South Korea),
- Google
(U.S), Alcon (U.S), and
- Sensimed
SA (Switzerland).
Global Smart Contact Lenses Market: Segmental Analysis
By
application, the market is segmented into intraocular pressure monitoring,
continuous glucose monitoring, and others. Of these, continuous glucose
monitoring segment is predicted to gain prominence. Smart contact lenses with
microsensor that constantly measures glucose level can act as a life-changing
technology and works by measuring glucose concentration with the enzymatic
sensor, which is directly connected to miniaturized electronic circuits.
The
end user segment comprises clinics, hospitals, and home care settings.
Regional Frontiers
Based
on the region, the smart contact lenses market covers growth opportunities and
the latest trends across the Americas, Asia Pacific, Europe, and the Middle
East & Africa.
Considering
the global scenario, the Americas command the largest market share for smart
contact lenses due to the surging diabetic population in the region. The
surging adoption of upgraded wearable medical devices and soaring demand for
eye care solutions are considered to elevate the scope of the regional market.
In this region, North America is considered to be the major contributor due to
several factors like the high availability of a wide range of products,
existence of international brands offering innovative products, and high
consumer awareness regarding these products.
Europe
has managed to seize the second-largest share globally, and the growth can be
mainly credited to the surge in expenditure on research in smart medical
devices. High use of smart contact lenses in the nations of the region is
likely to foster the market growth in the coming years.
Rising
cases of chronic diseases, for instance, diabetes is higher in the Asia Pacific
region, which creates growth opportunities for the market. The region shows a
sluggish growth as smart medical devices are not affordable for most of the
countries. Moreover, people are not aware of such devices, which further curbs
the market growth.
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