Market Overview
Smart contact
lenses are implemented with sensors, which detect 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 share is expected to register
a CAGR of 9.3%, surpassing a valuation of USD 10.7 billion during the forecast
period (2023-2032).
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 overview 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 Smart
Contact Lenses market report 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 trends 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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