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Global Smart Contact Lenses Market Size Information, By Application (Continuous Glucose Monitoring, Intraocular Pressure Monitoring), By End User Type (Hospitals, Clinics And Home Care Settings) - Forecast Till 2023
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 touted to register a CAGR of 10.4%, surpassing a valuation of USD 7.2 billion during the forecast period (2017-2023).
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.
The top 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.
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.