Owing to these factors and trends, the smart contact lenses market share is expected to rise to a market valuation worth USD 7.2 billion by the end of the forecast period in 2023. The expected rate of growth for the forecast period stands at 10.4% during the forecast period of 2017-2023.
The cost of procurement for these lenses does not fit all the customers, their spending capacity, and their set budgets. Hence, this factor is likely to act as a restraint for the smart contact lenses market growth during the forecast period ending in 2023.
Contact lens are thin lenses are worn to improve vision or for aesthetic use. An increase in the trend of using contact lens has been noticed in last few years. Contact lenses eliminate the need of using spectacles. Technological advancement in smart contact lenses is on the verge of creating something innovative with a goal to minimize vision problems in people. Trend in the use of medical devices is found to be increasing from last few years, with the urge of innovative product development and technological advancement. Smart contact lenses monitor physiological parameters like blood glucose level helping the patient to manage his/her health. It also help a person to take immediate action and take consultation if blood glucose levels are elevated. Hence, smart contact lenses have brought a revolutionary change in diabetes management.
Owing to these factors and trends, the smart contact lenses market share is expected to rise to a market valuation worth USD 7.2 billion by the end of the forecast period in 2023. The expected rate of growth for the forecast period stands at 10.4% during the forecast period of 2017-2023. According to American Diabetes Association, diabetes patients are 40% more susceptible to the glaucoma making it necessary to continuously monitor glucose levels, thus favoring the growth of this market. According to a Center for Disease Control, nearly 26 million Americans are living with diabetes and about 7 million are undiagnosed, 79 million people living with prediabetes. It is the precursor to Type 2 diabetes, which accounts for up to 95 percent of all cases in the United States.
Global Smart Contact Lenses Market - Competitive Analysis
Samsung is a multinational conglomerate company manufacturing wide range of products. In April 2016, the company received a patent for smart contact lenses with in-built camera in South Korea. According to Samsung Mobile's report, Samsung smart contact lenses as a means to create a better augmented reality experience than the ones that exist through Google Glass-like wearables.
Google is an American multinational technology company received a patent from the U.S FDA for smart contact lenses in November 2015. Increasing demand for self-monitoring devices, increasing aging population with eye disorders associated to diabetes and user friendliness of smart contact lenses drive this market in America. Development of innovative products for eye care and diabetes management their increasing popularity among people also contribute to the growth of this market.
Google agreed for partnership with the pharmaceutical company Novartis to develop smart contact lenses that can track diabetes by measuring blood glucose levels in tears and fix farsightedness as well. As part of the agreement, Google and Novartis’ eye care division Alcon will create smart lenses that feature “non-invasive sensors, microchips and other miniaturized electronics” and focus on two main areas i.e first they will provide a way for diabetic patients to keep a check on glucose levels by measuring the sugar levels in their tear fluid, feeding the data back to a smartphone or tablet. The second solution aims to help restore the eye’s natural focus on near objects, restoring clear vision to those who are only farsighted.
Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland) are some of the prominent players at the forefront of competition in the Global Smart Contact Lenses Market and are profiled in MRFR Analysis.
Global Smart Contact Lenses Market - Regional Analysis
Globally, America accounts for the largest market share. America consists of two regions namely North America and South America. Increasing diabetic population, demand of eye care solutions with innovative technology, increasing adoption of upgraded wearable medical devices and trends in cosmetics drive the growth of this market in America.
Europe is the second largest market due to an increase in expenditure on research in smart medical devices. Moreover, extensive use of smart contact lenses in the European countries also drives the market growth. According to the report published by World Health Organization (WHO) in 2015, over 60 million people were suffering from diabetes in the European Region.
Asia pacific is expected to be the fastest growing market due to increasing burden of chronic diseases such as diabetes, cardiovascular diseases, and growth of medical device sector in developing economies such as China and India. However, countries such as China and India are expected to show exponential growth in the market in this region.
However, in the Middle East and Africa the market shows slow growth due to low technology penetration. In Africa, there is an increasing demand for primary care services and unavailabity of medical care restrains the growth of the market.
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