Smart contact lens project aimed to assist people with diabetes by constantly measuring the level of glucose in the tears. These lenses contain miniaturized sensors and wireless chips for monitoring physiological parameters including intraocular pressure in diabetes patients. Sensors in lenses are placed inside the two layers of soft lenses, and a small hole in the outer layer allows the tear to flow into the sensor that measures the blood sugar levels and data is transmitted to the wireless device for storage. From the last few years, smart contact lenses received good response as gained immense popularity across the globe due to increase in need for monitoring health conditions continuously. Soft and flexible smart contact lenses are also used to monitor blood pressure, cholesterol level, and body temperature. Advancement in contact lens technology has become beneficial for diabetes patients. There has been a significant increase in the R&D work for smart contact lens technology to apply it in various healthcare aspects. In 2015, smart contact lenses received approval from the U.S. for monitoring intraocular pressure.
Increase in prevalence of glaucoma, expanding aging demographics with presbyopia (long-sightedness), and rise in demand for more efficient, and innovative glaucoma management technology which provides real-time & non-invasive diagnosis of sugar levels in a diabetic patient drive the market growth. In addition, increase in cases of diabetes related complications such as cataract, eye disorders, and blindness further contribute toward the growth of the smart contact lenses market. Most of the young generations are interested toward the use of contact lenses with lifestyle change and having information about trending cosmetic products. The youth is also attracted by the increase in trend of smart medical devices, thus affecting the market growth. Increase in health awareness across people from all age groups linked with the expansion in digitization is predicted to foster the growth of the smart contact lenses market. Google Inc. is working on a smart lens with Alcon, which is an eye care division of Novartis AG, product can detect blood sugar levels from the tears. However, the cost of smart contact lenses and intense competition among major market players restrict the growth of the smart contact lenses market across the globe.
The smart contact lenses market is segmented by the type, application, end user, and region. Based on type segment, the market is divided into rapid gas permeable (RGP), daily wear soft lenses, extended-wear, and planned replacement. Based on application, the smart contact lenses market is classified into continuous glucose monitoring, and intraocular pressure monitoring. Based on end user, it is divided into hospital & clinics and home care settings. Based on region, the smart contact lenses market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players operating in the smart contact lenses market include Alcon (Novartis AG), Google LLC, Innovega Inc., Samsung Electronics Co., Ltd., Sensimed AG, Sony Corporation and EP Global Communications, Inc., and Liner Technologies.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current market trends and market forecast estimations from 2019 to 2026, which assists to identify the prevailing smart contact lenses market opportunities.
- An in-depth market analysis includes analysis of various regions and is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global market is provided.
- Region-wise and country-wise smart contact lenses market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand competitive outlook of the global smart contact lenses market.
KEY MARKET SEGMENTS
- Rapid Gas Permeable (RGP)
- Daily Wear Soft Lenses
- Planned Replacement
- Continuous Glucose Monitoring
- Intraocular Pressure Monitoring
By End User
- Hospital & Clinics
- Home Care Settings
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA