The global smart contact lens market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart contact lens market for global, Europe, North America, Asia Pacific and South America.
The Global Smart Contact Lens Market is expected to reach USD 10.78 billion by 2025, from USD 4.95 billion in 2017 growing at a CAGR of 10.2% during the forecast period of 2018 to 2025. Some of the major players operating in the market are Line r Technologies, NXP Semiconductor, InvenSense, Knowles, Analog Devices, Texas Instruments, STMicroelectronics, Hitachi, Nanomix, Murata Manufacturing, Atmel, Banner Engineering, ams, Rockwell Automation, TOWA, and Panasonic among others.
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Market Segmentation: Global Smart Contact Lens Market
- The global smart contact lens market is segmented based on application, end users and geographical segments.
- Based on application the market is segmented into continuous glucose monitoring and intraocular pressure monitoring.
- On the basis of end users, the market is further segmented into Hospital & Clinics, Home Care Settings and others.
- Based on geography the global smart contact lens market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Key Developments in the Market: Global Smart Contact Lens Market
- Samsung granted the patent in Korea for smart contact lens versions.
- Medella working on glucose-measuring smart contact lenses which uses the sensors, tiny chips and antenna to transmit the signals.
- Sony filed for a patent for a smart contact lens that can record video.
Global Smart Contact Lens Market, By Application (Continuous Glucose Monitoring, Intraocular Pressure Monitoring) By End Users (Hospital & Clinics, Home Care Settings and others), By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2025
Global Smart Contact Lens Market business report estimates the vital market features that comprise of revenue (USD), Price (USD), capacity utilization rate, production, gross, production rate, consumption, import-export, supply-demand analysis, cost, market share, gross margin, and market CAGR value. The report gives explanation about the vital developments in the Smart Contact Lens Market which range from the crucial improvements of the market, containing research and development, new item dispatch, pronouncement, coordinated efforts, associations, joint aspire, and territorial development of the key rivals working in the market on a global and local scale. These and many other significant features make this Smart Contact Lens Market report outperforming.
Smart contact lenses are used for measuring the glucose level in the tears. The smart lens consists of wireless chip and a miniaturized glucose sensor. Through tiny hole in the lens that tears seeps into the sensor. The wireless antenna inside the contact lens acts as a controller to transmit information to the wireless device. Power is drawn from these devices via RFID wireless technology. The intraocular pressure of healthy eye is between 1,300 and 2,800 Pascals while the pressure of diseased eye is 500 to 6,500 Pa. According to WHO, the number of diabetes patient has been increased to 422 million in 2025 from 108 Million in 1980 across globally. According to American Diabetes Association in 2015 around 9.4% of total American population suffered from diabetes.
Major Market Drivers and Restraints:
- Increase in adoption of wearable medical devices.
- Increase awareness towards diabetes and related side effects
- Rising geriatric population
- Increase in research and development in the field of contact lenses.
- Expensive device.
- Allergic reactions to some patients
- Unawareness regarding the use of smart devices
- Downward pricing pressure owing to its commodity nature