The rise in the demand for smart wearable devices has increased the demand for smart contact lenses as well of late. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to touch USD 7.2 billion in terms of revenue by 2023 while growing with a CAGR of approximately 10.4% in the forecast period.
The need for continuous monitoring has been a significant factor in the expansion of the market. Moreover, improvement in the end product quality and features have led to the development of the market further. The smart contact lenses are also expected to be used extensively in the augmented reality market, which will be used extensively to stream content. Smart contact lenses also lessen the need for invasive procedures, which are otherwise complicated and painful. The application of smart lenses especially in response to treatment of diabetes is expected to boost the market favorably over the forecast period.
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Smart Contact Lenses Industry Update:
March 2018 Theraoptix recently took home the MIT Sloan Healthcare Innovation Prize at their annual competition’s and also received a $25,000 grand prize which was sponsored by Optum, a health services firm. The contact lens is made from FDA-approved materials and delivers eye medication in a sustained and controlled release. The lens is sandwiched between contact lens material which is a drug-filled polymer film and shaped into a tiny circular strip that does not interfere with the wearer’s vision. The sandwiching structure allows the drugs to seep from the film into the eye gradually.
Smart Contact Lenses Industry Segments
The smart contact lenses market globally has been segmented on the basis of the applications of the smart contact lenses which comprises of intraocular pressure monitoring, continuous glucose monitoring, and other applications. The other applications are sodium detection, cholesterol detection, and alcohol detection. The smart contact lenses on the basis of end users market are segmented into hospitals, home care settings and clinics. The regions that are covered in the market include APAC, North America, Europe and Rest of the World.
Global Smart Contact Lenses Market Players
Key players in Smart Contact Lenses Market are: Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland)
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.
Global Smart Contact Lenses Market Competitive Analysis
The room for development in the market seems to be promising through the forecast period. The market has been led into a new period of growth as the market is normally in a state of mutability. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The ripple effects of the market’s growth have altered the competitive backdrop of the market. The odds for growing revenue inflow in the business are likely to multiply through the forecast period. The mounting interest in change within the business has ultimately permitted the businesses to apply many situations accessible in the market. The businesses in this market are also trying to improve and uphold financial fluidity that can be vital to invest in progress as and when applicable. Contenders who are a part of the market have planned their corporate strategy blueprint in a way that that can bring the top outcomes for progress in the current scenario, while also at the same time providing customer value dependably. Localization is among of the more favored trends for growing the market portion of the competitors in the market.
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Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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