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
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. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
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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
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.
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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
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.
Top Competitors of Market
- Linear Technologies,
- NXP Semiconductor,
- Analog Devices,
- Texas Instruments,
- Murata Manufacturing,
- Banner Engineering,
- Rockwell Automation,
- TOWA, and
- Panasonic among others
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