The smart contact lens market is estimated to secure an impressive CAGR of 10.5% during the forecast period. The market is anticipated to reach a valuation of US$ 7.7 Bn in 2022 and is likely to be valued at US$ 20.90 Bn by 2032.
Attributes
Details
Market CAGR (2022 to 2032)
7.7%
Market Value (2022)
US$ 7.7 Billion
Market Value (2032)
US$ 20.90 Billion
The Smart contact lens market is expected to grow at a moderate pace by capturing significant CAGR during the forecast period. The demand for Smart contact lens is increasing among diabetes patients to detect the level of glucose in patients' tears during the forecast period.
The demand for Smart contact lens is set to increase as it includes wireless chip and miniaturized sensors to monitor the physiological parameters during the forecast period. Nowadays, the global market is popularly growing and thus increasing the adoption of Smart contact lens due to the monitoring of several health conditions.
In addition, flexible and soft Smart contact lens helps to monitor body temperature, blood pressure and cholesterol levels rising in the Smart contact lens market. The growing advanced technology in Smart contact lens and R&D activities are growing the market share.
The growing prevalence of long-nearsightedness, generic population and glaucoma is estimated to increase the market share during the forecast period. On the other hand, a Smart contact lens is approved by the US government to monitor intramuscular pressure.
The rising number of diabetes patients, eye disorders, and blindness are increasing the demand for Smart contact lens among the patient. The growing trends of Smart medical devices and changing lifestyles in the young generation are likely to increase market opportunities.
The rising awareness related to health and Smart cosmetic products is growing the market expansion in recent times. The rising glaucoma treatment technology and Smart LED contact lens are increasing the market trends.
Based on application, continuous glucose monitoring dominates the global market by capturing the maximum share. This is due to the growing adoption of continuous glucose monitoring by healthcare providers and the detection of the level of blood sugar. Continuous glucose monitoring helps to check the real-time data and aids in collecting information related to physical activity, food and medicine.
North America will hold a maximum share of the global market during the forecast period. The rising number of eye disorder patients, healthcare infrastructure, growing R&D activities and strong market players will increase the market growth during the foreseen time.
The key players play a crucial role in the market by securing a significant share. These players are adopting several marketing methodologies, such as mergers, acquisitions, partnerships, product launches and collaborations.
The smart contact lens contains a wireless chip and miniaturized sensor for monitoring of physiological parameters such as glucose levels in tears of a diabetic patient or intraocular pressure in glaucoma patients.
These sensors are embedded inside the two layers of soft lenses and a tiny hole in the outer layer allows the tear to flow into the sensor which measures the necessary parameters and data is transmitted to the wireless device for storage, via hair-this antenna. U.S. FDA has recently approved a smart contact lens to continuously monitor intraocular pressure in patients of glaucoma, which is the major cause of irreversible blindness.
Triggerfish smart contact lens is a single use lens worn for 24 hours by glaucoma patients. According to Wilmer Ophthalmological Institute, U.S., 60.5 Mn people across the world are affected with glaucoma and the number is expected to increase to 79.6 Mn by 2020.
Advances in ophthalmology and contact lens technology would thus be beneficial for glaucoma patients and also to the manufacturers of innovative products such as smart contact lens. Currently many companies are working on the smart contact lens technology to apply it in various health aspects.
Google Inc. is developing a smart contact lens with Alcon, an eye care division of Novartis AG, which can detect the blood glucose levels from the tears and is expected to launch in the global market in next 5-6 years.
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Smart Contact Lens Market: Drivers and Restraints
Advances in ophthalmology and growing demand for the more efficient and revolutionary glaucoma management approaches are the factors expected to drive the growth of global smart contact lens market. Increasing prevalence of glaucoma, increasing cases of diabetes related complications such as eye disorders, cataract and blindness, expanding aging demographics with presbyopia (long-sightedness), rising demand for user-friendly and self-monitoring devices are some other factors expected to fuel the growth of global smart contact lens market.
According to American Diabetes Association, diabetes patients are 40% more susceptible to the glaucoma and 60% more likely to develop cataract than people without diabetes and the susceptibility to diabetes related glaucoma increases with age.
Smart Contact Lens: Overview
Intraocular Pressure Monitoring application type segment would constitute the global market for smart contact lens in 2016. In March 2016, United States Food and Drug Administration (FDA) approved the Triggerfish Sensor which helps ophthalmologists to identify the best time to measure the intraocular pressure, which can eventually damage the vision of a patient.
Triggerfish is the only FDA approved smart contact lens so far while Google’s smart lens technology for continuous glucose monitoring and correction of presbyopia is under clinical investigation and would launch in the global market. The technology is expected to transform the way of management of chronic diseases such as diabetes and glaucoma.
For instance, Pohang University of Science and Technology, Korea is involved in the development of a combination of smart contact lens and eyeglass which can be used to monitor a diabetes and dispensing of medication on-demand.
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Smart Contact Lens: Regional Overview
Region wise, the global smart contact lens market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa.North America leads the global smart contact lens market followed by Europe. The clinical trials for Triggerfish Sensor have been conducted in countries such as France, Denmark, India, Canada, Spain, Israel, Germany, Belgium, Poland and Switzerland.
Smart Contact Lens: Key Players
Some of the key players in global smart contact lens market are Sensimed AG, Google Inc., Novartis AG, Samsung Electronics Co., Ltd., Innovega Inc. and others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
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The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Smart Contact Lens: Segmentation
The global smart contact lens market has been classified on the basis of application, end user and geography.
Based on application, the global smart contact lens market is divided into following:
Continuous Glucose Monitoring
Intraocular Pressure Monitoring
Based on the end user type, the global smart contact lens market is divided into following:
