Market overview
The global smart contact lenses market report presents the growth of the contact lenses market due to the increase in the daibetes patients, the changing trends in the eye wear fashion, replacement of smart glasses by smart lenses and the demand for wearable medical devices for monitoring the health of the patients. The global smart contact lenses market is anticipated to reach USD 7.2 billion in the year 2023, that was USD 4.5 billion in 2016, with a growing CAGR of approximately 10.4% during the forecast period of 2017-2023.
Smart contact lenses are thin lenses that people wear to improve the vision, to see clearly and for aesthetic purposes also. There has been a rise in the use of smart devices for the past few years. The introduction of smartwatches and smart lenses are mostly used for fitness and diabetes monitoring. The smart contact lens is used for measuring the glucose level in the tears and consists of a wireless chip and a glucose sensor.
A tiny hole is present in the lens through which the tears seep into the sensor and there is a wireless antenna inside the contact lens that acts as a controller for transmitting information to the wireless device. It uses RFID wireless technology for drawing power from these devices. The need of using the spectacles is eliminated, with the use of contact lenses. The rise in technological advancements in the smart contact lenses with the innovation in various sectors to minimize the need for spectacles is increasing the need for smart contact lenses.
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Market segmentation
There has been a huge rise in the demand for the smart contact lenses among the customers. The key market players are helping in the growth of the product market by innovating product development. The market can be segmented on the basis of applications and end users. Based on the product applications, the global smart contact lenses market can be classified into:
- Intraocular pressure monitoring
- Continuous glucose monitoring
- Cholesterol detection
- Sodium detection
- Alcohol detection
- Others
And based on the end users, the global market can be divided into:
- Clinics
- Hospitals
- Home care settings
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Regional analysis
There has been a widespread rise in the market for smart contact lenses. America has been the largest market for the past few years, owing to the increase in the number of diabetic populations, demand for eye care solutions and latest trends in the cosmetics industry. According to the American Diabetic Association, almost 30.3 million Americans are suffering from diabetes. Europe is the second largest regional market with an increased expenditure on the research in smart medical devices. A report published by the WHO in 2015 stated that over 60 million people have been suffering from diabetes in the European region.
Industry news
Samsung will be introducing an eco-friendly recyclable cardboard packaging towards improving the sustianalbitly across its Lifestyle TV product portfolio to reduce the impact on the environment. This packaging will be made from eco-friendly cardboard that will allow the customers to recycle easily as well as for upcycling of the cardboard boxes for creative reuse.
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