Smart Contact Lenses Market New Investment Opportunities Emerge with Expanding Revenue $7.2 Billion till 2023 | by Samsung, Alcon, Google, Sony, Sensimed SA, etc

Market Research Future a firm who published a report related to healthcare sector and others. MRFR recently published a report named as “Smart Contact Lenses Market Report – Forecast Up To 2023”. Report include market overview by competitive analysis by top global vendors, industry size, shares and analysis.

The smart contact lenses are wearable electronic lenses which are capable of monitoring the physiological information of the eyes and the tear fluids by using a wireless chip and miniaturized glucose sensor. The advancement in medical applications of wearable electronics is proving to be helpful in optimum health monitoring. Market Research Future (MRFR) has recently availed a report asserting that the global smart contact lenses market is anticipated to expand at a significant CAGR of 10.4% during the forecast period of 2017-2023 and reach USD 7.2 Bn by the end of 2023.

The changing trends in consumer behavior have accelerated the sales of contact lenses. The rising burden of diabetes and technological innovations have paved the way for smart contact lenses into the market. Smart contact lenses have sensors for the detection of glucose levels in tears and intraocular pressure. Furthermore, the ongoing trend of using medical devices is further expected to boost the growth trajectory of the global smart contact lenses market.

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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

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.

Some of the key players profiled in this report are Samsung (South Korea), Alcon (U.S), Google (U.S), Sony (Japan), 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.

Industry News:

In October 2018, Verily, formerly part of Google, and Novartis’ eye-care division Alcon halted their partnership of developing glucose-sensing smart contact lenses.

In November 2018, VSPARTICLE, a Dutch startup has claimed to develop a low-cost technology for printing sensors that enables smart contact lenses to perform different applications such as glucose sensing, bio-marker sensing, etc.

In November 2018, scientists in Belgium and Japan along with SEED, which is a Japan-based maker of contact lenses have developed soft smart contact lens with an integrated RF antenna, LED microchip, and stretchable interconnections.

In October 2018, LG Group, a South Korean multinational company, has initiated smart contact lenses as its convergent research & development project.

Regional Analysis :

Europe, APAC, North America and Rest of the World are the regions that are studied in the regional analysis of the market. The American region is the leading market for smart contact lenses. Growing diabetic population, the demand for eye care solutions with inventive technology, growing adoption of upgraded wearable medical devices and trends in cosmetics sector are driving the progress of this market in the American region. Additionally, increasing awareness about the availability and fitness of wearable medical devices. The European market is the second major market owing to a rise in spending on research in smart medical devices. Widespread use of smart contact lenses in the European countries also is an important driver of the market growth.

The Asia Pacific region the incidence of chronic diseases such as diabetes is growing as compared to the last few years, making opportunities for growth of the market. However, the market shows stable growth in this region because smart medical devices are not reasonably priced in most of the developing countries, and ignorance regarding the use of smart devices. Nations such as India and China are anticipated to show extremely high growth in the market. The market is demonstrating slow growth in the Middle East and Africa region due to low technology penetration. In Africa, there is a mounting demand for primary care services and unavailability of medical care is restraining the development of the market in this region.

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Some Brief Table of Content

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

TOC Continued…

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