Smart Contact Lens Market Growth, Trends, Absolute Opportunity and Value Chain 2016-2026

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.

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.

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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:

Home Care Settings

Clinics

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.

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