Smart Contact Lens Market Forecast By End-use Industry 2016-2026
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
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.
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.
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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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