Smart Contact Lenses Market Marvelous Growth of 10.4% of CAGR by 2023 Key Vendors Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland)

Smart Contact Lenses Market are now gaining popularity across the globe due to their various advantages such as continuous monitoring of various health indicators. Devices such as smart watches, smart lenses and smart lenses are mostly widely used for fitness and diabetes monitoring. In August 2015, smart contact lenses have received U.S approval for monitoring intraocular pressure.
Contact lens are thin lenses are worn to improve vision or for aesthetic use. An increase in the trend of using contact lens has been noticed in last few years. Contact lenses eliminate the need of using spectacles. Technological advancement in smart contact lenses is on the verge of creating something innovative with a goal to minimize vision problems in people. Smart contact lenses have sensors that detect glucose levels in tears and intraocular pressure. Most of the youth are attracted towards the use of contact lenses with changing lifestyle and awareness about trending cosmetic products. The youth is also influenced by the growing trend of smart medical devices, thus influencing the market growth.

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The growth of smart contact lenses market is attributed to increasing prevalence of diabetes, changing trends in eye wear, replacement of smart glasses by smart lenses and demand of wearable medical devices for continuously monitoring health condition of patients. The restrain for this market is the price of smart contact lenses. Also, fierce competition among major market players creates barriers for new entrants in the market. Key players in eth market are engaged in innovative product development to withstand their position in the market.

Global Smart Contact Lenses Market Leading Key Player:
Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland)
Global market of smart contact lenses is expected to reach USD 7.2 billion in 2023 from USD 4.5 billion in 2016 with a CAGR of approximately 10.4% during the forecast period 2017-2023.

Global Smart Contact Lenses Market Segmentation:
The global smart contact lenses market has been segmented on the basis of application which includes continuous glucose monitoring, intraocular pressure monitoring and other applications. Other applications are cholesterol detection, sodium detection and alcohol detection.
On the basis of end users market is segmented into hospitals, clinics and home care settings.

Global Smart Contact Lenses Market Regional Analysis:
America is the largest market for smart contact lenses. Increasing diabetic population, demand of eye care solutions with innovative technology, increasing adoption of upgraded wearable medical devices and trends in cosmetics drive the growth of this market in America. Additionally, rising awareness about fitness and availability of wearable medical devices. Furthermore, according to the American Diabetes Association, in 2015, approximately 30.3 million Americans which is 9.4% of the American population were suffering from diabetes.

Europe is the second largest market due to an increase in expenditure on research in smart medical devices. Extensive use of smart contact lenses in the European countries also drives the market growth. According to the report published by World Health Organization (WHO) in 2015, over 60 million people were suffering from diabetes in the European Region.
The market shows slow growth in Middle East and Africa because of low technology penetration. In Africa, there is an increasing demand for primary care services and unavailabity of medical care restrains the growth of the market.

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Table of Content Smart Contact Lenses Market
1. Report Prologue
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
3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
To be continued……

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