The global smart contact lenses market is expected to witness significant growth over the forecast period. The lens consists of a wireless chip and a miniaturized glucose sensor. A tiny pinhole in the lens allows for tear fluid to ooze into the sensor to measure blood sugar levels. These sensors are implanted inside the two layers of soft lenses and a tiny hole in the outer layer that allows the tear to flow into a sensor that measures the necessary parameters and data.
United States FDA has recently approved a smart contact lens to continuously monitor intraocular pressure in patients of glaucoma, which is the measure 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 globe are affected with glaucoma and the number is expected to increase to 79.6 Mn by 2020.
Presently 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 the next 5-6 years.
The global smart contact lenses market is segmented based on type, application, end-user, and region. Based on type, the global market is classified into rigid gas-permeable (RGP), Daily-wear soft lenses, Extended-wear, Extended-wear disposable, planned replacement, and others.
The daily-wear soft contact lens segment controls the global smart contact lens market by occupying the maximum percent of the total market share. Soft contact lenses are the prime choice for consumers due to its diminished alteration period and the improved comfort it offers. The growing popularity of colored contact lenses and extended-wear disposable contact lenses, especially in the Americas and APAC, is expected to boost the growth in this segment by 2025.
Based on the application, the global market is classified into continuous glucose monitoring and intraocular pressure monitoring. Based on end-user type, the global market is classified into home care settings and clinics.
Geographically, the global market is segmented into North America (U.S., Canada), Latin America (Mexico, Brazil), Western Europe (Germany, Italy, France, England, Spain, Nordic countries, Belgium, The Netherlands, Luxembourg), Eastern Europe (Poland, Russia), Asia Pacific (China, India, ASEAN, Australia & New Zealand, Japan), Middle East and Africa (GCC, S. Africa, N. Africa).
North America leads the global smart contact lenses market which is then followed by Europe. North America conquered the global smart contact lens market by accounting for the maximum market share of the overall market. This is due to factors such as the wide range of products available, high consumer awareness, and the presence of international brands providing innovative products.
Asia Pacific region is expected to grow gradually during the forecast period from 2014 to 2025 and account for maximum market share. The rest of the World is expected to have sluggish growth in the demand for the next few years. The key players of the global smart contact lens market are Sensimed AG, Google Inc., Novartis AG, Samsung Electronics Co., Ltd., Innovega Inc.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.