Data Bridge Market Research has recently added a concise research on Global Smart Contact Lens Market to depict valuable insights related to significant market trends driving the industry. The report features analysis based on key opportunities and challenges confronted by market leaders while highlighting their competitive setting and corporate strategies for the estimated timeline. Some are the key & emerging players that are part of coverage and have being profiled are Texas Instruments, STMicroelectronics, Hitachi, Nanomix, Murata Manufacturing, Atmel, Banner Engineering, ams, Rockwell Automation, TOWA, and Panasonic among others.
Analysis of Global Smart Contact Lens Market report:
The Global Smart Contact Lens Market is expected to reach USD 10.78 billion by 2025, from USD 4.95 billion in 2017 growing at a CAGR of 10.2% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
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Smart contact lenses are used for measuring the glucose level in the tears. The smart lens consists of wireless chip and a miniaturized glucose sensor. Through tiny hole in the lens that tears seeps into the sensor. The wireless antenna inside the contact lens acts as a controller to transmit information to the wireless device. Power is drawn from these devices via RFID wireless technology. The intraocular pressure of healthy eye is between 1,300 and 2,800 Pascals while the pressure of diseased eye is 500 to 6,500 Pa. According to WHO, the number of diabetes patient has been increased to 422 million in 2025 from 108 Million in 1980 across globally. According to American Diabetes Association in 2015 around 9.4% of total American population suffered from diabetes.
Major Market Drivers and Restraints:
- Increase in adoption of wearable medical devices.
- Increase awareness towards diabetes and related side effects
- Rising geriatric population
- Increase in research and development in the field of contact lenses.
- Expensive device.
- Allergic reactions to some patients
- Unawareness regarding the use of smart devices
- Downward pricing pressure owing to its commodity nature
Top Manufacturers Profiles Operating in the Global Smart Contact Lens Market:
Some of the major players operating in the market are Linear Technologies, NXP Semiconductor, InvenSense, Knowles, Analog Devices, Texas Instruments, STMicroelectronics, Hitachi, Nanomix, Murata Manufacturing, Atmel, Banner Engineering, ams, Rockwell Automation, TOWA, and Panasonic among others.
Global Smart Contact Lens Market Segmentation:
- The global smart contact lens market is segmented based on application, end users and geographical segments.
- Based on application the market is segmented into continuous glucose monitoring and intraocular pressure monitoring.
- On the basis of end users, the market is further segmented into Hospital & Clinics, Home Care Settings and others.
- Based on geography the global smart contact lens market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa.
The global smart contact lens market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart contact lens market for global, Europe, North America, Asia Pacific and South America.
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