"Smart Contact Lenses Market Research Report- Global Forecast Till 2023" Report recently added on database of MarketResearchFuture.com This report studies the Global Market status and outlook. The report begins with the overview of industry Chain structure, and describes industry environment and forecast of till 2023
Pune, India - October 17, 2018 /MarketersMedia/ —
The Smart Contact Lenses Market globally has been segmented on the basis of the applications of the smart contact lenses which comprises of intraocular pressure monitoring, continuous glucose monitoring, and other applications. The other applications are sodium detection, cholesterol detection, and alcohol detection. The smart contact lenses on the basis of end users market are segmented into hospitals, home care settings and clinics. The regions that are covered in the market include APAC, North America, Europe and Rest of the World.
Smart Contact Lenses Market Scenario:
Smart devices 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.
The rise in the demand for smart wearable devices has increased the demand for smart contact lenses as well of late. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to touch USD 7.2 billion in terms of revenue by 2023 while growing with a CAGR of approximately 10.4% in the forecast period.
The need for continuous monitoring has been a significant factor in the expansion of the market. Moreover, improvement in the end product quality and features have led to the development of the market further. The smart contact lenses are also expected to be used extensively in the augmented reality market, which will be used extensively to stream content. Smart contact lenses also lessen the need for invasive procedures, which are otherwise complicated and painful. The application of smart lenses especially in response to treatment of diabetes is expected to boost the market favorably over the forecast period.
Smart Contact Lenses Industry Update:
March 2018 Theraoptix recently took home the MIT Sloan Healthcare Innovation Prize at their annual competition’s and also received a $25,000 grand prize which was sponsored by Optum, a health services firm. The contact lens is made from FDA-approved materials and delivers eye medication in a sustained and controlled release. The lens is sandwiched between contact lens material which is a drug-filled polymer film and shaped into a tiny circular strip that does not interfere with the wearer’s vision. The sandwiching structure allows the drugs to seep from the film into the eye gradually.
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Global Smart Contact Lenses Market Players
Key players in Smart Contact Lenses Market are: Samsung (South Korea), Sony (Japan), Alcon (U.S), Google (U.S), Sensimed SA (Switzerland)
Samsung is a multinational conglomerate company manufacturing wide range of products. In April 2016, the company received a patent for smart contact lenses with in-built camera in South Korea.
Global Smart Contact Lenses Market Competitive Analysis
Samsung is a multinational conglomerate company manufacturing wide range of products. In April 2016, the company received a patent for smart contact lenses with in-built camera in South Korea. According to Samsung Mobile's report, Samsung started developing smart contact lenses as a means to create a better augmented reality experience than the ones that exist through Google Glass-like wearables.
Google is an American multinational technology company received a patent from the U.S FDA for smart contact lenses in November 2015. Increasing demand for self-monitoring devices, increasing aging population with eye disorders associated to diabetes and user friendliness of smart contact lenses drive this market in America. Development of innovative products for eye care and diabetes management their increasing popularity among people also contribute to the growth of this market.
Google agreed for partnership with the pharmaceutical company Novartis to develop smart contact lenses that can track diabetes by measuring blood glucose levels in tears and fix farsightedness as well. As part of the agreement, Google and Novartis’ eye care division Alcon will create smart lenses that feature “non-invasive sensors, microchips and other miniaturized electronics” and focus on two main areas i.e first they will provide a way for diabetic patients to keep a check on glucose levels by measuring the sugar levels in their tear fluid, feeding the data back to a smartphone or tablet. The second solution aims to help restore the eye’s natural focus on near objects, restoring clear vision to those who are only farsighted.
Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Smart Contact Lenses Market, By Devices
Chapter 7. Global Smart Contact Lenses Market, By End User
Chapter 8. Global Smart Contact Lenses Market, By Region
Chapter 9. Competitive Landscape
Chapter 10. Company Profile
Chapter 11. Conclusion
Chapter 12. Appendix
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