Market Trends of Global Smart Contact Lenses Industry
This section covers the major market trends shaping the Smart Contact Lenses Market according to our research experts:
Continuous Glucose Monitoring Segment is Expected to Hold a Significant Market Share in the Smart Contact Lenses Market
The continuous glucose monitoring segment is expected to hold a significant share of the market. The smart contact lens aims to help diabetes patients by continuously measuring the glucose level in their tears. Miniaturized sensors and wireless chips are built into these lenses to track physiological factors such as intraocular pressure in people with diabetes. Thus, monitoring glucose levels in real-time aids in making informed daily decisions about balancing food, physical activity, and medicine.
The major factors fuelling the segment's growth are an increase in research and development activities, technological advancements in the field of ophthalmology, and the growing adoption of smart contact lenses among the diabetic population.
For instance, as per an article published in June 2021 in the National Library of Medicine, recent advances in the development of smart contact lenses for biomedical purposes combine continuous glucose monitoring with an on-demand flexible drug delivery system for the treatment of diabetic retinopathy. Another article published in Frontiers in Medicine Journal in April 2022 stated that extensive research efforts are being devoted to developing smart contact lenses for continual glucose detection. Such studies highlight the significance of smart contact lenses in continuous glucose monitoring. Thus, more studies with positive outcomes are leading to product approvals, which, in turn, contribute to the segment's growth over the coming period.
Furthermore, the technological advancements in smart contact lenses are also contributing to segment growth. For instance, in May 2022, the research published in Advanced Materials demonstrated that smart contact lenses could accurately monitor increasing and decreasing blood glucose levels with 94.9% acceptable data in diabetic and normal rabbits. Such research studies and research activities are projected to boost the demand for smart contact lenses for glucose monitoring purposes, thereby boosting the market growth during the forecast period.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
North America is expected to hold a significant share of the market. It can be attributed to factors such as the increasing number of patient visits seeking eye care treatment, a surge in awareness regarding the commercial availability of products, a rising number of research and development activities, and the strong presence of market players in the region.
The high burden of glaucoma in the region is contributing to market growth since the intraocular pressure levels can be effectively monitored and controlled by advanced smart contact lenses. For instance, as per a July 2021 update by the BrightFocus Foundation, more than three million Americans are living with glaucoma, 2.7 million of whom aged 40 and older are affected by its most common form, open-angle glaucoma. The same source stated that glaucoma is a leading cause of blindness among African Americans and Hispanics in the United States. Also, in January 2021, the Canadian Ophthalmological Society, during glaucoma awareness month, stated that glaucoma affects more than 800,000 Canadians annually. Hence the rise in the burden of eye-related diseases increases the demand for smart contact lenses for intraocular pressure monitoring, which is expected to propel the market growth in the region.
Additionally, several strategic initiatives undertaken by prominent players are contributing to the market's growth. For instance, in January 2021, InWith, a corporation that specializes in the embedding of microelectronic technology in hydrogel devices, demonstrated its incredible smart contact lenses at the CES event 2021, opening a new door for the future of computerized applications for augmented reality (AR) in soft contact lenses. Owing to the technological advancements in smart contact lenses and their advantages in monitoring applications, the studied market is expected to witness significant growth over the forecast period.
