NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- The global smart contact lenses market is projected to reach USD 2,860.50 Million in 2025, while augmenting at a significant CAGR of 49.6% during 2019-2025. The market growth is attributed to the rising geriatric population and growing demand for eye care solutions. Moreover, growing adoption of wearable medical devices and increasing prevalence of glaucoma and diabetes are further augment the market growth. However, stringent government regulation many hamper the market growth to some extent.
Key findings from the report:
- On the basis of type, the daily-wear soft lenses segment is expected to hold a considerable share of the market over the forecast period
- Based on application, the continuous glucose monitoring segment is projected to grow at a healthy CAGR during 2019-2025
- On the basis of end-user, the home care setting segment held a significant share of the market in 2018
- Geographically, North America held the major share of the global market in 2018. Asia-Pacific is expected to witness the highest CAGR during the 2019-2025.
- Some of the key companies operating in the market include Innovega Inc.; Sensimed AG; Samsung Electronics Co., Ltd.; and Google Inc., among others
Continuous glucose monitoring application to drive the market growth
Technological advancements in wearable electronics along with wireless communication have become an essential tool that helps in the realization of many medical applications via health monitoring technologies. Smart contact lenses are capable of monitoring the physiological information of eye and tear fluid, thereby providing real-time, non-invasive medical diagnostics. Glaucoma affects approximately 67 million people worldwide, and its leading cause of irreversible vision loss and blindness. According to the World Health Organization, it is the second leading cause of blindness in the world. Smart contact lens captures spontaneous deviations in the eyes and enables physicians to treat glaucoma with valid information. Furthermore, smart contact lenses are a promising noninvasive solution for glucose monitoring. Smart contact lenses with microsensor that continuously measuring glucose levels could be a life-changing technology in healthcare. It works by measuring glucose concentration with enzymatic sensor directly connected to miniaturized electronic circuits. Additionally, information technology companies are accelerating their moves to acquire related technologies.
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Smart Contact Lenses Market – Regional insight
Geographically, North America held the largest share of the market in 2018. The regional growth is attributed to the growing prevalence of glaucoma and diabetics and increasing penetration of wearable medical devices. Moreover, growing investments by major players and growing research and development activities in the field of contact lenses are further propelling the market growth. However, Asia-Pacific region is expected to witness highest CAGR over the forecast period.
This report segments global smart contact lenses market based on type, application, end-user and region.
By Type
- Daily-Wear Soft Lenses
- Rigid Gas-Permeable
- Extended-Wear
- Extended-Wear Disposable
By Application
- Intraocular Pressure Monitoring
- Continuous Glucose Monitoring
By End-User
- Clinics
- Home Care Settings
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa (MEA)
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