The device for diabetics would measure glucose in tear fluid and send the data wirelessly to a mobile device, Novartis said. The technology is potentially life-changing for many diabetics, who prick their fingers as many as 10 times daily to check their body's production of the sugar.

Success would allow Novartis to compete in a global blood-sugar tracking market that is expected to be worth over $12 billion by 2017, according to research firm GlobalData. Diabetes afflicts an estimated 382 million people worldwide.