Smart Contact Lenses Market

Global Smart Contact Lenses Market Size (2022 to 2027)

As per our research report, the size of the global smart contact lenses market is estimated to be growing at a CAGR of 22.23% from 2022 to 2027 and will be worth USD 20.08 billion by 2027 from USD 7.36 billion in 2022.

Global Smart Contact Lenses Market Share Insights:

• Based on type, the daily wear soft lenses segment occupied the largest share of the market in 2022.
• Based on the application, the continuous glucose monitoring segment is expected to grow the fastest in the market during the forecast period.
• The North American smart contact lenses market had the major share of the global market in 2022.
• The smart contact lenses market in Europe accounted for a substantial share of the worldwide market in 2022. 

Smart contact lenses are the sensors, like in a smartwatch, which can calculate movements more accurately than VR or AR glasses. These specialized lenses improve vision with Zoom features, detect eye pressure, help in low vision aid, measure glucose (sugar) levels in the tear film, and send a warning when the levels are elevated. They also treat corneal injuries, Allergy relief, Eye injuries, corneal abrasions, treatment of glaucoma, and other corneal conditions.

Impact of COVID-19 on the global smart contact lenses market:

The Covid-19 pandemic had a negative impact on the global smart contact lenses market due to the decline in the number of eye care consultations. This is due to long-term effects expected to affect industry growth over the forecast period. For instance, there was an initial decline of almost 80% in ophthalmologist visits. By mid-June 2020, there had still been a 40% decline in ophthalmology visits in the United States, according to data from the Centers for Disease Control and Prevention and the American Academy of Ophthalmology.

MARKET DRIVERS:

The growing prevalence of glaucoma and rising demand for more efficient and innovative glaucoma management technology that provides real-time and non-invasive diagnosis of sugar levels in diabetic patients are propelling the smart contact lenses market.

The smart contact lens market is expected to grow significantly, driven by the growing demand for effective and innovative glaucoma treatment solutions, rising demand for wearable medical devices for constant monitoring of patient health conditions, YOY growth in the senior people, and increasing instances of diabetes-related eye problems. In addition, there has been a growing interest among youth in adopting smart medical devices, which makes these smart contact lenses more attractive for the latest improvised features it provides, leading to market growth.

Growing focus on developing a wide range of contact lenses to augment the smart contact lenses market growth.

The technological development of smart contact lenses to alleviate vision difficulties in humans is the leading cause of manufacturers' rising focus on developing a wide range of contact lenses. In addition, there have been several advances in ophthalmology in recent years because of the increasing prevalence of glaucoma and its demand for more effective and revolutionary glaucoma management approaches among patients, which arises due to increasing cases of diabetes-related complications, leading to various eye disorders like blindness, cataracts, and growing demographics of aging with presbyopia. This is further anticipated to drive the smart contact lenses market.

Moreover, factors such as increased demand for easy-to-use devices wearing due to lifestyle changes for adopting current trends and Self-monitoring would also help the market grow. Patients with diabetes are 60% more likely to develop cataracts and 40% more susceptible to glaucoma than ordinary people, according to the American Diabetes Association. This leads to the increasing use of continuous glucose monitoring bright contact lens, which includes a microchip and a wireless sensor to check for physical issues like internal glaucoma pressure and diabetic patients' tear glucose levels.

MARKET RESTRAINTS:

Inspire of being a tremendous advantageous help for the welfare of people; there are a few restraints which might affect the market. The high cost of smart contact lenses, lack of knowledge about this advanced technology despite the growing prevalence of diabetes, glaucoma, eye infections, and corneal ulcers, safety issues associated with the use of bright contact lenses, exceeding costs for acquiring these lenses for purchasing power and budgets of all customers around the world are some of the factors limiting the adoption of smart contact lenses.

REPORT COVERAGE:

This research report on the global smart contact lenses market has been segmented and sub-segmented based on type, application, end-user, and region.

Smart Contact Lenses Market – By Type:

• Rapid Gas Permeable (RGP)
• Daily Wear Soft Lenses
• Extended wear
• Planned Replacement

Based on type, the daily wear soft lenses segment is foreseen to hold a significant share in the global smart contact lenses market during the forecast period. This is because these kinds of lenses provide greater comfort, a shorter time to fit, and the ability to wirelessly monitor the health status via the LED pixel, which is the reason behind more preference by consumers.

The rapid gas permeable (RGP) segment is anticipated to grow at a healthy CAGR during the forecast period owing to its ability to correction of near-sightedness, alter the curvature of the cornea, and temporarily improve the eye's ability to focus on objects.

Smart Contact Lenses Market – By Application:

• Continuous Glucose Monitoring
• Intraocular Pressure Monitoring

The continuous glucose monitoring segment had the leading share in the market in 2022. It helps diabetic patients by continuously measuring glucose concentration using a smart contact lens. Tears can flow to the sensor, which measures blood sugar levels and wirelessly sends the data to the smartphone for storage through a small gap in the soft lens' outer layer. As a result, real-time glucose monitoring enables educated decisions about food consumption, exercise, and medicine throughout the day.

On the other hand, the intraocular pressure monitoring segment is expected to grow at a healthy CAGR during the forecast period. Equipped with miniature sensors and wireless chips, these lenses monitor physiological factors like intraocular pressure in people with diabetes. Moreover, lowering IOP is the most effective way to control glaucoma, which can detect fluctuations and enable treatment with an accurate assessment of pressure levels. As a result, intraocular Pressure Monitoring is anticipated to hold a significant market share.

Smart Contact Lenses Market – By End-User:

• Hospital & Clinics
• Home Care Settings

Based on end-user, the hospitals and clinics segment is expected to hold a promising share in the global market owing to patients' preference for smart contact lenses, particularly in clinics due to the wide availability of smart contact lenses.

On the other hand, the home care segment is also foreseen to grow at a moderate CAGR during the forecast period because of more comfort provided by the home care settings, leading to a growing preference of patients for clinic visits to personal care.

Smart Contact Lenses Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America is expected to dominate the market over the forecast period owing to Growing demand for glaucoma management solutions, significant investments in smart contact lens development, a high level of consumer awareness, and the presence of key players in the industry offering advanced smart contact lenses. Furthermore, the area has a highly developed healthcare infrastructure and much more lavish per capita healthcare spending, which is anticipated to impact the market's expansion shortly.

The region of Europe has been foreseen to follow closely behind North America due to increasing government investments, widespread use of contact lenses, encouraging investment in the intelligent contact lens industry, and responding to market needs for technological development and improvement. Additionally, self-financed uses and the significant impact on the region's ability to aggressively compete for global dominance led to market growth.

In the Asia-Pacific region, the increased prevalence of chronic diseases like diabetes increased awareness of the availability of advanced lenses in economies. The rise in opportunities for market expansion due to more prevalence of key market players is expected to show exponential market expansion. In addition, countries like China and India have increased the use of contact lenses for various eye-related problems treatment, like farsightedness, astigmatism, and presbyopia, owing to the rise in chronic diabetes, due to which the market will also witness considerable growth shortly.

There has been a noticeable increase in the use of contact lenses, which is helping in the expansion of the smart contact lens market in Latin America, the Middle East, and Africa. The market is expected to be driven by the increasing prevalence of vision problems among the elderly, the development of anti-reflective contact lenses, and its ability to provide clients with comfort and a high-quality experience, creating economic opportunities worldwide.

KEY MARKET PARTICIPANTS:

Google LLC, Sensimed AG, Novartis International AG, 'Samsung Electronics Company Ltd, Rockwell Automation Inc., Sony Corporation, Hitachi Ltd, Alcon Laboratories, Inc., Atmel Corporation, and Mojo Vision, Inc. are some of the noteworthy companies operating in the global smart contact lenses market profiled in this report.

RECENT HAPPENINGS IN THIS REPORT:

• In October 2022, Innovega, a headsets developer for virtual reality (AR/VR) and augmented reality. Metaverse apps signed a letter of intent to evaluate the opportunities for its state-of-the-art screen eyewear, which includes patented disposable smart soft contact lenses for smart vision glasses which could meet the demands of stylish eyewear, lightweight and high-resolution panoramic experiences.
• In January 2022, The Californian Company Mojo Vision developed smart contact lenses which use a custom-configured gyroscope, magnetometer, and accelerometer for tracking with the goal for AR to remain visible even during the movement of eyes.
• In 2021, biosensing contact lenses were introduced.
• In 2020, Mojo Vision and Menicon collaborated to develop Smart Contact Lenses.
• In 2019, Johnson & Johnson Vision announced to make ACUVUE OASYS with TRANSITIONS LIGHT INTELLIGENT TECHNOLOGY available in the United States.