Smart Contact Lenses Market Value, By Type (Daily Wear Soft Lenses, Extended-Wear), By Application (Intraocular Pressure Monitoring, Continuous Glucose Monitoring), By End-User (Hospitals & Clinics, Home Care Settings), By Region - Industry Analysis, Statistics, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• Smart Contact Lenses Market size surpassed USD 1.5 Billion in 2022.
• The market is projected to attain at a CAGR of over 9.6% from 2023 to 2032. 
• By the end of the forecast period, the industry is anticipated to reach a valuation of around USD 3.7 Billion.

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The smart contact lenses market holds immense promise and is poised for rapid growth in the coming years. Advancements in technology, increasing demand for wearable devices, and the need for personalized healthcare solutions are driving the market forward, making smart contact lenses a fascinating area of innovation and development.

Market Overview:

The global smart contact lenses market defines a sector that includes the development, manufacturing, and commercialization of contact lenses embedded with technological advances and functionalities other than vision correction. These smart contact lenses use a variety of electronic components, sensors, and chips to provide features such as health tracking, augmented reality (AR), and other novel features. Smart contact lenses are intended to improve the user experience by providing additional features and benefits. One of the primary drivers of the smart contact lenses industry is the increasing demand for wearable technology. Smart contact lenses offer a discreet and convenient way to access information and perform tasks without the need for bulky devices. They can display real-time data, such as notifications, messages, or navigation instructions, directly onto the user's field of vision.

The market is witnessing significant investments and research activities by both established players and startups. Several companies are collaborating with technology giants and healthcare organizations to develop and commercialize advanced smart contact lenses. These collaborations aim to overcome technical challenges, ensure regulatory compliance, and accelerate product development.

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Growth Drivers:

• Increasing Demand for Wearable Technology: There is a growing demand for wearable devices that offer convenience, portability, and seamless integration into daily life. Smart contact lenses provide a discreet and hands-free way to access information, receive notifications, and perform various tasks, making them highly desirable to consumers.
   
• Growing Aging Population: The global aging population is increasing, leading to a higher demand for healthcare solutions and technologies. Smart contact lenses offer a non-intrusive and user-friendly means of monitoring health parameters for the elderly, promoting independent living, and early detection of age-related conditions.
   
• Collaboration between Industries: Collaboration between eyewear manufacturers, technology giants, and healthcare institutions is playing a crucial role in driving the smart contact lenses market. Joint research efforts, investments, and shared expertise are accelerating product development, overcoming technical challenges, and ensuring regulatory compliance.

Restraints:

• User Acceptance and Comfort: The comfort and acceptance of smart contact lenses by users are crucial for their success. Contact lenses must be comfortable to wear for extended periods, and any added electronic components should not cause irritation or discomfort. Additionally, user acceptance may be hindered by concerns about privacy, data security, and the potential invasiveness of such devices.

Type (Daily Wear Soft Lenses, Extended-Wear):             

The market is classified by type into daily wear soft lenses and extended-wear. The extended-wear segment is slated to grow at the highest pace in the smart contact lenses market during the forecast period. The demand for continuous wear smart contact lenses is driven by the need for continuous monitoring and real-time data collection. Extended-wear smart lenses cater to individuals who seek seamless integration of technology and vision correction without the hassle of daily lens removal. Additionally, advancements in materials, improved oxygen permeability, and extended battery life will contribute to the growth of this segment.  

Application (Intraocular Pressure Monitoring, Continuous Glucose Monitoring):    

The smart contact lenses market is classified application into intraocular pressure monitoring and continuous glucose monitoring. The continuous glucose monitoring segment is witnessing fastest growth rate in the smart contact lenses industry during the projected period. The higher prevalence of diabetes globally, coupled with the growing emphasis on personalized healthcare and digital diabetes management solutions will drive the adoption of CGM smart contact lenses. The potential benefits of improved diabetes management, reduced reliance on invasive blood glucose monitoring methods, and enhanced quality of life contribute to the growth of this segment.     

North America Market Overview:

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North America region held 41% share of the global smart contact lenses market in 2022, driven by technological advancements, a strong healthcare infrastructure, and high adoption rates of wearable technology. The region is home to major technology companies and research institutions that actively contribute to the development and commercialization of smart contact lenses. Additionally, the high prevalence of ocular disorders, a growing aging population, and the presence of a tech-savvy consumer base contribute to the growth of the market in this region.

Asia Pacific Market Overview:

The Asia Pacific region is experiencing rapid growth in the global smart contact lenses market during the forecast period, owing to to factors such as a large population base, rising disposable income, and increasing healthcare expenditure. Countries like China, Japan, and South Korea are at the forefront of technological advancements and have a high demand for innovative healthcare solutions. Additionally, the region has a significant diabetic population, which drives the adoption of smart contact lenses for continuous glucose monitoring. The presence of a robust electronics manufacturing industry and increasing investments in research and development further contribute to the market growth in this region.  

Middle East and Africa Market Overview:

The Middle East and Africa region are also witnessing growing demand for smart contact lenses. Factors such as an increasing prevalence of chronic diseases, technological advancements in healthcare, and government initiatives to improve healthcare infrastructure contribute to the market growth. Additionally, rising investments in research and development, along with collaborations with international players, are further propelling market expansion in the region.

Key Developments:

• In March 2022, Mojo Vision developed a new Mojo Lens prototype that features the world's smallest and densest dynamic display, low-latency connectivity, and an eye-controlled user interface.
   
• In March 2022, Johnson & Johnson invented the first contact lens that could deliver medication directly into the eye. The lenses include the antihistamine ketotifen, which was recently approved by the US Food and Drug Administration.

Top companies includes in the global smart contact lenses market:

• Alcon 
• Sensimed AG
• Samsung Electronics Co., Ltd.
• Sony Corporation
• Mojo Vision Inc.
• Innovega Inc.
• Verily Life Sciences LLC 
• Johnson & Johnson Vision Care, Inc.
• Google LLC
• Bausch Health Companies Inc.
• Others

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In-depth analysis of smart contact lenses market along with industry coverage and forecasting for the following segments:

Market Size, By Type

• Daily Wear Soft Lenses
• Extended-Wear

Market Size, By Application

• Intraocular Pressure Monitoring
• Continuous Glucose Monitoring

Market Size, By End-User

• Hospitals & Clinics
• Home Care Settings

Market Size, By Region

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