Pune, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Smart Contact Lenses Market Size & Growth Analysis:
According to SNS Insider, The Smart Contact Lenses Market was valued at USD 6.33 billion in 2023 and is expected to reach USD 14.94 billion by 2032, expanding at a CAGR of 10.03% over the forecast period from 2024 to 2032.
The growth in the smart contact lenses market can be attributed to the increasing demand for advanced wearable devices, innovations in vision correction, and the growing adoption of health monitoring applications. As the healthcare sector embraces smart technology, these lenses are expected to play a vital role in the diagnosis and monitoring of various health conditions.
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Major Players Analysis Listed in this Report are:
- Mojo Vision
- Sensimed AG
- Innovega Inc.
- InWith Corporation
- Johnson & Johnson
- Bausch & Lomb
- Hoya Corporation
- Alcon
- Samsung
Smart Contact Lenses Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.33 billion |
| Market Size by 2032 | US$ 14.94 billion |
| CAGR | CAGR of 10.03% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Innovations in vision correction, wearable technology, and health monitoring applications. |
Key Market Segments and Trends
- By Material, Hydrogel-based Lenses Led the Charge
Hydrogel-based smart contact lenses led the material segment in 2023 with a market share of 45%. Hydrogel lenses are soft and comfortable, making them perfect for long-term wear because of their ability to retain moisture. Hydrogel lenses are suitable for people who need vision correction and those who need a cutting-edge healthcare solution. The availability of hydrogel lenses and their compatibility with sensor technology are factors that make them lead. But scleral lenses are gaining popularity and are growing strongly, due to their capacity to correct complicated vision problems and their potential to include sophisticated monitoring features.
- By Technology, Sensor-Embedded Lenses Take the Led
Sensor-imbedded smart contact lenses dominated 40% of the market in 2023. They are equipped with sensors that are capable of tracking major health parameters like glucose, intraocular pressure, and hydration. Their growing popularity is because they can provide real-time data for medical and health-aware users alike. Yet, the display technology market is expected to see the most rapid growth as interest in augmented reality (AR) applications and the promise of immersive experiences grows. The use of miniaturized displays in contact lenses has the potential to change the way people interact with digital worlds and deliver seamless user interfaces to the eye.
- By Functionality, Vision Correction Remained the Dominant Function
Vision correction was the most prominent feature of smart contact lenses, with a 50% market share in 2023. The main attraction of these lenses is that they correct refractive conditions such as myopia, hyperopia, and astigmatism, offering an option for people who want to improve or sustain their vision. The ease of not depending on glasses or standard contact lenses continues to fuel the demand. Nevertheless, the increased interest in health-monitoring contact lenses, specifically ones that are aimed at monitoring glucose or intraocular pressure, is driving the growth of the market.
- By Application, Medical Sector Led with Rapid Growth in Sports
The medical sector held 55% of the share of smart contact lenses in the market as of 2023. The lens is becoming used more and more for diagnosis and therapy, solving problems in the correction of vision, monitoring of eyes, and detection of conditions at an early stage such as glaucoma and diabetes. As they have a feature to connect vision correction with health monitoring, doctors and patients have found them most valuable. Conversely, the sports application category is experiencing exponential growth due to the need for performance-enhancing lenses and real-time feedback lenses during sporting activities. The smart lenses are especially important for tracking body metrics and passing on essential information to athletes.
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Smart Contact Lenses Market Segmentation
By Material
- Hydrogel
- Silicone Hydrogel
- Scleral
By Technology
- Sensor Embedded
- Display Technology
- Microbattery Technology
By Functionality
- Health Monitoring
- Augmented Reality
- Vision Correction
By Application
- Medical
- Sports
- Consumer Electronics
- Military
Regional Insights
North America held the largest share of the global smart contact lenses market in 2023.
This is due to the high technological adoption, strong healthcare infrastructure of the region, and rising demand for sophisticated medical solutions. The dominance of the region is further backed by the increasing healthcare spending and the growing incidence of vision-related issues, which make people look for intelligent solutions. Several U.S.-based firms, including Mojo Vision, are leading the way in terms of innovation, driving the growth of the market.
Asia Pacific, nevertheless, remains the most dynamic market for smart contact lenses. The region's rapid growth is propelled by enhancing healthcare systems, rising disposable incomes, and growing awareness of sophisticated medical technologies. In nations such as Japan, South Korea, and China, the growing emphasis on health and wellness, along with high rates of technological adoption, is fueling the growth of smart contact lenses. Furthermore, the growing population of the region and increasing rates of eye disorders add to the market's potential for growth.
Recent Development
In October 2024, XPANCEO, a Dubai-based company specializing in smart contact lenses, unveiled its innovative AR prototypes at AWE. I had the opportunity to get a close look at one of the lenses, offering a firsthand experience of this cutting-edge technology and its potential for the future.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence of Eye Disorders (2023)
5.2 Prescription Trends, by Region (2023)
5.3 R&D and Patent Trends (2023-2032)
5.4 Healthcare Spending and Reimbursement Landscape (2023)
5.5 Consumer Preferences and Behavioral Trends
5.6 Smart Contact Lenses in Augmented Reality (AR) & Metaverse
6. Competitive Landscape
7. Smart Contact Lenses Market by Material
8. Smart Contact Lenses Market by Technology
9. Smart Contact Lenses Market by Functionality
10. Smart Contact Lenses Market by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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