How Has the Smart Contact Lenses Market Evolved Historically and What is its Current Size?
The smart contact lenses market has seen considerable growth due to a variety of factors.
• In recent years, the market size of smart contact lenses has witnessed swift expansion. The sector, valued at $5.25 billion in 2024, is projected to grow to $5.87 billion in 2025, marking a compound annual growth rate (CAGR) of 11.9%.
The historical growth can be credited to increasing occurrence of vision problems and eye conditions, heightened demand for real-time health surveillance and diagnostic services, growing cognizance about the advantages of smart contact lenses, proliferating uses in healthcare applications and medical diagnostics, and a boost in research and development endeavors.
What Does Future Hold for The Smart Contact Lenses Market By 2029?
The smart contact lenses market is expected to maintain its strong growth trajectory in upcoming years.
• The market for smart contact lenses is projected to experience a significant rise in the upcoming years, escalating to $8.61 billion by 2029 with a compound annual growth rate (CAGR) of 10.0%.
Factors contributing to this surge during the forecast period are increasing requirements for tailored healthcare solutions, an expanding elderly demographic coupled with an increase in vision issues relating to age, more frequent usage of wearable technology for health and lifestyle tracking, a growing preference for non-invasive health checks, as well as emerging markets and untapped resources in developing areas. Key trends during this forecast period encompass the incorporation of augmented reality (AR) and virtual reality (VR) technologies, advancements in the field of microelectronics and miniaturization, persistent innovation in the smart contact lens technology, improved connectivity features, and Internet of Things (IoT) incorporation.
What Are The Primary Growth Drivers In The Smart Contact Lenses Market?
The smart contact lens market is anticipated to grow due to the rising incidence of glaucoma. This medical condition consists of a set of eye diseases marked by an increase in intraocular pressure, causing damage to the optic nerve and potentially leading to blindness if not addressed in a timely manner. The use of smart contact lenses can improve the management of glaucoma by continually monitoring intraocular pressure, thereby offering continuous data that aids in better disease management and early intervention. For instance, in October 2022, the BrightFocus Foundation, a nonprofit organization based in the United States, reported that there are approximately 80 million people worldwide currently diagnosed with glaucoma and this is projected to rise to over 111 million by the year 2040. Thus, the surging prevalence of glaucoma is set to spur the expansion of the smart contact lens market.
What Is The Segmentation Of The Global Smart Contact Lenses Market?
The smart contact lenses market covered in this report is segmented –
1) By Type: Daily Wear Soft Lenses, Extended-Wear, Planned Replacement, Rapid Gas Permeable (RGP), Other Types
2) By Application: Intraocular Pressure Monitoring, Continuous Glucose Monitoring
3) By End User: Hospitals, Ophthalmology Clinics, Other End Users
Subsegments:
1) By Daily Wear Soft Lenses: Daily Disposable Lenses, Weekly Disposable Lenses, Monthly Disposable Lenses
2) By Extended-Wear: Continuous Wear Lenses, Extended Wear Soft Lenses
3) By Planned Replacement: Biweekly Lenses, Monthly Lenses
4) By Rapid Gas Permeable (RGP): Traditional RGP Lenses, Specialty RGP Lenses
5) By Other Types: Scleral Lenses, Orthokeratology Lenses, Multifocal Lenses
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How Are New Trends Impacting The Size Of The Smart Contact Lenses Market?
Prominent firms in the smart contact lens market are pioneering innovative technologies, such as augmented reality contact lenses, to provide customers with enhanced features. These lenses function as wearable technology, embedding augmented reality features directly into the contact lenses. To illustrate, in March 2022, Mojo Vision, a company based in the US known for creating high-performance micro-LED display technology, developed the Mojo Lens. This product, as conceptualized by the company, is designed to usher invisible computing into reality. This groundbreaking smart contact lens prototype includes multiple cutting-edge hardware components and technologies effortlessly merged into the lens structure, improving its display, communication capabilities, eye tracking features, and power system. Interestingly, this latest evolution includes primary operating system code and user experience elements for the first time, indicating significant potential for comprehensive development and testing of key customer and partner applications.
Who Are the Key Players In The Smart Contact Lenses Market?
Major companies operating in the smart contact lenses market report are:
• Google LLC
• Johnson & Johnson
• Huawei Technologies Co.Ltd
• Hitachi Ltd.
• Sony Group Corporation
• International Business Machines Corporation
• Samsung Electronics Co Ltd
• Novartis AG
• Liner Technologies Inc.
• STMicroelectronics N.V.
• Alcon Vision LLC
• Interuniversity Microelectronics Centre
• Atmel Corporation
• Optical Technology Inc.
• Luxexcel
• Innovega Inc.
• In With Corporation
• EP Global Communications Inc.
• Azalea Vision
• MediPrint Ophthalmic
• Tissot Medical Research SA
What Are The Regional Insights Into The Smart Contact Lenses Market?
North America was the largest region in the smart contact lenses market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
