Smart Contact Lenses Market Analysis

Smart Contact Lenses Market Overview

The Smart Contact Lenses market is expected to reach USD 10.7 Bllion by 2032 at CAGR 9.3% during the forecast period 2024-2032.

Smart contact lenses are thin lenses that help to improve vision. The market is experiencing significant growth due to the massive awareness in the healthcare sector and the rise in wearable medical device adaption.

The growing number of cases of glaucoma and the ageing population with presbyopia. The demand for efficient treatment and innovative glaucoma management technologies to provide real-time and non-invasive diagnosis is driving the market growth. The significant number of diabetic patients with complications like eye disorders, cataracts, and blindness is enhancing the market’s growth. The inclination and interest of the young generation for smart lenses and the trend toward adopting smart medical devices are positively impacting the market. The players also focus on advanced technological development to improve smart contact lenses.

COVID 19 Analysis

Since the arrival of the pandemic, the healthcare department has a new rival to defeat which has brought a major change in the life of people and in the way the businesses used to function. The lockdown and other functional restrictions have disrupted the supply chain flow and also, the market players are facing major difficulties in catering to the market demand with each passing day. The new-age solutions have a lot of potential buyers but owing to the restrictions, the smart contact lenses industry has to overcome a lot of restraints on the way. The lenses market was witnessing a stagnant growth during the pandemic year of 2020 and hence, the market players are on the path of revival.

The government is supporting the initiatives that are helping the target audience strive for a wider demand during the forecast period. They are supporting the key market players by providing them with the requirement of schemes and regulations. The key market players are investing in the research and development departments and also, opening their arms towards mergers and acquisitions that will help the smart contact lenses industry to present better product portfolios and launches based on innovation for the target audience.

One of the most recent developments in wearable electronics that can track the physiological data of the eye and tear fluid is smart contact lenses. The use of intelligent contact lenses as a platform for precise medicine administration to the eye is conceivable. They can provide regulated treatment for disorders like dry eye syndrome or other visual ailments because the drugs can be released gradually. They provide real-time, non-invasive medical diagnostics for diabetes and glaucoma. Upcoming smart contact lens equipment will allow for photo-taking with the eyes and adaptation to changing lighting conditions. The existence of a wide variety of goods and devices and a surge in FDA approval are boosting market expansion.

Rising public awareness and increasing government funding will create profitable market expansion prospects. However, the rising number of product recalls could impede industry expansion. These glasses will be extremely helpful for age-related macular degeneration patients and everyone else. The rise in diabetes and glaucoma prevalence is a crucial factor in the forecasted growth of the smart contact lenses market. Contact lens wear is a wonderful improvement over wearing glasses. Contact lenses help people see items more clearly. They are easy to place into the eye and allow people to engage in various tasks that would be challenging while wearing glasses, such as getting around and working out, amongst others.

Additionally, increased research expenditures to create cutting-edge wearable electronics are anticipated to propel the market in the coming years. A category of eye problems known as refractive errors makes seeing objects clearly challenging. Clearer eyesight can be helped by using smart contact lenses. The market for smart contact lenses is anticipated to rise as more people use them to prevent macular degeneration. These smart contact lenses combine numerous electrical components, sensors, and microchips to deliver features like health tracking, augmented reality (AR) abilities, and other cutting-edge functionalities. Smart contact lenses provide extra features and benefits to improve the user experience. They provide a variety of functions.

As reported by a British university involved in the study, an international team of researchers from India and the UK has created a ground-breaking "smart contact lens" to screen for eye infections quickly and painlessly. The test has been heralded as the next major step in the worldwide battle against preventable blindness and is being developed by the Universities of Sheffield, Bradford, and LV Prasad Eye Institute in India. They all hope that it will eventually be accessible for use at home. Additionally, it is anticipated to stop deaths in developing nations brought on by fungal eye diseases.

Raayon Nova/Smart Contact Lens presented its prototype device at AR conference in Columbia University in July 2022. This will help the company to expand its business globally.

For example, Johnson & Johnson Vision launched its latest range of colored contact lenses, “BUBBLE POP,” in April 2022, which caters to the increasing makeover trend among young people from India.

For instance, according to a March 2022 update, in South Korea, a POSTECH research team, in collaboration with doctors of PHI BIOMED Co., developed a smart contact lens-type wearable device to prevent diabetic retinopathy and treat it at an early stage. This innovative product development and marketing is expected to boost market growth.

March 2022: Mojo Vision, the Invisible Computing Company, introduced its most advanced prototype of Mojo Lens, the world's first true smart contact lens with a bunch of new industry-first features.

Contact Lenses Market Trends

Drivers

The prominent players of the smart contact lenses market are focusing on the development of a wide range of contact lenses that will help in catering to the vibrant demands of various customers across different locations worldwide. Product differentiation is one of the major factors positively impacting market growth.

Restraints

However, the cost of procurement for these lenses does not fit all the customers, their spending capacity, and their set budgets. Hence, this factor is likely to act as a restraint for the smart contact lenses market growth during the forecast period.

Technology Analysis

The growing incidence of health concerns like diabetes is having an impact on the eyes of patients. Also, the smart contact lenses market is witnessing a huge demand for something innovative and creative because of the changing tastes and preferences. The altering trends in the market are pushing the key market players to function on their toes and cater to the demand. Investing in smart contact lenses and other wearable devices helps in constant monitoring of the patient’s help which is likely to develop promising opportunities for growth and expansion on a global scale during the forecast period.

Figure 1: Smart contact lenses market, by application, 2016

Study Objectives

• To understand the market dynamics in terms of drivers, restraints, and opportunities by taking into consideration the points put forward by the leaders of the industry and the subject-matter experts across the globe


• To understand the factors that have a reflection on the overall market valuation by noticing the revenue models of the segments that function in different parts of the globe during the forecast period that ends in 2023


• To study the steps of the smart contact lenses for global growth by analyzing the functioning of the key market players across various developed and developing regions of the globe and also picking their recent developments to have an idea about the individual players and the steps undertaken. Also, this helps to understand the competitive degree that prevails across the regions and smart contact lenses.

Smart Contact Lenses Market Segment Insights

Owing to the demand and aim towards a global presence, the smart contact lenses market has been divided to target more consumers and enhance the supply chain mechanism. Also, the functioning of these market players helps in achieving the predicted market valuation for the ongoing period that is from 2017 to 2023. The market has been segmented based on the following:

Smart Contact Lenses Application Insights

The application segment of the smart contact lenses industry presents continuous glucose monitoring along with intraocular pressure monitoring. There are some other applications as a part of this segment as well.

Smart Contact Lenses end-users Insights

The market end-users of the lenses and have a major role to play in smart contact lenses industry growth are both hospitals and clinics along with home care settings.

Smart Contact Lenses Regional Insights

The smart contact lenses Industry operations are currently functional in 4 major geographies of the world namely the North American region, the European countries, the APAC region, alongside the rest of the world (RoW).

News

A combined research team affiliated with UNIST has developed the basic technology for smart contact lenses that can use 3D printing to implement AR-based navigation. The study team asserts that the new intelligent contact lenses can be worn within the eye like conventional contact lenses. The downsides of current AR devices include their high price, experimental technology, and clumsy design, which makes it difficult for them to gain traction in the market. Smart contact lenses, on the contrary, are affordable and useful because they may be worn inside the eye. Leading companies like Google are now working on smart contact lenses that can employ augmented reality.

Regional Analysis

Owing to the spread of the smart contact lenses market across various regions, the North American region is likely to dominate the global market because of the availability of a huge range of products as per one’s taste. The key market players are focusing on customer alertness, inviting global brands and also, offering innovative products. Following the trend, the European region is likely to enjoy the second-highest growth during the forecast period of 2017-2023. However, the APAC region is likely to enjoy the fastest growth because of the high purchasing capacity of people and the spreading need for creative products.

Competitive Landscape

To complete the study objectives and understand the scope of the smart contact lenses market through its recent developments, it is imperative to have an idea about the prominent market players and their functions. Also, these help in understanding the revenue models that have the potential to make a difference to the final market valuation by the end of the forecast year that is 2023. The key players of the smart contact lenses spread across the globe are as follows:

• Samsung (South Korea)


• Sony (Japan)


• Alcon (U.S)


• Google (U.S)


• Sensimed SA (Switzerland)

Recent Developments

October 2023: XPANCEO (UAE), a deep tech startup, has raised $40 million in seed funding to develop the first contact lenses with AR vision capabilities. Opportunity Ventures (Asia) of Hong Kong led the round. The funds will be used to launch the next prototype, which will combine several features into a single device.

September 2022: Johnson & Johnson Vision (US) Introduced New Contact Lens Technology to Meet the Demands of Digitally Intense Lifestyles: ACUVUE® is a brand of presbyopia contact lenses. Developed with an unprecedented combination of new technologies to assist in meeting the needs of digitally intensive lifestyles:

March 2022: Johnson & Johnson (US) invented the first contact lens that could deliver medication directly into the eye. The lenses contain the antihistamine ketotifen, which was approved by the US Food and Drug Administration earlier this month.

December 2020: Mojo Vision has announced a collaboration agreement with Menicon, a Japanese contact lens manufacturer. This agreement would allow both companies to pool their resources and conduct a series of feasibility studies for the development of smart contact lenses.

Report Overview

The smart contact lenses industry share for the forecast period that ends in 2023 is predicted in the report. Also, the report mentions the market dynamics which help in predicting the CAGR rate of growth. Also, the report discusses the various smart contact lenses market segments and their functioning in major locations of the world. To study the competition, the report discusses the key market players and the steps undertaken by them for growth.