The global smart contact lenses market size is expected to grow at a CAGR of 24.8% over the period 2022-2028. Smart contact lenses can be used as an interface between the human body and an electronic device for wearable healthcare applications. Built on a biocompatible polymer, the smart contact lens contains ultrathin, flexible electrical circuits, and a microcontroller chip. This combination delivers real-time electrochemical bio-sensing, on-demand controlled drug delivery, wireless power management, and data communication. The device holds great potential for the treatment of diabetes-related diseases. Industry players are actively focusing on the development of smart contact lenses for continuous glucose monitoring and diabetic retinopathy treatment, thereby providing a significant push to the market growth.
An increase in glaucoma prevalence, expanding aging demographics with presbyopia (long-sightedness), and rising demand for more efficient and innovative glaucoma management technology that provides a real-time and non-invasive diagnosis of sugar levels in diabetic patients all contribute to market expansion. According to the American Diabetes Association, diabetes patients are 40% more susceptible to glaucoma and 60% more likely to develop cataracts than those without diabetes, and the susceptibility to diabetes-related glaucoma increases with age. Abovementioned factors, along with the ongoing development of smart contact lenses and heavy investment made by stakeholders, the smart contact lenses market trends are set to grow in the near future. Moreover, increased health consciousness among people of all ages, coupled with the expansion of digital technology, is expected to stimulate the growth of the smart contact lenses market. However, the cost of acquiring these lenses exceeds the spending capacities and budgets of all customers, which is expected to hamper the market growth.
The glucose monitoring segment will gain popularity in the coming years
The continuous glucose monitoring application segment is anticipated to hold a significant market share over the forecast period. The purpose of the smart contact lens is to assist diabetic patients by continuously measuring the glucose concentration in their tears. These lenses are embedded with miniature sensors and wireless chips to monitor physiological factors such as intraocular pressure in diabetics. A small opening in the outer layer of the soft lens allows tears to flow into the sensor, which detects blood sugar levels and transmits the information to the wireless device for storage. Consequently, monitoring glucose levels in real-time aids in making informed decisions throughout the day regarding the calculation of food intake, exercise, and medication.
Regional Outlook for Smart Contact Lenses Market
North America is expected to observe substantial growth in the coming future on the back of a number of factors such as high investments in the development of smart contact lenses, heightened consumer awareness, and the presence of key industry players offering advanced products. Moreover, the region has advanced healthcare infrastructure with significantly higher healthcare expenditure per capita which is further expected to influence the market growth in the coming future. The European market participants located across the countries are increasing their investments and providing support for the market’s need for technological development and improvement. This is likely to provide a much-needed boost to the market and encourage investments in the smart contact lens industry. Also, this has a significant impact on the region’s ability to compete aggressively for global dominance. The Asia-Pacific market will also experience considerable growth in the coming future. The rising prevalence of chronic diseases such as diabetes over the past decade has created market expansion opportunities as well as raised awareness of advanced lens availability across the economies of the region.
Market Structure and Competition Landscape
The key players operating in the global smart contact lenses market include Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., Mojo Vision Inc., Alcon Vision LLC, Innovega Inc., InWith Corp., Johnson & Johnson Services Inc., Novartis AG, and among others. To maintain their market position, the key players operating in the smart contact lenses market are focusing on research and development. Some of the key developments in the market are;
- In March 2022, Mojo Vision, the Invisible Computing Company, unveiled the most advanced prototype of Mojo Lens, the world’s first smart contact lens. The Mojo Lens prototype is an innovation at the intersection of smartphones, AR/VR, smart wearables, and health tech.
- In May 2021, Innovega Inc. announced the filing of four patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyewear efficiently.
- In January 2021, InWith, a company that embeds microelectronics in hydrogel devices, displayed its smart contact lenses at CES 2021, paving the way for computerized augmented reality (AR) applications in soft contact lenses.
- In December 2020, Mojo Vision and Menicon, the Japanese manufacturer of contact lenses, announced a joint development agreement.
- In March 2019, Johnson & Johnson Vision announced the U.S. launch of ACUVUE OASYS with intelligent transitions light technology.
Key Market Segmentation
RationalStat has segmented the global smart contact lenses market based on the application, end user, and region.
- By Application
- Continuous Intraocular Pressure Monitoring
- Glucose Monitoring
- Others (Cholesterol Detection, Sodium Detection, etc.)
- By End User
- Hospitals & Clinics
- Others (Ambulatory Surgery Centers)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, white papers, research reports, trade fairs, and company documents.
- Available industry and market-related documents in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs
Why Buy Smart Contact Lenses Market Report?
The report is intended for smart contact lenses manufacturers, drug delivery manufacturers, sensor suppliers, healthcare associations, contract pharmaceutical manufacturers, contract research organizations (CROs), telecommunication and electronics associations, eye care professionals, healthcare industry experts, distribution companies, logistics players, investment firms, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. It provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global Smart Contact Lenses Market is expected to grow at a CAGR of over 38% during the forecast period 2022-2028.
The global market for Smart Contact Lenses is expected to reach US$ 4.7 – 5.3 Billion by 2028.
Prominent use of smart contact lenses in glucose monitoring applications is the key driver for market growth.
North America is expected to lead the global market by 2028.
Major companies operating in the global Smart Contact Lenses Market are Sensimed AG, Google LLC, Samsung Electronics Co. Ltd., Sony Corp., and Mojo Vision Inc. among others.