Global Smart Contact Lens Market – Industry Trends and Forecast to 2031

Global Smart Contact Lens Market, By Design (Micro-LED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lens, Drug Eluding Contact Lenses, Electrochemical Contact Lens Sensors, Light Diffractive Contact Lenses, Fluorescence-Based Contact Lenses, and Others) Material (Poly (2-Hydroxyethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA), Polyacrylamide (PA), Polyethylene Terephthalate (PET), Polydimethylsiloxane (PDMS), and Others), Application (Monitoring, Therapeutics, and Other Application), Usability (Single Use, Extended Use), Technology (Fluorescence-Based Sensing Technology, Holographic  Sensing Technology, Colorimetric Based Sensing Technology, Electrochemical-Based Technologies and others), Population Type (Pediatric, Adult, and Geriatric), End User (Eye Hospital, Ophthalmology Clinics, Homecare Settings, and Others), Distribution Channel (Retail Stores, Online Stores, Eye Care Practitioners, and Others) - Industry Trends and Forecast to 2031.

Smart Contact Lens Market Analysis and Size 

The smart contact lens market is expected to grow in the forecast period due to the rise in market players and the availability of advanced products. Along with this, manufacturers are engaged in R&D activity to launch novel products in the market. The rise in FDA approval and the presence of a wide range of products and devices are raising market growth. The rising government investments with the rising awareness among the population are expected to provide lucrative opportunities for market growth.

Data Bridge Market Research analyses that the global smart contact lens market which was USD 264.18 million in 2023, would reach up to USD 682.67 million by 2031, and is expected to undergo a CAGR of 12.60% during the forecast period. The micro-LED display contact lenses segment is expected to dominate the market with the increasingly advanced technology. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

A smart contact lens with a built-in visual display is designed to magnify images for people with low vision. The patented lens, designed by a company called Mojo Vision, can project content from a smartphone. The smart contact lens is a regular hard or soft contact lens surrounded by a liquid crystal display, a tiny controller ASIC (Application-Specific Integrated Circuit), a light sensor, an accelerometer and gyroscope, and a very thin solid-state lithium-ion battery. Smart contact lenses are used for various applications, such as myopia, hypoxia, and other eye disorders.

Smart Contact Lens Market Dynamics

Drivers

• Technological Advancements

Continuous advancements in microelectronics, sensors, and materials have propelled the smart contact lenses market. Miniaturized components embedded within the lenses enable functionalities such as biosensing and data transmission. Ongoing research and development efforts focus on enhancing the performance, durability, and overall sophistication of smart contact lens technologies, contributing to their appeal and adoption in both healthcare and consumer electronics.

• Increased Focus on Eye Care and Health Monitoring

The growing emphasis on proactive healthcare and personalized wellness has spurred interest in smart contact lenses for continuous health monitoring. These lenses offer users the ability to track parameters like intraocular pressure and glucose levels, providing valuable insights into eye health and systemic conditions. The convenience of real-time health data, coupled with the non-invasiveness of smart contact lenses, aligns with the broader trend of self-monitoring and contributes to the expanding role of these devices in healthcare and preventive medicine.

Opportunities

• Advanced Healthcare Monitoring

The future of smart contact lenses presents opportunities for revolutionizing healthcare monitoring. Continuous, real-time data collection on vital health metrics, such as glucose levels and intraocular pressure, can enable early intervention and personalized healthcare strategies. These lenses have the potential to offer a non-invasive and seamless solution for individuals with chronic conditions, transforming the way diseases are managed and monitored.

• Expanded Applications in Augmented Reality (AR) and Virtual Reality (VR)

The growth of smart contact lenses opens doors to expanded applications in AR and VR technologies. Future developments may lead to more immersive and realistic experiences, impacting fields such as gaming, education, and professional training. The integration of AR and VR functionalities into contact lenses could offer users a hands-free, unobtrusive interface, providing exciting opportunities for the development of innovative and immersive digital experiences.

Restraints/Challenges

• Biocompatibility and Safety Concerns

The challenge of ensuring biocompatibility in smart contact lenses involves selecting materials and components that do not irritate or harm the delicate eye environment. Striking a balance between technological functionality and user comfort is crucial to prevent adverse reactions. Rigorous testing and adherence to safety standards are necessary to address concerns related to ocular health and overall well-being.

• Cost of Development and Affordability

The high cost of developing and manufacturing sophisticated smart contact lenses, often involving advanced electronics and materials, poses a challenge to achieving affordability. Striking a balance between innovation and cost-effectiveness is essential to make these technologies accessible to a broader consumer base. Economies of scale, technological optimization, and strategic partnerships may play key roles in overcoming the financial barriers to widespread adoption.

This smart contact lens market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart contact lens market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In July 2022, Raayon Nova/Smart Contact Lens presented its prototype device at AR conference at Columbia University. This will help the company to expand its business globally
• In April 2022, Johnson & Johnson Vision introduced its newest line of colored contact lenses, BUBBLE POP, tailored to align with the increasing trend of makeovers among the youth in India

Global Smart Contact Lens Market Scope

The smart contact lens market is segmented on the basis of design, material, application, usability, technology, population, end user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Design

• Micro-Led Display Contact Lens
• Diagnostic Sensor Integrated Contact Lens
• Photodetector Contact Lenses
• Drug Eluding Contact Lenses
• Electrochemical Contact Lens Sensors
• Light Diffractive Contact Lenses
• Fluorescence-Based Contact Lenses
• Others

Material

• Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
• Polyvinyl Alcohol (PVA)
• Polyacrylamide (PA)
• Polyethylene Terephthalate (PET)
• Polydimethylsiloxane (PDMS)
• Other

Application

• Monitoring
• Therapeutics
• Other Applications

Usability

• Single Use
• Extended Use

Technology

• Fluorescence-Based Sensing Technology
• Holographic Sensing Technology
• Colorimetric Based Sensing Technology
• Electrochemical-Based Technologies
• Other

Population Type

• Pediatric
• Adult
• Geriatric

End User

• Eye Hospital
• Ophthalmology Clinics
• Homecare Setting
• Other

Distribution Channel

• Retail Stores
• Online Stores
• Eye Care Practitioners
• Other

Global Smart Contact Lens Market Regional Analysis/Insights

The smart contact lens market is analyzed and market size insights and trends are provided by country, design, material, application, usability, technology, population, end user, and distribution channel as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America.

North America is expected to dominate and be the fastest growing region in the market due to the technological advancements in the ophthalmological care and rising investments of major players in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The smart contact lens market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for smart contact lens market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the smart contact lens market. The data is available for historic period 2010-2020.

Competitive Landscape and Global Smart Contact Lens Market Share Analysis

The smart contact lens market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart contact lens market.

Some of the major players operating in the smart contact lens market are:

• SAMSUNG (South Korea)
• Azalea Vision (U.S.)
• Mediprint (Ireland)
• e-Vision Smart Optics, Inc. (U.S.)
• Innovega INC (U.S.)
• InWith Corp (U.S.)
• Sensimed AG (Switzerland)
• RaayonNova LLC (U.S.)
• GlakoLens Biyomedikal Biyoteknoloji San. Ve Tic. A.S. (Turkey)