The global smart contact lenses market is expected to grow at a CAGR of around 15.2% during 2024-2033. This report on global smart contact lenses market report provides holistic understanding of the market along with market sizing, forecast, drivers, challenges, and competitive landscape. The report presents a clear picture of the global smart contact lenses market by segmenting the market based on type, end user, application and region. Also, detailed profiles of companies operating in the smart contact lenses market are provided in this report. We believe that this report will aid the professionals and industry stakeholders in making informed decision.
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Market Drivers
The market for smart contact lenses is witnessing growth due to the prevalence of age-related eye disorders such as presbyopia and cataracts, which are more common in the aging population. Smart contact lenses capable of delivering drugs directly to the eye, monitoring intraocular pressure, or detecting glucose levels offer significant benefits to individuals affected by these conditions. Further, advancements in materials science, nanotechnology, and microelectronics have facilitated the development of smart contact lenses with enhanced features. These technological breakthroughs enable functionalities such as augmented reality (AR) overlays, biosensing capabilities, drug delivery systems, and glucose monitoring, making smart contact lenses increasingly consumer-friendly.
Market Restraints
Improper use of contact lenses can lead to numerous side effects, potentially impacting long-term vision health. Therefore, it is crucial to adhere to proper usage guidelines and maintain good hygiene practices to minimize the risk of complications. Moreover, the development of smart contact lenses requires the utilization of advanced materials and technologies, leading to increased manufacturing, research, and development costs. As a result, the production costs of smart contact lenses are considerably higher, making them potentially unaffordable or inaccessible to a broader range of consumers. This issue is particularly prominent in areas where access to cutting-edge medical technologies is limited or healthcare spending is lower, further restricting the availability of smart contact lenses to certain populations.
Market Opportunities
As the prevalence of eye conditions such as myopia, hyperopia, astigmatism, and presbyopia continues to increase worldwide, there is a rising demand for innovative solutions like smart contact lenses. These lenses offer potential benefits such as vision correction and monitoring of ocular health, driving growth in the market. The global smart contact lens market is anticipated to expand during the forecast period, fueled by the emergence of more market players and the availability of advanced products. Additionally, manufacturers are actively involved in research and development activities to introduce novel products to the market. Moreover, both government agencies and private businesses are increasing their investments in the smart contact lens market. This surge in investment is driving innovation within the market as research and development efforts focus on improving the functionality, comfort, and safety of smart contact lenses. Consequently, this innovation is broadening the potential applications of smart contact lenses and fueling market growth.
Recent Industry DevelopmentÂ
- In October 2023, XPANCEO (UAE), a deep tech startup, successfully secured $40 million in seed funding to advance the development of the first contact lenses equipped with augmented reality (AR) vision capabilities. Opportunity Ventures (Asia) of Hong Kong spearheaded the funding round. The raised capital will be allocated towards launching the next prototype, which aims to integrate multiple features into a single device.
- In September 2022, Johnson & Johnson Vision (US) unveiled a new contact lens technology tailored to address the demands of digitally intense lifestyles. ACUVUE®, a brand known for its presbyopia contact lenses, introduced a groundbreaking combination of new technologies aimed at catering to the requirements of individuals leading digitally immersive lifestyles.
- In July 2022, Raayon Nova/Smart Contact Lens showcased its prototype device at an AR conference held at Columbia University. This significant event is expected to facilitate the company’s global business expansion efforts.
Historical & Forecast Period
Base Year: 2023
Historical Period: 2019-2023
Forecast Period: 2024-2033
Report’s Unit: US$
Global Smart Contact Lenses Market Segmentation
Market by Type
- Rapid Gas Permeable (RGP)
- Daily Wear Soft Lenses
- Extended Wear
- Extended Wear Disposable
- Planned Replacement
- Others
Market by End User
- Hospital and Clinics
- Home Care Settings
- Others
Market by Application
- Continuous Glucose Monitoring
- Intraocular Pressure Monitoring
Market by Region
Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
- Argentina
- Chile
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Turkey
- Iran
- United Arab Emirates
- Rest of Middle East & Africa
List of Mentioned Companies
- Alcon Laboratories, Inc
- Atmel Corporation
- Azalea Vision
- Google LLC (partnering with Novartis International AG)
- Hitachi, Ltd.
- Innovega INC
- Mojo Vision, Inc.
- Rockwell Automation Inc.
- Samsung Electronics Company Ltd.
- Sensimed AG
- Sony Corporation
Report Coverage
| Report Feature | Details |
| Base Year | 2023 |
| Historical Period | 2019-2022 |
| Forecast Period | 2024-2033 |
| Units | US$ Million |
| Segments Covered | Type, End user, Application, Region |
| Region Covered | Europe, North America, Asia Pacific, Latin America, Middle East and Africa |
| Companies Covered | Alcon Laboratories, Inc,Atmel Corporation, Azalea Vision, Google LLC (partnering with Novartis International AG), Hitachi, Ltd., Innovega INC, Mojo Vision, Inc., Rockwell Automation Inc., Samsung Electronics Company Ltd., Sensimed AG, Sony Corporation |
| Purchase Options | Single User License: US$ 2,999 Five User License: US$ 3,499 Corporate License: US$ 4,499 |
Research Methodology
During the course of the research study, we conducted extensive primary and secondary research. The research commenced with extensive exploration through secondary sources followed by primary research. With these research methods, we were able to estimate the market size, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
Comprehensive primary and secondary methods helped us to identify the trends in the market and to project the opportunities that the key players may get during the forecast period. Apart from these approaches, various analytical and statistical approaches were also used during data extraction cleaning, and analysis.Â
Post-secondary & primary research, we conducted expert interviews to validate all the information we collected during the course of the study. So, a blend of these three-way approaches helped us in data triangulation and to provide an accurate market scenario in our report.
Key Questions Answered in the Report
- What will be the global smart contact lenses market size and the growth rate in the coming year?
- What are the main key factors driving the market?
- What are the key market trends impacting the growth of the market?
- What are the market opportunities and threats in the market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- Which are trending factors influencing the market shares of the top regions across the globe?
- Who are the key market players in the industry?
- What is the impact of Covid19 on the current industry?
1. Preface
1.1 Objective
1.2 Target Audience & Key Offerings
1.3 Report’s Scope
1.4 Research Methodology
1.4.1 Phase I
1.4.2 Phase II
1.4.3 Phase III
1.5 Assumptions
2. Key Insights
2.1. Global Market in 2023
2.2. Impact of COVID-19
2.3. Growth Opportunities and Challenges
2.4. Key Industry Trends
3. Global Smart Contact Lenses Market Dynamics
3.1. Introduction
3.2. Market DROs
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. Industry Trends
3.4. SWOT Analysis
3.5. Market Value Chain Analysis
3.6. Porter’s Five Forces Analysis
3.7. PESTLE Analysis
3.8. Key Price Indicators
3.9. Ansoff Matrix
3.10. Government Laws and Industry Regulations
4. Global Smart Contact Lenses Market Analysis
4.1. Market Portraiture
4.2. Market Size (US$ Million, 2019-2023)
4.3. Market Forecast (US$ Million, 2024-2033)
4.4. Impact of COVID-19
4.5. Impact of Russia-Ukraine War
5. Global Smart Contact Lenses Market by Type (US$ Million, 2019-2033)
5.1. Introduction
5.2. Rapid Gas Permeable (RGP)
5.3. Daily Wear Soft Lenses
5.4. Extended Wear
5.5. Extended Wear Disposable
5.6. Planned Replacement
5.7. Others
5.8. Key Segment Investment Opportunity
6. Global Smart Contact Lenses Market by End User (US$ Million, 2019-2033)
6.1. Introductions
6.2. Hospital and Clinics
6.3. Home Care Settings
6.4. Others
6.5. Key Segment Investment Opportunity
7. Global Smart Contact Lenses Market by Application (US$ Million, 2019-2033)
7.1. Introduction
7.2. Continuous Glucose Monitoring
7.3. Intraocular Pressure Monitoring
7.4. Key Segment Investment Opportunity
8. Global Smart Contact Lenses Market by Region (US$ Million, 2019-2033)
8.1. Introduction
8.2. Europe
8.3. North America
8.4. Asia Pacific
8.5. Latin America
8.6. Middle East & Africa
8.7. Key Segment Investment Opportunity
9. Europe Smart Contact Lenses Market (US$ Million, 2019-2033)
9.1. Introduction
9.2. Key Drivers and Takeaways
9.3. Europe Market Breakup by Type
9.4. Europe Market Breakup by End User
9.5. Europe Market Breakup by Application
9.6. Europe Market Breakup by Country
9.6.1. Germany
9.6.2. United Kingdom
9.6.3. France
9.6.4. Italy
9.6.5. Spain
9.6.6. Russia
9.6.7. Netherlands
9.6.8. Sweden
9.6.9. Poland
9.6.10. Rest of Europe
10. North America Smart Contact Lenses Market (US$ Million, 2019-2033)
10.1. Introduction
10.2. Key Drivers and Takeaways
10.3. North America Market Breakup by Type
10.4. North America Market Breakup by End User
10.5. North America Market Breakup by Application
10.6. North America Market Breakup by Country
10.6.1. United States
10.6.2. Canada
11. Asia Pacific Smart Contact Lenses Market (US$ Million, 2019-2033)
11.1. Introduction
11.2. Key Drivers and Takeaways
11.3. Asia Pacific Market Breakup by Type
11.4. Asia Pacific Market Breakup by End User
11.5. Asia Pacific Market Breakup by Application
11.6. Asia Pacific Market Breakup by Country
11.6.1. China
11.6.2. Japan
11.6.3. India
11.6.4. South Korea
11.6.5. Australia
11.6.6. ASEAN
11.6.7. Rest of Asia Pacific
12. Latin America Smart Contact Lenses Market (US$ Million, 2019-2033)
12.1. Introduction
12.2. Key Drivers and Takeaways
12.3. Latin America Market Breakup by Type
12.4. Latin America Market Breakup by End User
12.5. Latin America Market Breakup by Application
12.6. Latin America Market Breakup by Country
12.6.1. Mexico
12.6.2. Brazil
12.6.3. Argentina
12.6.4. Chile
12.6.5. Rest of Latin America
13. Middle East and Africa Smart Contact Lenses Market (US$ Million, 2019-2033)
13.1. Introduction
13.2. Key Drivers and Takeaways
13.3. Middle East and Africa Market Breakup by Type
13.4. Middle East and Africa Market Breakup by End User
13.5. Middle East and Africa Market Breakup by Application
13.6. Middle East and Africa Market Breakup by Country
13.6.1. Saudi Arabia
13.6.2. Turkey
13.6.3. Iran
13.6.4. United Arab Emirates
13.6.5. Rest of Middle East & Africa
14. Competitive Landscape
14.1. Competitive Dashboard
14.2. Key Industry Strategies Analysis
14.3. Recent Developments
14.4. Market Scenario
15. Company Profiles
15.1. Arctech Solar Holding Co., Ltd.
15.2. Array Technologies, Inc.
15.3. Convert Italia (Valmont)
15.4. GameChange Solar
15.5. Gonvarri Steel Services
15.6. NCLAVE Renewable
15.7. NEXTracker, Inc.
15.8. PVHardware
15.9. Soltec Trackers (Soltec Power Holdings SA)
15.10. STI Norland (Array Technologies)
- Description
-
The global smart contact lenses market is expected to grow at a CAGR of around 15.2% during 2024-2033. This report on global smart contact lenses market report provides holistic understanding of the market along with market sizing, forecast, drivers, challenges, and competitive landscape. The report presents a clear picture of the global smart contact lenses market by segmenting the market based on type, end user, application and region. Also, detailed profiles of companies operating in the smart contact lenses market are provided in this report. We believe that this report will aid the professionals and industry stakeholders in making informed decision.
Â
Market Drivers
The market for smart contact lenses is witnessing growth due to the prevalence of age-related eye disorders such as presbyopia and cataracts, which are more common in the aging population. Smart contact lenses capable of delivering drugs directly to the eye, monitoring intraocular pressure, or detecting glucose levels offer significant benefits to individuals affected by these conditions. Further, advancements in materials science, nanotechnology, and microelectronics have facilitated the development of smart contact lenses with enhanced features. These technological breakthroughs enable functionalities such as augmented reality (AR) overlays, biosensing capabilities, drug delivery systems, and glucose monitoring, making smart contact lenses increasingly consumer-friendly.
Market Restraints
Improper use of contact lenses can lead to numerous side effects, potentially impacting long-term vision health. Therefore, it is crucial to adhere to proper usage guidelines and maintain good hygiene practices to minimize the risk of complications. Moreover, the development of smart contact lenses requires the utilization of advanced materials and technologies, leading to increased manufacturing, research, and development costs. As a result, the production costs of smart contact lenses are considerably higher, making them potentially unaffordable or inaccessible to a broader range of consumers. This issue is particularly prominent in areas where access to cutting-edge medical technologies is limited or healthcare spending is lower, further restricting the availability of smart contact lenses to certain populations.
Market Opportunities
As the prevalence of eye conditions such as myopia, hyperopia, astigmatism, and presbyopia continues to increase worldwide, there is a rising demand for innovative solutions like smart contact lenses. These lenses offer potential benefits such as vision correction and monitoring of ocular health, driving growth in the market. The global smart contact lens market is anticipated to expand during the forecast period, fueled by the emergence of more market players and the availability of advanced products. Additionally, manufacturers are actively involved in research and development activities to introduce novel products to the market. Moreover, both government agencies and private businesses are increasing their investments in the smart contact lens market. This surge in investment is driving innovation within the market as research and development efforts focus on improving the functionality, comfort, and safety of smart contact lenses. Consequently, this innovation is broadening the potential applications of smart contact lenses and fueling market growth.
Recent Industry DevelopmentÂ
- In October 2023, XPANCEO (UAE), a deep tech startup, successfully secured $40 million in seed funding to advance the development of the first contact lenses equipped with augmented reality (AR) vision capabilities. Opportunity Ventures (Asia) of Hong Kong spearheaded the funding round. The raised capital will be allocated towards launching the next prototype, which aims to integrate multiple features into a single device.
- In September 2022, Johnson & Johnson Vision (US) unveiled a new contact lens technology tailored to address the demands of digitally intense lifestyles. ACUVUE®, a brand known for its presbyopia contact lenses, introduced a groundbreaking combination of new technologies aimed at catering to the requirements of individuals leading digitally immersive lifestyles.
- In July 2022, Raayon Nova/Smart Contact Lens showcased its prototype device at an AR conference held at Columbia University. This significant event is expected to facilitate the company’s global business expansion efforts.
Historical & Forecast Period
Base Year: 2023
Historical Period: 2019-2023
Forecast Period: 2024-2033
Report’s Unit: US$
Global Smart Contact Lenses Market Segmentation
Market by Type
- Rapid Gas Permeable (RGP)
- Daily Wear Soft Lenses
- Extended Wear
- Extended Wear Disposable
- Planned Replacement
- Others
Market by End User
- Hospital and Clinics
- Home Care Settings
- Others
Market by Application
- Continuous Glucose Monitoring
- Intraocular Pressure Monitoring
Market by Region
Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
- Argentina
- Chile
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Turkey
- Iran
- United Arab Emirates
- Rest of Middle East & Africa
List of Mentioned Companies
- Alcon Laboratories, Inc
- Atmel Corporation
- Azalea Vision
- Google LLC (partnering with Novartis International AG)
- Hitachi, Ltd.
- Innovega INC
- Mojo Vision, Inc.
- Rockwell Automation Inc.
- Samsung Electronics Company Ltd.
- Sensimed AG
- Sony Corporation
Report Coverage
Report Feature Details Base Year 2023 Historical Period 2019-2022 Forecast Period 2024-2033 Units US$ Million Segments Covered Type, End user, Application, Region Region Covered Europe, North America, Asia Pacific, Latin America, Middle East and Africa Companies Covered Alcon Laboratories, Inc,Atmel Corporation, Azalea Vision, Google LLC (partnering with Novartis International AG), Hitachi, Ltd., Innovega INC, Mojo Vision, Inc., Rockwell Automation Inc., Samsung Electronics Company Ltd., Sensimed AG, Sony Corporation Purchase Options Single User License: US$ 2,999
Five User License: US$ 3,499
Corporate License: US$ 4,499Research Methodology
During the course of the research study, we conducted extensive primary and secondary research. The research commenced with extensive exploration through secondary sources followed by primary research. With these research methods, we were able to estimate the market size, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
Comprehensive primary and secondary methods helped us to identify the trends in the market and to project the opportunities that the key players may get during the forecast period. Apart from these approaches, various analytical and statistical approaches were also used during data extraction cleaning, and analysis.Â
Post-secondary & primary research, we conducted expert interviews to validate all the information we collected during the course of the study. So, a blend of these three-way approaches helped us in data triangulation and to provide an accurate market scenario in our report.Key Questions Answered in the Report
- What will be the global smart contact lenses market size and the growth rate in the coming year?
- What are the main key factors driving the market?
- What are the key market trends impacting the growth of the market?
- What are the market opportunities and threats in the market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- Which are trending factors influencing the market shares of the top regions across the globe?
- Who are the key market players in the industry?
- What is the impact of Covid19 on the current industry?
- Table of Contents
-
1. Preface
1.1 Objective
1.2 Target Audience & Key Offerings
1.3 Report’s Scope
1.4 Research Methodology
1.4.1 Phase I
1.4.2 Phase II
1.4.3 Phase III
1.5 Assumptions
2. Key Insights
2.1. Global Market in 2023
2.2. Impact of COVID-19
2.3. Growth Opportunities and Challenges
2.4. Key Industry Trends
3. Global Smart Contact Lenses Market Dynamics
3.1. Introduction
3.2. Market DROs
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. Industry Trends
3.4. SWOT Analysis
3.5. Market Value Chain Analysis
3.6. Porter’s Five Forces Analysis
3.7. PESTLE Analysis
3.8. Key Price Indicators
3.9. Ansoff Matrix
3.10. Government Laws and Industry Regulations
4. Global Smart Contact Lenses Market Analysis
4.1. Market Portraiture
4.2. Market Size (US$ Million, 2019-2023)
4.3. Market Forecast (US$ Million, 2024-2033)
4.4. Impact of COVID-19
4.5. Impact of Russia-Ukraine War
5. Global Smart Contact Lenses Market by Type (US$ Million, 2019-2033)
5.1. Introduction
5.2. Rapid Gas Permeable (RGP)
5.3. Daily Wear Soft Lenses
5.4. Extended Wear
5.5. Extended Wear Disposable
5.6. Planned Replacement
5.7. Others
5.8. Key Segment Investment Opportunity
6. Global Smart Contact Lenses Market by End User (US$ Million, 2019-2033)
6.1. Introductions
6.2. Hospital and Clinics
6.3. Home Care Settings
6.4. Others
6.5. Key Segment Investment Opportunity
7. Global Smart Contact Lenses Market by Application (US$ Million, 2019-2033)
7.1. Introduction
7.2. Continuous Glucose Monitoring
7.3. Intraocular Pressure Monitoring
7.4. Key Segment Investment Opportunity
8. Global Smart Contact Lenses Market by Region (US$ Million, 2019-2033)
8.1. Introduction
8.2. Europe
8.3. North America
8.4. Asia Pacific
8.5. Latin America
8.6. Middle East & Africa
8.7. Key Segment Investment Opportunity
9. Europe Smart Contact Lenses Market (US$ Million, 2019-2033)
9.1. Introduction
9.2. Key Drivers and Takeaways
9.3. Europe Market Breakup by Type
9.4. Europe Market Breakup by End User
9.5. Europe Market Breakup by Application
9.6. Europe Market Breakup by Country
9.6.1. Germany
9.6.2. United Kingdom
9.6.3. France
9.6.4. Italy
9.6.5. Spain
9.6.6. Russia
9.6.7. Netherlands
9.6.8. Sweden
9.6.9. Poland
9.6.10. Rest of Europe
10. North America Smart Contact Lenses Market (US$ Million, 2019-2033)
10.1. Introduction
10.2. Key Drivers and Takeaways
10.3. North America Market Breakup by Type
10.4. North America Market Breakup by End User
10.5. North America Market Breakup by Application
10.6. North America Market Breakup by Country
10.6.1. United States
10.6.2. Canada
11. Asia Pacific Smart Contact Lenses Market (US$ Million, 2019-2033)
11.1. Introduction
11.2. Key Drivers and Takeaways
11.3. Asia Pacific Market Breakup by Type
11.4. Asia Pacific Market Breakup by End User
11.5. Asia Pacific Market Breakup by Application
11.6. Asia Pacific Market Breakup by Country
11.6.1. China
11.6.2. Japan
11.6.3. India
11.6.4. South Korea
11.6.5. Australia
11.6.6. ASEAN
11.6.7. Rest of Asia Pacific
12. Latin America Smart Contact Lenses Market (US$ Million, 2019-2033)
12.1. Introduction
12.2. Key Drivers and Takeaways
12.3. Latin America Market Breakup by Type
12.4. Latin America Market Breakup by End User
12.5. Latin America Market Breakup by Application
12.6. Latin America Market Breakup by Country
12.6.1. Mexico
12.6.2. Brazil
12.6.3. Argentina
12.6.4. Chile
12.6.5. Rest of Latin America
13. Middle East and Africa Smart Contact Lenses Market (US$ Million, 2019-2033)
13.1. Introduction
13.2. Key Drivers and Takeaways
13.3. Middle East and Africa Market Breakup by Type
13.4. Middle East and Africa Market Breakup by End User
13.5. Middle East and Africa Market Breakup by Application
13.6. Middle East and Africa Market Breakup by Country
13.6.1. Saudi Arabia
13.6.2. Turkey
13.6.3. Iran
13.6.4. United Arab Emirates
13.6.5. Rest of Middle East & Africa
14. Competitive Landscape
14.1. Competitive Dashboard
14.2. Key Industry Strategies Analysis
14.3. Recent Developments
14.4. Market Scenario
15. Company Profiles
15.1. Arctech Solar Holding Co., Ltd.
15.2. Array Technologies, Inc.
15.3. Convert Italia (Valmont)
15.4. GameChange Solar
15.5. Gonvarri Steel Services
15.6. NCLAVE Renewable
15.7. NEXTracker, Inc.
15.8. PVHardware
15.9. Soltec Trackers (Soltec Power Holdings SA)
15.10. STI Norland (Array Technologies)