Bionic contact lenses refer to advanced contact lenses embedded with microelectronics and sensors that can provide augmented reality displays, health monitoring, and vision correction. These lenses enhance visual experiences by overlaying digital information in the real world, tracking health metrics, such as glucose levels, and improving vision by correcting refractive errors.
Sizing and Forecast
The bionic contact lenses market size has grown rapidly in recent years. It will grow from $0.26 billion in 2023 to $0.29 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to the rise in prevalence of eye disorders, increased demand for wearable technology, growth in the aging population, increased awareness about eye health, and improvements in contact lens materials.
The bionic contact lenses market size is expected to see rapid growth in the next few years. It will grow to $0.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to rising demand for minimally invasive solutions, expanding applications in healthcare, growing interest in personalized medicine, rising consumer health consciousness, and government initiatives supporting healthcare innovation. Major trends in the forecast period include the development of multi-functional lenses, integration with artificial intelligence, increasing use in sports and fitness, advancements in wireless connectivity, and collaboration between tech and healthcare companies.
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Segmentation & Regional Insights
The bionic contact lenses market covered in this report is segmented –
1) By Type: Vision Correction, Therapeutic, Augmented Reality (AR), Virtual Reality (VR)
2) By Application: Medical, Military, Other Applications
3) By Distribution Channel: Hospitals And Clinics, Retail Stores, Online Platforms
North America was the largest region in the bionic contact lenses market in 2023. The regions covered in the bionic contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of vision impairments is expected to drive the bionic contact lenses market going forward. Vision impairments refer to conditions that hinder an individual’s ability to see clearly, ranging from refractive errors like myopia and hyperopia to severe issues such as cataracts or age-related macular degeneration. Factors contributing to the increasing prevalence of these impairments include aging populations, prolonged screen time, and lifestyle changes. Bionic contact lenses help to reduce the increasing prevalence of vision impairments by offering advanced vision correction and additional functionalities, such as augmented reality, providing individuals with effective solutions to address their visual impairments and improve their quality of life. For instance, in September 2021, according to the statistics published by the Royal National Institute of Blind People (RNIB), a UK-based leading sight-loss charity, nearly 2 million people in the UK are living with sight loss that significantly affects their daily lives in 2021, with predictions suggesting that this number will nearly double to almost 4 million by 2050. Therefore, the increasing prevalence of vision impairments drives the bionic contact lenses market.
Key Industry Players
Major companies operating in the bionic contact lenses market are Samsung Electronics, Sony Corporation, Alcon Inc., BostonSight, Hoya Corporation, Bausch & Lomb, Santen Pharmaceutical, Johnson & Johnson Vision Care, Verily Life Sciences, Nidek Co Ltd, SEED Co. Ltd., OrCam Technologies, Augmedix, Eyenovia Inc., Innovega INC, AlphaMicron Inc., Nano Retina Ltd, SwissLens AG, Tomey Corporation, Bionic Vision Technologies, Inwith Corp., Medella Health, Ocumetrics Bionic Lens, Optobionics Corporation, Sensimed AG, SmartLens Inc., Pixium Vision S.A, Mojo Vision, EPGL Medical, Fraunhofer IAP, iBionics
The bionic contact lenses market report table of contents includes:
1. Executive Summary
2. Bionic Contact Lenses Market Report Structure
3. Bionic Contact Lenses Market Trends And Strategies
4. Bionic Contact Lenses Market – Macro Economic Scenario
5. Bionic Contact Lenses Market Size And Growth
…..
27. Bionic Contact Lenses Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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