The Smart Contact Lenses Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Contact Lenses Global Market Report 2024, The smart contact lenses market size is expected to see rapid growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to growing demand for personalized healthcare solutions, growing aging population and the associated rise in age-related eye disorders, increasing adoption of wearable devices for health and lifestyle management, rising interest in non-invasive health monitoring solutions, emerging markets and untapped potential in developing regions. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR) technologies, technological advancements in microelectronics and miniaturization, continuous innovation in smart contact lens technology, enhanced connectivity features and IoT integration.
An increasing prevalence of glaucoma is expected to propel the growth of the smart contact lens market going forward. Glaucoma refers to a group of eye conditions characterized by increased intraocular pressure (pressure within the eye) that can damage the optic nerve, potentially leading to vision loss or blindness if left untreated. Smart contact lenses can be utilized in glaucoma management by monitoring intraocular pressure, providing continuous data for better disease management and early intervention. For instance, in October 2022, according to the BrightFocus Foundation, a US-based nonprofit organization, there are around 80 million individuals currently with glaucoma across the globe, and it is estimated to increase to more than 111 million by the year 2040. Therefore, the increasing prevalence of glaucoma will drive the growth of the smart contact lens market.
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The smart contact lenses market covered in this report is segmented –
1) By Type: Daily Wear Soft Lenses, Extended-Wear, Planned Replacement, Rapid Gas Permeable (RGP), Other Types
2) By Application: Intraocular Pressure Monitoring, Continuous Glucose Monitoring
3) By End User: Hospitals, Ophthalmology Clinics, Other End Users
Major companies operating in the smart contact lens market are developing advanced technologies, such as augmented reality contact lenses, to better serve customers with advanced features. Augmented reality contact lenses are a type of wearable technology that integrates augmented reality (AR) capabilities directly into contact lenses worn on the eye. For instance, in March 2022, Mojo Vision, a US-based company that develops and commercializes high-performance micro-LED display technology, developed Mojo Lens. The Mojo Lens, envisioned by the company, aims to introduce invisible computing into reality. This innovative smart contact lens prototype incorporates a host of novel hardware elements and technologies seamlessly integrated into the lens structure, enhancing its display, communication capabilities, eye tracking functionality, and power system. Notably, this latest iteration introduces foundational operating system code and user experience (UX) components for the first time, paving the way for extensive development and testing of crucial consumer and partner use cases.
The smart contact lenses market report table of contents includes:
1. Executive Summary
2. Smart Contact Lenses Market Characteristics
3. Smart Contact Lenses Market Trends And Strategies
4. Smart Contact Lenses Market – Macro Economic Scenario
5. Global Smart Contact Lenses Market Size and Growth
……
32. Global Smart Contact Lenses Market Competitive Benchmarking
33. Global Smart Contact Lenses Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Contact Lenses Market
35. Smart Contact Lenses Market Future Outlook and Potential Analysis
36. Appendix
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