In 2022, The Smart Contact Lenses Market size amounted to USD 445.28 Million & is estimated to reach USD 6098.80 Million by 2030 and increase at a compound annual growth rate of 38.7% between 2023 and 2030.
The Smart Contact Lenses Market refers to the commercial landscape involving the development, production, and distribution of contact lenses that are equipped with advanced technologies, enabling them to provide various functionalities beyond traditional vision correction. These lenses incorporate miniaturized electronics, sensors, and other components to offer a range of features that can benefit wearers in different ways. Smart contact lenses can offer several functions, including, Vision Correction Like traditional contact lenses, smart contact lenses can correct refractive errors such as near-sightedness, farsightedness, and astigmatism. Augmented Reality (AR) Some smart contact lenses include displays that overlay digital information onto the wearer's field of view, creating an augmented reality experience. These lenses can be used for applications like navigation, information display, and more. Biometric Monitoring is a Smart contact lens that can integrate sensors to monitor various physiological parameters, such as glucose levels in tears for individuals with diabetes, intraocular pressure for glaucoma patients, or hydration levels. Health Tracking lenses can track metrics like eye movement, blink rate, and sleep patterns, providing insights into a person's overall eye health and potentially detecting early signs of certain eye conditions.
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Drug Delivery Some smart contact lenses are designed to release medications into the eye over time, providing a controlled and localized delivery method for treating conditions like glaucoma or dry eye. Data Collection lenses can collect data on various eye-related factors, contributing to research, diagnostics, and personalized healthcare approaches. The smart contact lens market is at an early stage of development, with ongoing research and innovation driving its growth. Various companies, research institutions, and startups are actively working on advancing the technology, improving comfort, durability, and ensuring safety for the wearer. Technical Complexities Designing and miniaturizing the necessary electronics, sensors, and power sources to fit within a contact lens without compromising comfort and safety is a technical challenge. Biocompatibility is Ensuring that the materials used in the contact lens do not cause discomfort, irritation, or allergic reactions when in contact with the eye is crucial. Regulatory Approval Smart contact lenses with medical functionalities, such as glucose monitoring or drug delivery, require regulatory approval to ensure their safety and efficacy. Privacy and Data Security Smart contact lenses that collect personal health data raise concerns about privacy and data security, especially considering the sensitive nature of the information collected. The smart contact lenses market holds great potential to revolutionize eye care and provide innovative solutions for various health and lifestyle needs.
DRIVERS:
Ongoing advancements in miniaturized electronics, sensors, and materials have enabled the development of smart contact lenses.
The rising demand for Wearable Technology is a driver of the Smart Contact Lenses Market.
The increasing popularity of wearable technology, such as smartwatches and fitness trackers, has created a demand for more convenient and integrated ways to access digital information and monitor health.
RESTRAIN:
It is important to ensure that the materials in Smart Contact Lenses are biocompatibility and do not present any discomfort, irritation or adverse ocular reactions.
Market Acceptance is the restraint of the Smart Contact Lenses Market.
Convincing consumers to adopt new technology, especially one that involves wearing a device on the eye, can be challenging if the benefits are not clearly communicated and understood.
OPPORTUNITY:
The integration of biometric sensors in smart contact lenses can provide real-time health data.
Telemedicine Integration is an opportunity in the Smart Contact Lenses Market.
Smart contact lenses could be integrated with telemedicine platforms, allowing remote healthcare providers to access real-time data and provide timely medical advice.
CHALLENGES:
The limited space available in a contact lens for housing power sources can result in challenges related to battery life.
Data Security and Privacy are the challenges of the Smart Contact Lenses Market.
Collecting and transmitting personal health data from smart contact lenses raises concerns about data security, privacy breaches, and potential misuse of sensitive information.
The turmoil in Ukraine is partially to blame for the rise in contact lens costs in Asia. According to the Ministry of Internal Affairs and Communications, the average retail price of a package of 100 soft contact lenses in Tokyo in February was $90, a 12.50% increase over the previous year. According to an industry source, Johnson & Johnson and other contact lens manufacturers have hiked prices in recent months, an uncommon move in a business known for severe pricing competitiveness. One explanation for the hikes is higher production expenses. In addition to increased energy prices, labour expenses have crept up due to workforce shortages. Transportation prices have risen as well. Most contact lenses are sent through airfreight to save shipment time while maintaining quality. According to Takeshi Ishikawa, deputy head of planning at Japanese contact lens producer Seed, demand has increased for contact lenses with additional value, such as silicone hydrogel contacts that allow oxygen to pass through more readily, astigmatism contacts and bifocal contacts. According to market research firm GfK Japan, sales of silicone hydrogel contact lenses would increase by 15.25% in 2022. Near-sightedness is projected to become increasingly widespread in the future. According to the International Myopia Institute, myopia impacted 2.9 billion people globally in 2021, a 33% increase from a decade earlier.
IMPACT OF ONGOING RECESSION
Contact lenses fared admirably when compared to expenditure on other items and services in the pharmacy, health and beauty, and eye care categories. More than eight out of ten contact lens wearers stated they had not lowered their contact lens expenditure in the past and had no plans to do so in the future. Spending on contact lenses was equally likely to be maintained by men and women. Only sunglasses, vitamins, eyeglasses, & over-the-counter medications were deemed more important investments. Even more promising, consumers reported yearly expenditure on contact lenses climbed by 18% year on year, from $450 in 2020 to $520 in 2021. In the ongoing recession, the smart contact market is in profits up to 2.6-3.4%.
By Type
Photochromic Lenses
Continuous Intraocular Pressure Monitoring Lenses
Others
By End User
Home Care
Ophthalmology Clinics
Others
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North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSIS
North America: North America's market size stood and therefore emerged as dominating. The market in this area is growing due to increasing diabetes and glaucoma prevalence and diagnostic rates, as well as substantial expenditures by market participants in the development of revolutionary smart contact lenses.
Asia Pacific: During the projection period, the Asia-Pacific market is expected to have a considerably higher CAR. Growing patient awareness of sophisticated lenses, as well as the availability of a huge and untapped market, is expected to boost the Asia Pacific market over the forecast period.
Some major key players in Smart Contact Lenses Market are SAMSUNG, Mediprint, Azalea Vision, RaayonNova LLC, e- Vision Smart Optics, Inc., InWith Corp, Innovega INC, Sensimed AG, Johnson & Johnson, Glakolens Biomedikal Biyoteknoloji San. Ve Tic. A.S. and other players.
In 2022: Mojo Vision, the Invisible Computing Company, unveiled its most advanced prototype of Mojo Lens, the world's first real smart contact lens, which includes a slew of first-to-market capabilities. The Mojo Lens prototype is an important step in the company's development, testing, and validation process. It is an invention at the crossroads of cellphones, Augmented Reality/Virtual Reality, smart wearables, and health technology.
In 2021: Innovega Inc. filed four new patent applications for automated systems that assist ophthalmologists in fitting contact lenses, virtual reality, and augmented reality eyeglasses. The patent applications filed contain information regarding the image-detecting technique and apparatus, as well as the measurements necessary for fitting eyeglasses and contact lenses.
| Report Attributes | Details |
| Market Size in 2022 | US$ 445.28 Mn |
| Market Size by 2030 | US$ 6098.80 Mn |
| CAGR | CAGR of 38.7 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Photochromic Lenses, Continuous Intraocular Pressure Monitoring Lenses, Others) • By End User (Home Care, Ophthalmology Clinics, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | SAMSUNG, Mediprint, Azalea Vision, RaayonNova LLC, e- Vision Smart Optics, Inc., InWith Corp, Innovega INC, Sensimed AG, Johnson & Johnson, Glakolens Biomedikal Biyoteknoloji San. Ve Tic. A.S. |
| Key Drivers | • Ongoing advancements in miniaturized electronics, sensors, and materials have enabled the development of smart contact lenses. • The rising demand for Wearable Technology is a driver of the Smart Contact Lenses Market. |
| Market Restraints | • It is important to ensure that the materials in Smart Contact Lenses are biocompatibility and do not present any discomfort, irritation or adverse ocular reactions. • Market Acceptance is the restraint of the Smart Contact Lenses Market. |
Ans. The Compound Annual Growth rate for Smart Contact Lenses Market over the forecast period is 38.7%.
Ans. USD 6098.80 million is the projected Smart Contact Lenses market size of the market by 2030.
Ans. The Asia-Pacific region is expected to expand at the fastest CAR throughout the projected period (2023-2030).
Ans. North America will have the greatest market share in the Global Smart Contact Lenses Market by 2023.
Ans. The market's primary trend is growing strategic partnerships among important players.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Contact Lenses Market Segmentation, By Type
8.1 Photochromic Lenses
8.2 Continuous Intraocular Pressure Monitoring Lenses
8.3 Others
9. Smart Contact Lenses Market Segmentation, By End User
9.1 Home Care
9.2 Ophthalmology Clinics
9.3 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Smart Contact Lenses Market by Country
10.2.2North America Smart Contact Lenses Market by Type
10.2.3 North America Smart Contact Lenses Market by End User
10.2.4 USA
10.2.4.1 USA Smart Contact Lenses Market by Type
10.2.4.2 USA Smart Contact Lenses Market by End User
10.2.5 Canada
10.2.5.1 Canada Smart Contact Lenses Market by Type
10.2.5.2 Canada Smart Contact Lenses Market by End User
10.2.6 Mexico
10.2.6.1 Mexico Smart Contact Lenses Market by Type
10.2.6.2 Mexico Smart Contact Lenses Market by End User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Smart Contact Lenses Market by Country
10.3.1.2 Eastern Europe Smart Contact Lenses Market by Type
10.3.1.3 Eastern Europe Smart Contact Lenses Market by End User
10.3.1.4 Poland
10.3.1.4.1 Poland Smart Contact Lenses Market by Type
10.3.1.4.2 Poland Smart Contact Lenses Market by End User
10.3.1.5 Romania
10.3.1.5.1 Romania Smart Contact Lenses Market by Type
10.3.1.5.2 Romania Smart Contact Lenses Market by End User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Smart Contact Lenses Market by Type
10.3.1.6.2 Hungary Smart Contact Lenses Market by End User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Smart Contact Lenses Market by Type
10.3.1.7.2 Turkey Smart Contact Lenses Market by End User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Smart Contact Lenses Market by Type
10.3.1.8.2 Rest of Eastern Europe Smart Contact Lenses Market by End User
10.3.2 Western Europe
10.3.2.1 Western Europe Smart Contact Lenses Market by Country
10.3.2.2 Western Europe Smart Contact Lenses Market by Type
10.3.2.3 Western Europe Smart Contact Lenses Market by End User
10.3.2.4 Germany
10.3.2.4.1 Germany Smart Contact Lenses Market by Type
10.3.2.4.2 Germany Smart Contact Lenses Market by End User
10.3.2.5 France
10.3.2.5.1 France Smart Contact Lenses Market by Type
10.3.2.5.2 France Smart Contact Lenses Market by End User
10.3.2.6 UK
10.3.2.6.1 UK Smart Contact Lenses Market by Type
10.3.2.6.2 UK Smart Contact Lenses Market by End User
10.3.2.7 Italy
10.3.2.7.1 Italy Smart Contact Lenses Market by Type
10.3.2.7.2 Italy Smart Contact Lenses Market by End User
10.3.2.8 Spain
10.3.2.8.1 Spain Smart Contact Lenses Market by Type
10.3.2.8.2 Spain Smart Contact Lenses Market by End User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Smart Contact Lenses Market by Type
10.3.2.9.2 Netherlands Smart Contact Lenses Market by End User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Smart Contact Lenses Market by Type
10.3.2.10.2 Switzerland Smart Contact Lenses Market by End User
10.3.2.11 Austria
10.3.2.11.1 Austria Smart Contact Lenses Market by Type
10.3.2.11.2 Austria Smart Contact Lenses Market by End User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Smart Contact Lenses Market by Type
10.3.2.12.2 Rest of Western Europe Smart Contact Lenses Market by End User
10.4 Asia-Pacific
10.4.1 Asia Pacific Smart Contact Lenses Market by Country
10.4.2 Asia Pacific Smart Contact Lenses Market by Type
10.4.3 Asia Pacific Smart Contact Lenses Market by End User
10.4.4 China
10.4.4.1 China Smart Contact Lenses Market by Type
10.4.4.2 China Smart Contact Lenses Market by End User
10.4.5 India
10.4.5.1 India Smart Contact Lenses Market by Type
10.4.5.2 India Smart Contact Lenses Market by End User
10.4.6 Japan
10.4.6.1 Japan Smart Contact Lenses Market by Type
10.4.6.2 Japan Smart Contact Lenses Market by End User
10.4.7 South Korea
10.4.7.1 South Korea Smart Contact Lenses Market by Type
10.4.7.2 South Korea Smart Contact Lenses Market by End User
10.4.8 Vietnam
10.4.8.1 Vietnam Smart Contact Lenses Market by Type
10.4.8.2 Vietnam Smart Contact Lenses Market by End User
10.4.9 Singapore
10.4.9.1 Singapore Smart Contact Lenses Market by Type
10.4.9.2 Singapore Smart Contact Lenses Market by End User
10.4.10 Australia
10.4.10.1 Australia Smart Contact Lenses Market by Type
10.4.10.2 Australia Smart Contact Lenses Market by End User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Smart Contact Lenses Market by Type
10.4.11.2 Rest of Asia-Pacific 6 Smart Contact Lenses Market by End User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Smart Contact Lenses Market by Country
10.5.1.2 Middle East Smart Contact Lenses Market by Type
10.5.1.3 Middle East Smart Contact Lenses Market by End User
10.5.1.4 UAE
10.5.1.4.1 UAE Smart Contact Lenses Market by Type
10.5.1.4.2 UAE Smart Contact Lenses Market by End User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Smart Contact Lenses Market by Type
10.5.1.5.2 Egypt Smart Contact Lenses Market by End User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Smart Contact Lenses Market by Type
10.5.1.6.2 Saudi Arabia Smart Contact Lenses Market by End User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Smart Contact Lenses Market by Type
10.5.1.7.2 Qatar Smart Contact Lenses Market by End User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Smart Contact Lenses Market by Type
10.5.1.8.2 Rest of Middle East Smart Contact Lenses Market by End User
10.5.2 Africa
10.5.2.1 Africa Smart Contact Lenses Market by Country
10.5.2.2 Africa Smart Contact Lenses Market by Type
10.5.2.3 Africa Smart Contact Lenses Market by End User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Smart Contact Lenses Market by Type
10.5.2.4.2 Nigeria Smart Contact Lenses Market by End User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Smart Contact Lenses Market by Type
10.5.2.5.2 South Africa Smart Contact Lenses Market by End User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Smart Contact Lenses Market by Type
10.5.2.6.2 Rest of Africa Smart Contact Lenses Market by End User
10.6 Latin America
10.6.1 Latin America Smart Contact Lenses Market by Country
10.6.2 Latin America Smart Contact Lenses Market by Type
10.6.3 Latin America Smart Contact Lenses Market by End User
10.6.4 Brazil
10.6.4.1 Brazil Smart Contact Lenses Market by Type
10.6.4.2 Brazil Africa Smart Contact Lenses Market by End User
10.6.5 Argentina
10.6.5.1 Argentina Smart Contact Lenses Market by Type
10.6.5.2 Argentina Smart Contact Lenses Market by End User
10.6.6 Colombia
10.6.6.1 Colombia Smart Contact Lenses Market by Type
10.6.6.2 Colombia Smart Contact Lenses Market by End User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Smart Contact Lenses Market by Type
10.6.7.2 Rest of Latin America Smart Contact Lenses Market by End User
11 Company Profile
11.1 SAMSUNG
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Mediprint
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Azalea Vision
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 RaayonNova LLC
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 e- Vision Smart Optics, Inc
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 InWith Corp
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Innovega INC
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Sensimed AG
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Johnson & Johnson
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Glakolens Biomedikal Biyoteknoloji San. Ve Tic. A.S
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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