Smart Contact Lenses Market

Smart Contact Lenses Market Size

Smart Contact Lenses Market size was valued at around USD 329.5 million in 2022 and is anticipated to exhibit a CAGR of 15.2% between 2023 and 2032. This robust market growth can be attributed to various factors, including the continual technological advancements, a surging demand for continuous health monitoring, an expanding aging population, a rise in diabetes incidences, and growing investments by both companies and research institutions in smart contact lens research and development.

Furthermore, the escalating global prevalence of diabetes has heightened the need for non-invasive and continuous glucose monitoring systems. Smart contact lenses, equipped with glucose detection capabilities, present a potential alternative to conventional methods like fingerstick testing. For instance, according to the National Diabetes Statistics Report for 2022, diabetes affected 37.3 million individuals, constituting 11.3% of the U.S. population, with an estimated 28.7 million diagnosed cases.

Smart contact lenses are innovative technological devices designed to be worn directly on the eye, combining traditional contact lens functionality with advanced electronic components. These lenses transcend conventional vision correction, offering various features such as health monitoring, augmented reality (AR), and other interactive capabilities.

COVID-19 Impact

The COVID-19 pandemic had a negative impact on the smart contact lenses market, owing to cause of disruptions in the supply chain, shifts in consumer behaviour, and delays in product innovation. Lockdown measures led to postponed elective eye care appointments and altered priorities, affecting the adoption of smart contact lenses for vision correction. The economic downturn and decreased consumer spending on non-essential items impacted the demand for these technologically advanced lenses, which are often considered discretionary purchases.

Smart Contact Lenses Market Trends

The market is influenced by several factors such as growing demand for integrated augmented reality (AR) features, surging emphasis on user comfort and wearability, increasing advancements in material science, and rising demand for customization and personalization in wearable technology. These factors collectively contribute to the evolving landscape of the market.

• Smart contact lenses as drug delivery devices have become the focus of research and development. These lenses are designed to deliver pharmaceutical substances directly into the eye, providing a novel method to ocular medicine administration for disorders including glaucoma.
  

Smart Contact Lenses Market Analysis

Learn more about the key segments shaping this market

Download Free PDF

The market by type is categorized into rigid gas permeable (RGP), daily-wear soft lenses, extended-wear lenses, and other types. The daily-wear soft lenses segment garnered around USD 155.8 million revenue in 2022.

• The comfort provided by daily-wear soft lenses is one of the major factors. These lenses are comprised of soft and flexible materials, making them comfortable to wear for extended periods of time. The ease of daily disposal excludes the need for cleaning and maintenance, which contributes to their appeal among users seeking convenient vision correction.
  
• Moreover, the daily-wear soft lenses, discarded at the end of each day, reduce the risk of infection associated with improper cleaning and storage practices. This routine replacement practice promotes eye health by preventing deposits on the lenses and minimizing the potential for bacterial growth.
  

Learn more about the key segments shaping this market

Download Free PDF

Based on material, the smart contact lenses market is segmented into poly (2-hydroxyethyl methacrylate) (PHEMA), polyvinyl alcohol (PVA), polyacrylamide (PA), polyethylene terephthalate (PET), polydimethylsiloxane (PDMS), and other materials. The poly (2-hydroxyethyl methacrylate) (PHEMA) segment dominated the market and accounted for over 33% market share in 2022 and is anticipated to witness fastest growth during the forecast period.

• It is known for its high biocompatibility with the delicate tissues of the eye. This biocompatibility minimizes the risk of irritation, discomfort, and adverse reactions, making PHEMA an ideal material for contact lenses, including smart contact lenses that incorporate advanced technologies.
  
• Additionally, PHEMA offers good oxygen permeability, allowing an adequate amount of oxygen to reach the cornea. This property is crucial for maintaining cornea health, especially in lenses intended for continuous or extended wear. Smart contact lenses made with PHEMA prioritize oxygen permeability to support ocular health, thereby contributing to the segmental growth.
  

The smart contact lenses market by application is categorized into continuous glucose monitoring, intraocular pressure monitoring, and other applications. The intraocular pressure monitoring segment accounted for over USD 205.7 million revenue size in 2022.

• The major driving factors for intraocular pressure monitoring in smart contact lenses is glaucoma treatment. Glaucoma is the main cause of permanent blindness, and continuous intraocular pressure monitoring is critical for early identification and therapy. Smart contact lenses with built-in sensors provide a non-invasive and continuous technique of measuring IOP, enabling rapid intervention and therapy.
  
• Moreover, IOP can fluctuate during the day, and these modifications can go undetected during rare clinic visits. Smart contact lenses detect IOP fluctuations early, allowing treatment plans to be adjusted in real time. Early detection is critical for avoiding optic nerve damage and maintaining vision in glaucoma patients.
  

The smart contact lenses market by usability is categorized into disposable, and reusable. The disposable segment garnered around USD 228.5 million revenue in 2022.

• Disposable smart contact lenses make life easier and less stressful for users. Users can simply remove the lenses at the end of the day, avoiding the need for regular cleaning and storage. This convenience is especially appealing for individuals who led busy lives and want a simple vision correction option.
  
• In addition, disposable lenses, including smart lenses, are typically made from materials that retain moisture well. This optimal lens hydration contributes to comfort during wear, addressing common concerns related to dryness and discomfort that can be associated with other types of lenses. This is expected to drive the growth of the segment in the market.
  

The smart contact lenses market by end-use is categorized into hospitals, ophthalmology clinics, and home care settings. The hospitals segment accounted for over USD 189.0 million revenue size in 2022.

• Hospitals are increasingly adopting remote patient monitoring devices systems. Smart contact lenses, with their capacity to remotely collect and transmit health data, enable remote monitoring of patients' vital signs and health indexes. This is especially useful for post-surgical rehabilitation, chronic disease management, and other conditions when continuous monitoring is beneficial.
  
• Additionally, for diabetic patients, smart contact lenses with glucose monitoring capabilities offer a non-invasive and continuous method of tracking glucose levels in tears. Hospitals can leverage these lenses to monitor diabetic patients more effectively, providing timely interventions and reducing the need for frequent blood glucose testing, thereby leading to the segment development.
  

Looking for region specific data?

Download Free PDF

North America smart contact lenses market accounted for USD 206.9 million revenue in 2022 and is predicted to witness substantial market growth over the analysis timeline.

• The prevalence of eye diseases, such as glaucoma and diabetes, is rising across North America. Smart contact lenses with health monitoring capabilities, such as intraocular pressure monitoring for glaucoma patients, address the rising demand for sophisticated ocular disease prevention and treatment options. For instance, according to the American Academy of Ophthalmology, more than 34 million (23.9% of the population) Americans aged 40 and above are myopic.
  
• Furthermore, there is a growing awareness of the importance of eye health and regular eye examinations in North America. This increased awareness encourages individuals to explore advanced vision correction options, such as smart contact lenses, for both vision correction and proactive health monitoring.
  

Smart Contact Lenses Market Share

The smart contact lenses industry is fragmented in nature, with a number of small and mid-sized companies developing new products. This fragmentation is due to the fact that the technology is still in its early stages of development, and there is no single dominant player in the market. However, this fragmentation is also a barrier to entry for new players, as it can be difficult to compete with established companies that have a lot of resources.

Some of the eminent market participants operating in the smart contact lenses industry include:

• Sensimed
• Innovega Inc.
• InWith Corporation
• Johnson & Johnson Services Inc.
• Samsung Electronics Co., Ltd.
• Sony Group Corporation
• RaayonNova LLC
• Azalea Vision
• EP Global Communications, Inc.
• GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.S.
  

Smart Contact Lenses Industry News:

• In July 2022, Raayon Nova/Smart Contact Lens unveiled its prototype device during an AR conference at Columbia University, signaling a strategic move to broaden its global business presence.
  

Smart contact lenses market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

Click here to Buy Section of this Report

By Type, 2018-2032 (USD Million)

• Rigid gas permeable (RGP)
• Daily-wear soft lenses
• Extended-wear Lenses
• Other types

By Material, 2018-2032 (USD Million)

• Poly (2-Hydroxyethyl methacrylate) (PHEMA)
• Polyvinyl alcohol (PVA)
• Polyacrylamide (PA)
• Polyethylene terephthalate (PET)
• Polydimethylsiloxane (PDMS)
• Other materials

By Application, 2018-2032 (USD Million)

• Continuous glucose monitoring
• Intraocular pressure monitoring
• Other applications

By Usability, 2018-2032 (USD Million)

• Disposable
• Reusable

By End-use, 2018-2032 (USD Million)

• Hospitals
• Ophthalmology clinics
• Home care settings

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • Rest of Europe
• Asia Pacific
  • Japan
  • Rest of Asia Pacific
• ROW