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Smart Contact Lenses Market - By Type (RGP, Daily-Wear Soft, Extended-Wear Lenses), Material (PHEMA, PVA, PA, PET, PDMS), Application (Continuous Glucose, IOP), Usability (Disposable, Reusable), End-use (Hospital, Clinic) – Global Forecast, 2023-2032
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Smart Contact Lenses Market
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Premium Report Details
Base Year: 2022
Companies covered: 10
Tables & Figures: 226
Countries covered: 12
Pages: 120
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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 Market Analysis
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.
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.
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 smart contact lenses market by usability is categorized into disposable, and reusable. The disposable segment garnered around USD 228.5 million revenue in 2022.
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.
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.
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:
Smart Contact Lenses Industry News:
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:
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By Type, 2018-2032 (USD Million)
By Material, 2018-2032 (USD Million)
By Application, 2018-2032 (USD Million)
By Usability, 2018-2032 (USD Million)
By End-use, 2018-2032 (USD Million)
The above information is provided for the following regions and countries: