Market Size of Global Smart Contact Lenses Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 9.80 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Contact Lenses Market Analysis
The smart contact lenses market is expected to register a CAGR of 9.8% over the forecast period.
The impact of COVID-19 on the smart contact lens market was adverse in the initial phase of the pandemic as the American Academy of Ophthalmology (AAO) released practice guidelines advising ophthalmologists to cease providing any treatment other than urgent and emergent care. The eye consultations were postponed or limited worldwide. For instance, according to data published in August 2020 by the CDC and the AAO, there was a nearly 80% decrease in ophthalmology visits in the United States. However, owing to the recommencement of ophthalmology practices and procedures worldwide, the market recovered growth post-pandemic.
The rising burden of diabetes leading to eye disorders is expected to drive the demand for smart contact lenses for the monitoring of intraocular pressure, which is significantly contributing to the market growth. For instance, as per a November 2021 article published in Ophthalmology Journal, among individuals with diabetes, the global prevalence for diabetic retinopathy was 22.27%, for vision-threatening DR (VTDR) was 6.17% and 4.07% for clinically significant macular edema. The high burden of such diseases is expected to expedite the R&D process for the development of innovative smart contact lenses, driving the market growth.
Furthermore, a smart contact lens is harnessed as a personal healthcare platform for glaucoma and other ocular diseases. According to the WHO report published in October 2022, globally, at least 2.2 billion people have near or distant vision impairment. There are 1 billion people worldwide, 88.4 million of whom have moderate or severe distance vision impairment or blindness due to untreated refractive error, 94 million have cataracts, 8 million have age-related macular degeneration, 7.7 million have glaucoma, 3.9 million of whom have diabetic retinopathy, and 88.4 million more who have age-related macular degeneration due to untreated presbyopia. The high burden of glaucoma, presbyopia, and other vision-related disorders is expected to propel the utility of smart contact lenses, thereby propelling the market growth.
Additionally, the rising research developments and partnerships related to the development of innovative smart contact lenses are driving the market growth. For instance, according to a March 2022 update, in South Korea, a POSTECH research team, in collaboration with doctors of PHI BIOMED Co., developed a smart contact lens-type wearable device to prevent diabetic retinopathy and treat it in its early stages. Such innovative product development and marketing are expected to propel market growth.
Thus, the abovementioned factors indicate the growing burden of eye disorders and advancements in smart contact lens technology that will drive the demand for smart contact lenses over the forecast period. However, the high cost of smart contact lenses and the lack of awareness about these lenses are the major factors restraining the market's growth.
Smart Contact Lenses Industry Segmentation
As per the scope of the report, a smart contact lens consists of non-see-through components onto a lens that is in direct contact with the eye. Smart contact lenses diagnose diabetes and glaucoma by measuring the glucose level in tears and monitoring intraocular pressure within the eyes. Smart contact lenses can be used as medical devices, health trackers, and audio and video recorders. The Smart Contact Lenses market is Segmented by Type (Rigid Gas-Permeable, Daily-wear Soft Lenses, Extended-Wear Lenses, and Others), Application (Continuous Glucose Monitoring and Intraocular Pressure Monitoring), End User (Hospitals, Ophthalmology Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments. The report offers the value (USD million) for the above segments.
By Type | |
Rigid Gas-Permeable (RGP) | |
Daily-wear Soft Lenses | |
Extended-wear Lenses | |
Others |
By Application | |
Continuous Glucose Monitoring | |
Continuous Intraocular Pressure Monitoring |
By End User | |
Hospitals | |
Ophthalmology Clinics | |
Other End Users |
Geography | ||||||||
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Global Smart Contact Lenses Market Size Summary
The smart contact lenses market is poised for significant growth, driven by advancements in technology and increasing demand for innovative healthcare solutions. The market is recovering from the initial adverse impacts of the COVID-19 pandemic, which had led to a substantial decrease in ophthalmology visits. The resurgence of eye care practices globally has facilitated market recovery. The rising prevalence of diabetes-related eye disorders is a key factor propelling the demand for smart contact lenses, which are being developed to monitor intraocular pressure and other physiological parameters. These lenses are emerging as vital tools in managing glaucoma and other ocular diseases, addressing the needs of the millions affected by vision impairments worldwide. The market is further bolstered by ongoing research and development efforts, such as those in South Korea, where teams are working on wearable devices to prevent and treat diabetic retinopathy.
North America is expected to hold a significant share of the smart contact lenses market, supported by a high number of patient visits for eye care, increased awareness of available products, and robust research activities. The region's market growth is also fueled by the high prevalence of glaucoma, which necessitates effective monitoring solutions. Strategic initiatives by key players, including technological advancements and product innovations, are enhancing market dynamics. Companies like Mojo Vision and Innovega Inc. are making strides in developing advanced prototypes and clinical trials, respectively, to expand their market presence. Despite challenges such as high costs and limited awareness, the market is competitive, with major players adopting various growth strategies to strengthen their foothold.
Global Smart Contact Lenses Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Burden of Eye Disorders
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1.2.2 Increasing Research and Development for Smart Contact Lenses
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1.3 Market Restraints
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1.3.1 High Cost of Smart Contact Lenses and Lack of Awareness
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Rigid Gas-Permeable (RGP)
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2.1.2 Daily-wear Soft Lenses
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2.1.3 Extended-wear Lenses
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2.1.4 Others
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2.2 By Application
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2.2.1 Continuous Glucose Monitoring
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2.2.2 Continuous Intraocular Pressure Monitoring
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Ophthalmology Clinics
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Smart Contact Lenses Market Size FAQs
What is the current Global Smart Contact Lenses Market size?
The Global Smart Contact Lenses Market is projected to register a CAGR of 9.80% during the forecast period (2024-2029)
Who are the key players in Global Smart Contact Lenses Market?
Sensimed, Mojo Vision, Innovega Inc., InWith Corporation and Johnson & Johnson are the major companies operating in the Global Smart Contact Lenses Market.