USD 2.02 billion
Smart Contact Lenses Market Size, Share, Growth Analysis, By type(Continuous Intraocular Pressure Monitoring, Photochromic Lenses and Others), By End user(Ophthalmology Clinics, Home Care, Segmentation and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2101 |
Region:
Global |
Published Date: February, 2024
Pages:
217
|Tables:
62
|Figures:
75
Smart Contact Lenses Market Insights
Smart Contact Lenses Market size was valued at USD 2.25 billion in 2022 and is poised to grow from USD 2.50 billion in 2022 to USD 5.85 billion by 2031, growing at a CAGR of 11.20% in the forecast period (2024-2031).
The Smart Contact Lenses are used to measure the amount of glucose in the tears as well as the intraocular pressure. The glucose sensor and wireless chip are placed between the soft layers of lenses through a small hole, allowing the flow of tears for measurement and data collection. The wireless chip transmits signals to wireless devices using collected data, and RFID wireless technology is used to extract power from these devices. It is widely used as a healthcare solution for diabetic patients to assess fitness, monitor blood pressure, body temperature, and cholesterol levels. The Smart Contact Lenses Market is expanding rapidly as a result of rising healthcare awareness and increased adoption of wearable medical devices. In addition, the rising prevalence of chronic diseases and the growing geriatric population are driving market growth.
An increase in glaucoma prevalence, an aging population with presbyopia (long-sightedness), and rising demand for more efficient and innovative glaucoma management technology that provides a real-time and non-invasive diagnosis of sugar levels in diabetic patients all contribute to market growth. Diabetes patients are 40% more likely to develop glaucoma and 60% more likely to develop cataracts than those without diabetes, and susceptibility to diabetes-related glaucoma increases with age, according to the American Diabetes Association.
The aforementioned factors, along with the ongoing development of smart contact lenses and heavy investment made by stakeholders, are expected to drive the smart contact lenses market trends in the near future. Furthermore, increased health awareness among people of all ages, combined with the advancement of digital technology, is expected to stimulate the market expansion. However, the cost of acquiring these lenses exceeds all customers' spending capacities and budgets, which is expected to suppress market growth.
US Smart Contact Lenses Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Photochromic Lenses
Fastest Growth
Photochromic Lenses
Growth Rate
11.2% CAGR
Global Smart Contact Lenses Market ($ Bn)
Country Share for North America Region (%)
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Smart Contact Lenses Market Segmental Analysis
Global smart contact lenses market is segmented based on the type, end user and region. Based on type, smart contact lenses market is segmented Continuous Intraocular Pressure Monitoring, Photochromic Lenses and Others. Based on end user, the smart contact lenses market is segmented into Ophthalmology Clinics, Home Care, Segmentation and Others. Based on Region Smart Contact Lenses Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Smart Contact Lenses Market Analysis by Type
Based on type, the photochromic lens segment dominated the market. The dominance of photochromic lenses in the global market is attributed to technological advancements as well as new product launches by market players. The other segment, which includes the glucose monitoring lens, MojoVision lens, and CatsVison lens, is expected to grow at a significant CAGR During the forecast period. Many key players, including Samsung, Mojavison, Sony, and others, are currently working to develop these advanced contact lenses and use them in a variety of health-related applications. During the forecast period, this is expected to fuel demand for this segment type and promote market growth.
Smart Contact Lenses Market Analysis by End User
Based on the end user, The segment of ophthalmology clinics dominated the market. The increasing number of ophthalmology clinics focusing on the availability of smart contact lenses is expected to drive growth in this segment. Furthermore, patients' preference for ophthalmology clinics for smart contact lenses is expected to fuel segment growth. The home care segment, on the other hand, is expected to grow at a significantly faster rate during the forecast period as patients shift away from clinic visits and toward self-care and homecare.
Global Smart Contact Lenses Market By Type
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Smart Contact Lenses Market Regional Insights
North America is expected to experience significant growth in the coming years as a result of a variety of factors including significant investments in the development of smart contact lenses, increased consumer awareness, and the presence of key industry players offering advanced products. Furthermore, the region has advanced healthcare infrastructure and significantly higher healthcare expenditure per capita, which is expected to influence market growth in the future.
European market participants from various countries are increasing their investments and supporting the market's need for technological development and improvement. This is likely to give the market a much-needed boost and encourage investment in the smart contact lens industry. This also has a significant impact on the region's ability to compete for global dominance aggressively.
The Asia-Pacific market will also grow significantly in the coming years. Over the last decade, the rising prevalence of chronic diseases such as diabetes has created market expansion opportunities as well as increased awareness of advanced lens availability across the region's economies.
Global Smart Contact Lenses Market By Region
- Largest
- Fastest
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Smart Contact Lenses Market Dynamics
Smart Contact Lenses Market Drivers
Various Health Benefits to Bolster Its Demand during Forecast Period
- One of the areas of optometry that is expanding the fastest is contact lenses, which has seen a lot of important advancements in the past ten years. Smart contact lenses are one of the most recent and important developments in contact lenses. These cutting-edge lenses can identify glaucoma, diabetes, and other medical issues in a flash. The development of smart contact lenses, which will enable users to capture pictures with their eyes and adapt to shifting lighting conditions for clear vision while moving from light to dark, is another area where major businesses are investing heavily. Those with age-related macular degeneration (AMD) and other disorders will benefit from this. The rising demand for these smart lenses is to blame for driving up the market expansion over the forecast period with these research and development initiatives.
Smart Contact Lenses Market Restraints
Stringent Regulations to Hinder Market Growth
- Several problems are preventing the widespread use of smart contact lenses, despite the increased prevalence of diabetes, glaucoma, and other health disorders worldwide. Lack of knowledge of this technology is one of the key causes. Also, the expensive price of these lenses is probably going to restrain market expansion. But campaigns by governmental and non-governmental organisations to increase public awareness of smart contact lenses, as well as a number of upcoming product launches, will help to expand the range of available products and are likely to generate fruitful opportunities for market expansion in developing regions.
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Smart Contact Lenses Market Competitive Landscape
Global smart contact lenses market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Smart Contact Lenses Market Top Player's Company Profiles
- Alphabet Inc. (Verily Life Sciences)
- Sensimed AG
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Novartis AG
- Innovega Inc.
- Mojo Vision Inc.
- Johnson & Johnson Vision Care, Inc.
- Medella Health
- Google LLC
- EP Global Communications, Inc.
- CooperVision, Inc.
- Seed Co. Ltd.
- Carl Zeiss Meditec AG
- Bausch Health Companies Inc.
- Ava Science, Inc.
- Eyenovia, Inc.
- GENTEX Corporation
- Sensimed AG
- SoftLens Technology
Smart Contact Lenses Market Recent Developments
- In March 2022, Mojo Vision made a new Mojo Lens prototype which is the world’s tiniest and densest dynamic display, has low-latency connectivity, and has an eye-controlled user interface.
- In March 2022, Johnson & Johnson created the first lens capable of delivering medication directly into the eye. Antihistamine ketotifen is contained in the lenses and was authorized by the US Food and Drug Administration earlier in the month of March.
Smart Contact Lenses Key Market Trends
- Growing strategic alliances among major players to expand product offerings have been critical to market growth during the forecast period. Currently, the product portfolio of smart contact lenses is limited, and major market players such as Google, Sony, Samsung, and Innovega Inc. are working hard to develop this advanced technology for the future.
Smart Contact Lenses Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our smart contact lenses market analysis, in terms of types, the photochromic lens segment held larger market share owing to technology advancement and in terms of end user, ophthalmology clinics segment contributed to the market growth due to high patient preference. Moreover, Increase in prevalence of refractive error and Rising cases of diabetic retinopathy are driving the market growth. Whereas, technological advancements in contact lenses has provided the opportunity for market growth. And the Safety concerns associated with the use of the smart contact lens market is the restraint for the smart contact lenses market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.25 billion |
| Market size value in 2031 | USD 5.85 billion |
| Growth Rate | 11.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Contact Lenses Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Contact Lenses Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Contact Lenses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Contact Lenses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Contact Lenses Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Contact Lenses Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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