What is the global market size of Smart Contact Lenses Market?

Smart Contact Lenses Market size was valued at USD 2.02 billion in 2021 and is poised to grow from USD 2.2 billion in 2022 to USD 6.1 billion by 2030, growing at a CAGR of 11.2% in the forecast period (2023-2030).

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 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.

Smart Contact Lenses Market Report Snapshots

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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).

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. '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'

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.

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.

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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

Smart Contact Lenses Market Regional Insights

Smart Contact Lenses Market Report Snapshots

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