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 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.