Smart Contact Lenses Market
Smart Contact Lenses Market Forecasts to 2030 - Global Analysis By Type (Micro-LED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lenses, Drug Eluding Contact Lenses and Other Types), By Material (Poly (2-Hydroxyethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA) and Other Materials), By Usability (Single Use, Extended Use and Other Usability-s), Population Type, Distribution Channel, Technology, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $7.1 BN |
|
Projected Year Value (2030) |
US $15.6 BN |
|
CAGR (2023 - 2030) |
11.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Smart Contact Lenses Market is accounted for $7.1 billion in 2023 and is expected to reach $15.6 billion by 2030 growing at a CAGR of 11.8% during the forecast period. Smart contact lenses are advanced wearable devices that integrate technology into traditional contact lenses. They can monitor health metrics, measure glucose levels and offer augmented reality experiences. Their non-intrusive nature makes them convenient for continuous health monitoring and seamless integration.
According to Peter Ivins Eye Care, 2-year clinical trial results show that MiyoSmart lenses slow myopia progression by 59% and slow axial eye growth by an average of 60%.
Market Dynamics:
Driver:
Rising demand for continuous health monitoring
Innovative devices offer a non-intrusive and convenient solution for individuals seeking real-time health insights. Smart contact lenses enable the seamless monitoring of vital health metrics, providing users and healthcare professionals with valuable data to manage chronic conditions, detect anomalies, and ensure proactive healthcare. With the increasing prevalence of chronic diseases and a growing aging population, the ability of smart contact lenses to offer continuous health monitoring positions them as a transformative technology, addressing the evolving needs of modern healthcare and fostering a proactive approach to well-being.
Restraint:
Initial investment and maintenance expenses
The development and production of these advanced technological devices involve significant upfront costs in research, design and manufacturing. The incorporation of cutting-edge sensor technologies and nanomaterials adds to the production expenses. Additionally, users may encounter higher initial purchase prices due to the complexity of the technology embedded in smart contact lenses. Maintenance costs, including software updates, repairs and replacements contribute to the overall financial burden for both consumers and healthcare systems. This financial barrier can limit widespread adoption, particularly in regions with constrained healthcare budgets and populations with limited disposable income.
Opportunity:
Ongoing developments in sensor and nanotechnology
These developments allow for the integration of sophisticated sensors and miniature components into the compact design of smart contact lenses. Enhanced sensor capabilities enable more accurate and diverse health monitoring functionalities, such as measuring glucose levels and detecting biomarkers. Nanotechnology facilitates the creation of smaller, more efficient components, contributing to the development of sleeker and more comfortable smart lenses. This ongoing innovation not only expands the range of applications but also improves the overall performance, fostering the market's potential to deliver increasingly sophisticated and reliable smart contact lens solutions.
Threat:
Concerns about eye health and potential infections
These innovative lenses offer groundbreaking capabilities, users and healthcare professionals express apprehensions about their long-term impact on ocular health. Prolonged use may lead to discomfort, dryness, and irritation, raising questions about the overall safety of smart contact lenses. Moreover, the risk of infections, stemming from factors such as inadequate lens hygiene or compromised seals, amplifies these concerns. The delicate nature of the eyes requires meticulous attention to safety standards.
Covid-19 Impact:
The Covid-19 pandemic has had a mixed impact on the market. While the increased focus on remote health monitoring has spurred interest in wearable technologies, the economic uncertainties and disrupted supply chains have posed challenges. Delayed research and development, coupled with changes in consumer priorities, have influenced market dynamics. However, the growing awareness of health monitoring and the gradual recovery from the pandemic are expected to contribute to the market's resurgence as people seek innovative solutions for continuous healthcare in the post-Covid-19 era.
The diagnostic sensor integrated contact lens is expected to be the largest during the forecast period
The diagnostic sensor integrated contact lens segment is expected to have a lucrative growth. These lenses incorporate advanced diagnostic sensors capable of monitoring various health metrics, such as glucose levels or intraocular pressure. The real-time data collected by these sensors provides valuable insights for both users and healthcare professionals, allowing for continuous health monitoring. This targeted functionality enhances the diagnostic and preventive aspects of smart contact lenses, making them a crucial component in the evolution of healthcare technology and personalized patient care.
The Poly (2-Hydroxyethyl Methacrylate) (PHEMA) segment is expected to have the highest CAGR during the forecast period
The Poly (2-Hydroxyethyl Methacrylate) (PHEMA) segment is anticipated to witness the fastest CAGR growth during the forecast period. PHEMA is a hydrogel that is known for its biocompatibility, optical clarity, and water absorption properties, making it suitable for extended wear. It provides a comfortable and breathable platform for integrating various technologies, such as sensors and electronics, into contact lenses. This material's characteristics make it a popular choice for developing smart contact lenses, allowing for continuous and comfortable wear while supporting advanced functionalities for health monitoring and augmented reality applications.
Region with largest share:
During the forecast period, it is expected that the North American Smart Contact Lenses market will continue to hold a majority of the market share. The region's advanced healthcare infrastructure, coupled with a high level of technological adoption, contributes to the widespread acceptance of smart contact lenses. Increasing awareness of health monitoring and the presence of key market players and research institutions position North America at the forefront of smart contact lens development. The market in this region is characterized by a dynamic landscape, marked by continuous advancements and a growing emphasis on personalized healthcare solutions.
Region with highest CAGR:
The Asia Pacific region is witnessing rapid growth in market. Factors such as a burgeoning population, increasing healthcare awareness, and rising demand for innovative wearables contribute to the market's expansion. Countries like Japan and South Korea are at the forefront of technological advancements, fostering a conducive environment for smart contact lens development. With a focus on healthcare innovation and improving the quality of life, the Asia Pacific Smart Contact Lenses Market is poised for significant development and market penetration.
Key players in the market
Some of the key players in Smart Contact Lenses market include Alcon Vision LLC, Samsung, Google, Sony, Innovega Inc., Liner Technologies, Sensimed AG, Mojo Vision Inc. and Nuravision.
Key Developments:
In October 2023, XPANCEO (UAE), a deep tech startup, has raised $40 million in seed funding to develop the first contact lenses with AR vision capabilities. Opportunity Ventures (Asia) of Hong Kong led the round. The funds will be used to launch the next prototype, which will combine several features into a single device.
In September 2022, Johnson & Johnson Vision (US) Introduced New Contact Lens Technology to Meet the Demands of Digitally Intense Lifestyles: ACUVUE® is a brand of presbyopia contact lenses. Developed with an unprecedented combination of new technologies to assist in meeting the needs of digitally intensive lifestyles
Types Covered:
• Micro-LED Display Contact Lens
• Diagnostic Sensor Integrated Contact Lens
• Photodetector Contact Lenses
• Drug Eluding Contact Lenses
• Light Diffractive Contact Lenses
• Fluorescence-Based Contact Lenses
• Other Types
Materials Covered:
• Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
• Polyvinyl Alcohol (PVA)
• Polyacrylamide (PA)
• Polyethylene Terephthalate (PET)
• Polydimethylsiloxane (PDMS)
• Other Materials
Usability’s Covered:
• Single Use
• Extended Use
• Other Usability’s
Population Types Covered:
• Pediatric
• Adult
• Geriatric
Distribution Channels Covered:
• Retail Stores
• Online Stores
• Eye Care Practitioners
• Other Distribution Channels
Technologies Covered:
• Fluorescence-Based Sensing Technology
• Holographic Sensing Technology
• Colorimetric Based Sensing Technology
• Electrochemical-Based Technologies
• Other Technologies
Applications Covered:
• Monitoring
• Therapeutics
• Other Applications
End Users Covered:
• Ophthalmology Clinics
• Home Care
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Contact Lenses Market, By Type
5.1 Introduction
5.2 Micro-LED Display Contact Lens
5.3 Diagnostic Sensor Integrated Contact Lens
5.4 Photodetector Contact Lenses
5.5 Drug Eluding Contact Lenses
5.6 Light Diffractive Contact Lenses
5.7 Fluorescence-Based Contact Lenses
5.8 Other Types
6 Global Smart Contact Lenses Market, By Material
6.1 Introduction
6.2 Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
6.3 Polyvinyl Alcohol (PVA)
6.4 Polyacrylamide (PA)
6.5 Polyethylene Terephthalate (PET)
6.6 Polydimethylsiloxane (PDMS)
6.7 Other Materials
7 Global Smart Contact Lenses Market, By Usability
7.1 Introduction
7.2 Single Use
7.3 Extended Use
7.4 Other Usability’s
8 Global Smart Contact Lenses Market, By Population Type
8.1 Introduction
8.2 Pediatric
8.3 Adult
8.4 Geriatric
9 Global Smart Contact Lenses Market, By Distribution Channel
9.1 Introduction
9.2 Retail Stores
9.3 Online Stores
9.4 Eye Care Practitioners
9.5 Other Distribution Channels
10 Global Smart Contact Lenses Market, By Technology
10.1 Introduction
10.2 Fluorescence-Based Sensing Technology
10.3 Holographic Sensing Technology
10.4 Colorimetric Based Sensing Technology
10.5 Electrochemical-Based Technologies
10.6 Other Technologies
11 Global Smart Contact Lenses Market, By Application
11.1 Introduction
11.2 Monitoring
11.3 Therapeutics
11.4 Other Applications
12 Global Smart Contact Lenses Market, By End User
12.1 Introduction
12.2 Ophthalmology Clinics
12.3 Home Care
12.4 Other End Users
13 Global Smart Contact Lenses Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.2 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Alcon Vision LLC
15.2 Samsung
15.3 Google
15.4 Sony
15.5 Innovega Inc.
15.6 Liner Technologies
15.7 Sensimed AG
15.8 Mojo Vision Inc.
15.9 Nuravision
List of Tables
1 Global Smart Contact Lenses Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Contact Lenses Market Outlook, By Type (2021-2030) ($MN)
3 Global Smart Contact Lenses Market Outlook, By Micro-LED Display Contact Lens (2021-2030) ($MN)
4 Global Smart Contact Lenses Market Outlook, By Diagnostic Sensor Integrated Contact Lens (2021-2030) ($MN)
5 Global Smart Contact Lenses Market Outlook, By Photodetector Contact Lenses (2021-2030) ($MN)
6 Global Smart Contact Lenses Market Outlook, By Drug Eluding Contact Lenses (2021-2030) ($MN)
7 Global Smart Contact Lenses Market Outlook, By Light Diffractive Contact Lenses (2021-2030) ($MN)
8 Global Smart Contact Lenses Market Outlook, By Fluorescence-Based Contact Lenses (2021-2030) ($MN)
9 Global Smart Contact Lenses Market Outlook, By Other Types (2021-2030) ($MN)
10 Global Smart Contact Lenses Market Outlook, By Material (2021-2030) ($MN)
11 Global Smart Contact Lenses Market Outlook, By Poly (2-Hydroxyethyl Methacrylate) (PHEMA) (2021-2030) ($MN)
12 Global Smart Contact Lenses Market Outlook, By Polyvinyl Alcohol (PVA) (2021-2030) ($MN)
13 Global Smart Contact Lenses Market Outlook, By Polyacrylamide (PA) (2021-2030) ($MN)
14 Global Smart Contact Lenses Market Outlook, By Polyethylene Terephthalate (PET) (2021-2030) ($MN)
15 Global Smart Contact Lenses Market Outlook, By Polydimethylsiloxane (PDMS) (2021-2030) ($MN)
16 Global Smart Contact Lenses Market Outlook, By Other Materials (2021-2030) ($MN)
17 Global Smart Contact Lenses Market Outlook, By Usability (2021-2030) ($MN)
18 Global Smart Contact Lenses Market Outlook, By Single Use (2021-2030) ($MN)
19 Global Smart Contact Lenses Market Outlook, By Extended Use (2021-2030) ($MN)
20 Global Smart Contact Lenses Market Outlook, By Other Usability’s (2021-2030) ($MN)
21 Global Smart Contact Lenses Market Outlook, By Population Type (2021-2030) ($MN)
22 Global Smart Contact Lenses Market Outlook, By Pediatric (2021-2030) ($MN)
23 Global Smart Contact Lenses Market Outlook, By Adult (2021-2030) ($MN)
24 Global Smart Contact Lenses Market Outlook, By Geriatric (2021-2030) ($MN)
25 Global Smart Contact Lenses Market Outlook, By Distribution Channel (2021-2030) ($MN)
26 Global Smart Contact Lenses Market Outlook, By Retail Stores (2021-2030) ($MN)
27 Global Smart Contact Lenses Market Outlook, By Online Stores (2021-2030) ($MN)
28 Global Smart Contact Lenses Market Outlook, By Eye Care Practitioners (2021-2030) ($MN)
29 Global Smart Contact Lenses Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
30 Global Smart Contact Lenses Market Outlook, By Technology (2021-2030) ($MN)
31 Global Smart Contact Lenses Market Outlook, By Fluorescence-Based Sensing Technology (2021-2030) ($MN)
32 Global Smart Contact Lenses Market Outlook, By Holographic Sensing Technology (2021-2030) ($MN)
33 Global Smart Contact Lenses Market Outlook, By Colorimetric Based Sensing Technology (2021-2030) ($MN)
34 Global Smart Contact Lenses Market Outlook, By Electrochemical-Based Technologies (2021-2030) ($MN)
35 Global Smart Contact Lenses Market Outlook, By Other Technologies (2021-2030) ($MN)
36 Global Smart Contact Lenses Market Outlook, By Application (2021-2030) ($MN)
37 Global Smart Contact Lenses Market Outlook, By Monitoring (2021-2030) ($MN)
38 Global Smart Contact Lenses Market Outlook, By Therapeutics (2021-2030) ($MN)
39 Global Smart Contact Lenses Market Outlook, By Other Applications (2021-2030) ($MN)
40 Global Smart Contact Lenses Market Outlook, By End User (2021-2030) ($MN)
41 Global Smart Contact Lenses Market Outlook, By Ophthalmology Clinics (2021-2030) ($MN)
42 Global Smart Contact Lenses Market Outlook, By Home Care (2021-2030) ($MN)
43 Global Smart Contact Lenses Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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