Smart Contact Lens Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Smart Contact Lens Industry Prospective:

The global smart contact lens market size was worth around USD 258.35 million in 2023 and is predicted to grow to around USD 736.24 million by 2032, with a compound annual growth rate (CAGR) of roughly 12.34% between 2024 and 2032.

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Smart Contact Lens Market: Overview

Smart contact lenses are modern devices that leverage technology to improve human vision. These lenses are designed to provide additional health-related assistance as well as interact with humans.

Traditionally used contact lenses that sit on the eye's surface are purely meant to help humans deal with vision-related problems. In some cases, contact lenses may be used to change the overall appearance of the eyes for cosmetic purposes.

However, smart contact lenses go beyond vision-based applications as they are meant to interact with users and, in some cases, deliver medicines. The ongoing research and innovation in the field of contact lenses are likely to help the market generate exceptional growth opportunities during the forecast period.

The most common technological platforms used during the designing of smart contact lenses include communication or information systems, micro-computers, and other forms of electronic interfaces.

However, the high cost of the technology, along with hesitancy among users against the use of cutting-edge technologies such as smart contact lenses, may limit the industry's expansion trends.

Key Insights:

• As per the analysis shared by our research analyst, the global smart contact lens market is estimated to grow annually at a CAGR of around 12.34% over the forecast period (2024-2032)
• In terms of revenue, the global smart contact lens market size was valued at around USD 258.35 million in 2023 and is projected to reach USD 736.24 million by 2032.
• The smart contact lens market is projected to grow at a significant rate due to the rising number of patients with vision-related problems.
• Based on the material, the poly (2-hydroxyethyl methacrylate) (PHEMA) segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the application, the intraocular pressure monitoring segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Smart Contact Lens Market: Growth Drivers

Rising number of patients with vision-related problems to drive market demand rate

The global smart contact lens market is expected to grow due to the growing number of patients facing problems with vision. According to the World Health Organization (WHO), around 2.2 billion people across the globe suffer from distant or near vision impairment. The organization estimates that the leading reasons for these conditions are cataract and refractive errors.

Additionally, some of the other main causes of vision impairment include glaucoma, diabetic retinopathy, and age-related macular degeneration. Vision-related medical issues can impact people of all age groups, including children of younger age.

Experts claim that too much screen time can cause eye problems, such as eye strain and Computer Vision Syndrome (CVS). The latter can cause eye dryness, itchiness, and redness.

Moreover, it is also related to rising reports of backaches, neck aches, and headaches in people with long hours of desk jobs. As the number of computer and smart consumer electronic users continues to grow, the chances of people suffering from vision impairment are likely to escalate, causing the demand for smart contact lenses to rise.

Rising demand in the wearables segment to fuel demand for smart contact lens

The wearables industry is projected to grow at a higher rate during the projection period as compared to the last few years. The demand for wearables has increased due to growth in consumer awareness and increasing inclination toward smart technologies, especially among the younger generation.

According to Recent market findings, the global wearables industry generated a revenue of over USD 121 billion in 2023. Moreover, the increased investments in wearables technology advancements, such as the integration of Artificial Intelligence, high-speed communication systems, and others, are expected to attract more people to the industry.

These wearables, including the solutions available in the smart contact lens market, are designed to monitor critical aspects of human health in real time thus allowing patients more control over their medical conditions. As per industry research, around 40.01% of adults at present times use some form of wearable technology.

Smart Contact Lens Market: Restraints

High cost of intelligent contact lenses to limit the industry’s expansion rate

The global industry for smart contact lenses is projected to be restricted due to the high cost of the technology. These devices are developed using cutting-edge technologies such as microelectronics, miniaturized sensors, and the use of highly advanced materials that are also biocompatible.

Additionally, the higher expenses associated with research & development further cause the final price of smart contact lenses to increase drastically, leaving the product out of reach for a large group of potential consumers.

Moreover, potential buyers with some level of discomfort with technology may not find the product appealing. Market players must focus on generating mass awareness about the use of smart contact lenses and their safety to generate trust among buyers.

Smart Contact Lens Market: Opportunities

Increasing research & development (R&D) and product innovation with expansion to generate growth opportunities

The global smart contact lens market is projected to generate growth opportunities due to the ongoing R&D in the industry, leading to the development of improved solutions with extensive explanations.

In August 2024, XPANCEO, an emerging Extended Reality (XR) display, exhibited four smart contact lens prototypes at the Mobile World Congress (MWC) 2024. One of the prototypes includes deep XR features.

At the event, the company also claimed that it was working on developing unintrusive and ultra-thin XR contact lenses that could easily replace the currently available bulkier Augmented Reality (AR) and Virtual Reality (VR devices). The products offered by XPANCEO are expected to assist in content surfing and health monitoring, thus providing holistic solutions to the users.

In June 2024, scientists in Singapore announced the development of an ultra-thin battery that can be integrated with traditional contact lenses, thus transforming them into smart counterparts. The battery’s current dimension is 0.2 millimeters in thickness and charges through the tears. Such major breakthroughs in smart contact lens technology will aid further market expansion in the future.

Smart Contact Lens Market: Challenges

Health concerns and regulatory challenges to impact market expansion trend during the forecast period

The global smart contact lens industry is projected to be challenged by the health concerns associated with the technology. Smart contact lenses house miniaturized electronic devices and come in direct contact with the eyes. If the product integrity is compromised in any way, it can directly impact the vision of the users, leading to serious health concerns. Obtaining necessary approvals from regulatory authorities is equally challenging for the industry players.

Smart Contact Lens Market: Segmentation

The global smart contact lens market is segmented based on material, type, application, end-use, and region.

Based on the material, the global market segments are polyvinyl alcohol (PVA), poly (2-hydroxyethyl methacrylate) (PHEMA), polydimethylsiloxane (PDMS), polyethylene terephthalate (PET), polyacrylamide (PA), and others. In 2023, the highest growth was witnessed in the poly (2-hydroxyethyl methacrylate) (PHEMA) segment. It dominated nearly 33.01% of the total market share. The material’s excellent biocompatibility is one of the major segmental growth drivers, along with superior oxygen permeability.

Based on type, the global smart contact lens industry is divided into extended-wear lenses, daily-wear soft lenses, rigid gas permeable (RGP), and others.

Based on the application, the global market divisions are intraocular pressure monitoring, continuous glucose monitoring, and others. In 2023, the highest revenue was generated in the intraocular pressure monitoring segment due to the growing number of patients requiring glaucoma treatment.

According to the Glaucoma Research Foundation, more than 80 million people worldwide suffer from the condition. The group of eye-related conditions is a leading cause of blindness and vision loss.

Based on end-use, the smart contact lens industry segments are home care settings, ophthalmology clinics, and hospitals.

Smart Contact Lens Market: Report Scope

Smart Contact Lens Market: Regional Analysis

North America to dominate over the rest of the regions during the forecast period

The global smart contact lens market will be led by North America during the projection period. The US is likely to succeed in the regional industry due to higher acceptance of smart contact lenses among consumers. The US has a huge market for wearable technologies, including smart contacts.

Moreover, the rising number of diabetic patients leading to vision impairment has further strengthened the industry’s demand rate.

In 2023, researchers at the University of California developed a new wearable in the form of a smart contact lens to monitor essential health parameters such as glucose levels using tears from human eyes as the source of information. The increasing focus on integrating VR, AR, and XR technologies into smart contact lenses will further help the region flourish.

Europe is a significant market with growth potential. The increasing importance given to managing health on their own across European citizens will generate expansion opportunities for the market players.

In December 2023, Azalea Vision demonstrated the functioning of the ALMA Lens. It is the company’s first functional prototype of the Azalea smart contact lens platform and can be used as the non-surgical alternative to corneal irregularities, keratoconus, presbyopia, and photophobia.

Smart Contact Lens Market: Competitive Analysis

The global smart contact lens market is led by players like:

• Medella Health
• Google LLC (Verily Life Sciences)
• Triggerfish (Sensimed AG)
• Mojo Vision
• RaayonNova LLC
• Sony Corporation
• Johnson & Johnson Vision Care Inc.
• Ocumetrics Technology Corporation
• Innovega Inc.
• Bausch + Lomb
• Sensimed AG
• EPGL Med
• Samsung Electronics Co. Ltd.
• Innovega
• Alcon (a division of Novartis)

The global smart contact lens market is segmented as follows:

By Material

• Polyvinyl alcohol (PVA)
• Poly (2-Hydroxyethyl methacrylate) (PHEMA)
• Polydimethylsiloxane (PDMS)
• Polyethylene terephthalate (PET)
• Polyacrylamide (PA)
• Others

By Type

• Extended-Wear Lenses
• Daily-Wear Soft Lenses
• Rigid Gas Permeable (RGP)
• Others

By Application

• Intraocular Pressure Monitoring
• Continuous Glucose Monitoring
• Others

By End-Use

• Home Care Settings
• Ophthalmology Clinics
• Hospitals

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa