Smart Contact Lenses Market Size, Share, Growth Report 2032

Smart Contact Lenses Market Size And Overview

The Global Smart Contact Lenses Market size accounted for USD 5.25 Billion in 2020 and is expected to reach USD 11.66 Billion by 2028, growing at a CAGR of 10.6% from 2021 to 2028.

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Smart Contact Lenses are used to monitor glucose levels in tears as well as intraocular pressure. The glucose sensor and wireless chip in the smart lens are positioned between the soft layers of lenses with a tiny hole, allowing tear flow for measurement and data collecting. The wireless chip transmits signals to wireless devices using acquired data, and RFID wireless technology is utilized to extract power from these devices. It is frequently used as a healthcare solution for diabetes people who want to check their fitness level and monitor their blood pressure, body temperature, and cholesterol levels.

COVID-19 Impact Analysis

With the advent of COVID-19, there has been a rise in worries about wearing contact lenses since they involve touching the eyes, which might lead to infection with COVID-19. Despite the lack of proof that COVID-19 is transferred through contact lenses, numerous healthcare organizations recommended temporarily switching to avoid these smart contact lenses. Due to global lockdown measures, optometric clinics and retail establishments were forced to shutter or operate with inadequate resources, disrupting the distribution route. During the lockdown, many individuals worked from home or did not sleep out, reducing the use of smart contact lenses.

Growth Factors

One of the major growth drivers for the Global Smart Contact Lenses Market is the Rising Prevalence of Diabetes will Propel Market Growth. The rising prevalence of diabetes and glaucoma is fuelling the growth of the smart contact lenses market. Since the previous decade, contact lenses have advanced significantly in the area of optometry, gaining impetus as a result of fast breakthroughs in the profession. The ability of smart contact lenses to identify ailments such as diabetes and glaucoma is improving the total industry. Smart lenses also have additional functions, such as automated adjustment to light and dark situations and capturing images, and are in great demand among individuals with age-related macular degeneration (AMD) and other health-related difficulties.

Another factor for the growth in this market is an increase in research and development in the field of contact lenses. Contact lenses are one of the fastest-growing fields in optometry, with a number of notable advancements in this sector over the previous decade. Smart contact lenses are one of the most recent and significant advancements in contact lens technology. These cutting-edge lenses can detect diabetes, glaucoma, and other health issues in a matter of seconds. In addition, prominent firms are working on the creation of smart contact lenses that will allow individuals to capture images with their eyes and respond to changing light in the environment for clear vision as the light changes. People with age-related macular degeneration and other difficulties will benefit from this. This market's expansion is due to such research and development initiatives.

Smart Contact Lenses Market Report Scope:

Material Segment Analysis Preview

The market is divided into three types of materials: gas permeable, silicone hydrogel, and hybrid. Over the projected period, the hybrid lens category is predicted to increase significantly. A hybrid lens combines gas-permeable and silicone hydrogel materials. It comprises of an RGP center zone surrounded by a soft or silicone hydrogel material peripheral skirt. It combines the softness of a soft lens with the optical clarity of an RGP lens. People with astigmatism and keratoconus are projected to utilize hybrid lenses more frequently, which is likely to boost category development.

Distribution Channel Segment Analysis Preview

The market is divided into three categories based on the distribution channel: e-commerce, Eye-Care Professionals (ECP), and retail. Independent eye-care practitioners distribute the bulk of the lenses created. As a result, Internet shopping is predicted to have the least market share. As a result, market penetration in the ECP channel represents a significant profit opportunity. Contact lenses used to need daily removal and extensive cleaning procedures. Furthermore, consumers traditionally purchased eye lenses from eye practitioners; however, the introduction of disposable soft contact lenses that consumers wear for only a few weeks, as well as the advancement of non-practitioner lens sellers, such as e-commerce contact lens retailers, altered market dynamics. The e-commerce industry has simplified distribution and allowed firms to expand their geographic reach globally.

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Regional Analysis Preview

North America has the highest share of the worldwide smart contact lenses market due to the rising incidence of diabetes and the rising desire for novel eye care solutions to combat health concerns. Wearable medical device use is increasing throughout all age groups, notably among the elderly, which is driving the segment's growth. The region's expansion is being fueled by current trends in the cosmetics industry.

Europe is one of the most promising areas in the worldwide market due to increased spending on research and development in smart medical devices. The increasing adoption of smart contact lenses in the nations propels regional market expansion even more.

Asia Pacific is a developing area in the global smart contact lenses market due to the rising incidence of chronic conditions such as diabetes in the area. With increased knowledge and technological improvements in the field, countries such as China and India are likely to rise considerably.

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Key Market Players & Competitive Landscape

Some of the significant players in the global smart contact lenses market are 

• Innovega Inc
• Novartis AG
• Samsung Electronics Co., Ltd.
• Google Inc.
• Sensimed AG
• Sony Corporation
• Liner Technologies
• EP Global Communications, Inc.
• Analog Devices
• Knowles
• InvenSense
• NXP Semiconductor
• Rockwell Automation
• Banner Engineering
• Atmel
• Murata Manufacturing
• Nanomix
• Hitachi
• TOWA
• STMicroelectronics
• Texas Instruments.

The Global Smart Contact Lenses Market is segmented as follows:

By Type

• Continuous Glucose Monitoring
• Intraocular Pressure Monitoring
• Others

By Material

• Gas Permeable
• Silicone Hydrogel
• Hybrid

By Distribution Channel

• E-Commerce
• Retail
• Eye-Care Professionals

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