Smart Contact Lenses Market Size, Share Analysis, Growth Trends And Global Forecast To 2033
Posted by Sushmitha on May 15th, 2024
Overview and Scope
Smart contact lenses are a type of contact lens that has embedded electronic components that allow them to do more than just correct vision. It is used to monitor certain vital signs, such as blood sugar, and potentially alert the wearer if there are any issues.
Sizing and Forecast
The smart contact lenses market size has grown rapidly in recent years. It will grow from .14 billion in 2023 to .80 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to growing prevalence of vision-related disorders and eye conditions, increasing demand for real-time health monitoring and diagnostics, rising awareness about the benefits of smart contact lenses, expanding applications in healthcare and medical diagnostics, surge in research and development activities.
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Segmentation & Regional Insights
The smart contact lenses market covered in this report is segmented –
1) By Type: Daily Wear Soft Lenses, Extended-Wear, Planned Replacement, Rapid Gas Permeable (RGP), Other Types
2) By Application: Intraocular Pressure Monitoring, Continuous Glucose Monitoring
3) By End User: Hospitals, Ophthalmology Clinics, Other End Users
North America was the largest region in the smart contact lenses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increasing prevalence of glaucoma is expected to propel the growth of the smart contact lens market going forward. Glaucoma refers to a group of eye conditions characterized by increased intraocular pressure (pressure within the eye) that can damage the optic nerve, potentially leading to vision loss or blindness if left untreated. Smart contact lenses can be utilized in glaucoma management by monitoring intraocular pressure, providing continuous data for better disease management and early intervention. For instance, in October 2022, according to the BrightFocus Foundation, a US-based nonprofit organization, there are around 80 million individuals currently with glaucoma across the globe, and it is estimated to increase to more than 111 million by the year 2040. Therefore, the increasing prevalence of glaucoma will drive the growth of the smart contact lens market.
Key Industry Players
Major companies operating in the smart contact lenses market report are Google LLC, Johnson & Johnson, Huawei Technologies Co., Ltd, Hitachi Ltd., Sony Group Corporation, International Business Machines Corporation, Samsung Electronics Co Ltd, Novartis AG, Liner Technologies Inc., STMicroelectronics N.V. , Alcon Vision LLC, Interuniversity Microelectronics Centre , Atmel Corporation, Optical Technology Inc., Luxexcel, Innovega Inc., InWith Corporation, EP Global Communications Inc., Azalea Vision, MediPrint Ophthalmics, Tissot Medical Research SA
The smart contact lenses market report table of contents includes:
1. Executive Summary
2. Smart Contact Lenses Market Characteristics
3. Smart Contact Lenses Market Trends And Strategies
4. Smart Contact Lenses Market - Macro Economic Scenario
5. Global Smart Contact Lenses Market Size and Growth
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32. Global Smart Contact Lenses Market Competitive Benchmarking
33. Global Smart Contact Lenses Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Contact Lenses Market
35. Smart Contact Lenses Market Future Outlook and Potential Analysis
36. Appendix
