Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see the object clearly, and smart contact lenses help by providing larger image and clearer images. The increasing use of smart lenses to prevent macular degeneration is expected to drive smart contact lens market growth.
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For instance,
- According to the National Institute of Health study in 2015, 917 subjects participated. The prevalence of uncorrected refractive errors was 23.97% among males and 20% among females. The prevalence was seen to increase with age
Thus, with the increasing refractive error such as myopia, hyperopia, astigmatism, and others, there is an increase in the number of clinical trials for smart contact lenses, which is driving the global smart contact lens market growth.
Data Bridge Market Research analyses that the Global Smart Contact Lens Market is expected to grow at a CAGR of 12.6% from 2023 to 2030 and is expected to reach USD 678,147.91 thousand by 2030. Increased prevalence of refractive error and the rising cases of diabetic retinopathy is expected to drive the growth of the global smart contact lens market.
Key Findings of the Study
RISE IN THE PREVALENCE OF EYE DISORDEr
There are severe various eye-related disorders that need special treatment and care. Specialized smart contact lenses help the patient recover from eye disorders such as farsightedness, diabetes retinopathy, and others and provide better vision. The increase in smart contact lenses for various eye disorders is expected to drive the market's growth.
For instance,
- According to a study by All Vison, they have described the use of different smart contact lenses for various eye disorders.
- Eye health monitor: Scientists in South Korea have developed the prototype for a new smart lens that, in theory, will be able to monitor eye health or help deliver medicinal eye treatments. Still, it will be a while before this smart contact lens can be prescribed in the early stages of research.
- Diabetes: Researchers at Purdue University are using sensor tech inside smart contact lenses to measure the basal tears that keep the eyes moist to help people with diabetes monitor their blood glucose.
- Glaucoma: Sensimed AG has developed the Triggerfish wireless chip and miniaturized sensor that measures intraocular pressure, a modifiable risk factor for glaucoma. The Kaunas University of Technology in Lithuania has also developed dissolvable contact lenses that can deliver drugs to the eyes of glaucoma patients.
- Farsightedness: Researchers at the University of Wisconsin have used the unique shape of the retina found in elephant nose fish to design a contact lens that autofocuses in milliseconds, instantly correcting farsightedness. It is estimated that more than one billion people worldwide have age-related farsightedness (presbyopia).
- Telescopes: The Swiss Federal Institute of Technology in Lausanne has developed telescopic contact lenses that enable users to switch between normal and magnified vision, which could be extremely beneficial to people with macular degeneration.
Thus, an increase in eye disorders and the increasing use of smart contact lenses is expected to increase the forecast market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Thousand, and Pricing in USD
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Segments Covered
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By Design (Micro-LED Display Contact Lens, Diagnostic Sensor Integrated Contact Lens, Photodetector Contact Lens, Drug Eluding Contact Lenses, Electrochemical Contact Lens Sensors, Light Diffractive Contact Lenses, Fluorescence-Based Contact Lenses, and Others) Material (Poly (2-Hydroxyethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA), Polyacrylamide (PA), Polyethylene Terephthalate (PET), Polydimethylsiloxane (PDMS), and Others), Application (Monitoring, Therapeutics, and Other Application), Usability (Single Use, Extended Use), Technology (Fluorescence-Based Sensing Technology, Holographic Sensing Technology, Colorimetric Based Sensing Technology, Electrochemical-Based Technologies and others), Population Type (Pediatric, Adult, and Geriatric), End User (Eye Hospital, Ophthalmology Clinics, Homecare Settings, and Others), Distribution Channel (Retail stores, Online Stores, Eye Care Practitioners, and Others)
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Countries Covered
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U.S., Germany, U.K., Italy, Spain, Switzerland, Poland, Austria, and Japan
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Market Players Covered
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Innovega INC (U.S.), InWith Corp (U.S.), Sensimed AG (Switzerland), RaayonNova (U.S.), Azalea Vision (Belgium), SAMSUNG, Mediprint (U.S.) e-Vision Smart Optics, Inc. (U.S.), and GlakoLens Biyomedikal Biyoteknoloji San. Ve Tic. A.S. (Turkey) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The global smart contact lens market is categorized into eight segments based on design, material, application, usability, technology, population, end user, and distribution channel.
- On the basis of design, the global smart contact lens market is segmented into fluorescence-based contact lenses, electrochemical contact lens sensors, light diffractive contact lenses, micro-led display contact lenses, photodetector contact lenses, drug eluding contact lenses, diagnostic sensor integrated contact lenses, and others.
In 2023, the micro-LED display contact lenses segment is expected to dominate the global smart contact lens market with the increasingly advanced technology and rising strategic initiatives by major market players.
- On the basis of design, the global smart contact lens market is segmented into fluorescence-based contact lenses, electrochemical contact lens sensors, light diffractive contact lenses, micro-LED display contact lenses, photodetector contact lenses, drug eluding contact lenses, diagnostic sensor integrated contact lenses, and others. In 2023, the micro-LED display contact lenses segment is expected to dominate the global smart contact lens market with 31.91% market share and is expected to reach USD 260,867.34 thousand by 2030, growing with the highest CAGR of 15.6% in the forecast period of 2023 to 2030.
- On the basis of material, the global smart contact lens market is segmented into Poly (2-Hydroxethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA), Polyacrylamide (PA), Polyethylene Terephthalate (PET), Polydimethylsiloxane (PDMS), and others. In 2023, the Poly (2-Hydroxethyl Methacrylate) (PHEMA) segment is expected to dominate the global smart contact lens market with 47.60% market share and is expected to reach USD 346,410.74 thousand by 2030, growing with the highest CAGR of 13.7% in the forecast period of 2023 to 2030.
- On the basis of application, the global smart contact lens market is segmented into monitoring, therapeutics, and other application. In 2023, the monitoring segment is expected to dominate the market with a 48.48% market share and is expected to reach USD 339,545.32 thousand by 2030, growing with the highest CAGR of 13.1% in the forecast period of 2023 to 2030.
- On the basis of usability, the global smart contact lens market is segmented into single use and extended use. In 2023 single-use segment is expected to dominate the market with a 55.39 % market share and is expected to reach USD 394,556.49 thousand by 2030, growing with the highest CAGR of 13.4% in the forecast period of 2023 to 2030.
- On the basis of technology, the global smart contact lens market is segmented into fluorescence-based sensing technology, holographic sensing technology, colorimetric based sensing technology, electrochemical-based technologies, and others. In 2023 fluorescence-based sensing technology is expected to dominate the market with a 35.48 % market share and is expected to reach USD 263,878.42 thousand by 2030, growing with the highest CAGR of 14.1% in the forecast period of 2023 to 2030.
- On the basis of population, the global smart contact lens market is segmented into pediatric, adults, and geriatric. In 2023 the geriatric segment is expected to dominate the market with a 42.48% market share and is expected to reach USD 301,058.61 thousand by 2030, growing with the highest CAGR of 13.3% in the forecast period of 2023 to 2030.
- On the basis of end user, the global smart contact lens market is segmented eye hospitals, ophthalmology clinics, home care settings, and others. In 2023, the eye hospital segment is expected to dominate the global smart contact lens market with a 42.31% market share and is expected to reach USD 354,124.61 thousand by 2030, growing with the highest CAGR of 16.0% in the forecast period of 2023 to 2030.
- On the basis of distribution channel, the global smart contact lens market is segmented into retail stores, online stores, eye care practitioners, and others. In 2023, the retail stores segment is expected to dominate the global smart contact lens market with 41.97% market share and is expected to reach USD 308,423.99 thousand by 2030, growing with the highest CAGR of 13.9% in the forecast period of 2023 to 2030.
Major Players
Data Bridge Market Research recognizes the following companies as the major global smart contact lens market players are Innovega INC (U.S.), InWith Corp (U.S.), Sensimed AG (Switzerland), RaayonNova (U.S.), Azalea Vision (Belgium), SAMSUNG, Mediprint (U.S.) e-Vision Smart Optics, Inc. (U.S.), and GlakoLens Biyomedikal Biyoteknoloji San. Ve Tic. A.S. (Turkey) among others.
Market Developments
- In March 2022, Innovega INC. announced that it had granted a commercial license to its next-generation display eyewear to the global supplier.
- In December 2021, GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.Ş. announced that they won the TechTour Moscow Health Challenge 2021 with its Smart Contact Lens system for improving glaucoma management
- In August 2021, Azalea Vision, a joint spin-out of Belgian research lab Imec and Ghent University, raised EUR 8m to commercialize a smart contact lens technology to tackle medical conditions such as chronic migraines. The technology is different from the smart contact lens developments integrating a display and wireless link. Instead, the Azalea approach integrates an active light management system inside the contact lens. This is able to adjust the brightness of incoming light automatically and dynamically, specifically tailored to each patient's needs, while also performing the functions of a traditional contact lens
- In December 2019, GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.Ş. announced that they had signed the SME Instrument Agreement with European Commission. This project helps to increase the company's product range and sales
- In September 2018, Sensimed announced the registration of the Sensimed Triggerfish sensor and monitoring system as a medical device in Japan. The contact lens sensor itself is very well tolerated over the measurement period and uses telemetry in combination with a fully integrated sensor to measure a volumetric change in the eye
Regional Analysis
Geographically, the countries covered in the global smart contact lens market report are U.S., Germany, U.K., Italy, Spain, Switzerland, Poland, Austria, and Japan.
As per Data Bridge Market Research analysis:
North America region is the dominant region in the global smart contact lens market during the forecast period 2023 - 2030
In 2023, the North America region is expected to dominate the global smart contact lens market with a 67.43% market share. This is due to rising cases of eye disorders.
North America is estimated to be the fastest-growing region in the global smart contact lens market for the forecast period 2023 - 2030
North America is expected to grow during the forecast period due to major market players and disposable income.
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