North America Smart Contact Lens Market – Industry Trends and Forecast to 2030

North America Smart Contact Lens Market Analysis and Size

The North America smart contact lens market is expected to grow in the forecast period due to the rise in market players and the availability of advanced products. Along with this, manufacturers are engaged in R&D activity to launch novel products in the market. However, the high cost of smart contact lenses may hamper the growth of the North America smart contact lens market in the forecast period.

The rise in FDA approval and the presence of a wide range of products and devices are raising market growth. The rising government investments with the rising awareness among the population are expected to provide lucrative opportunities to market growth. However, the increasing product recall may challenge the market's growth.

Data Bridge Market Research analyzes that the North America smart contact lens market is expected to reach the value of USD 486,070.83 thousand by 2030, at a CAGR of 13.6%. The micro-LED display contact lenses segment is expected to dominate the North America smart contact lens market with the increasingly advanced technology and rising strategic initiatives by major market players.

Market Definition

A smart contact lens with a built-in visual display is designed to magnify images for people with low vision. The patented lens, designed by a company called Mojo Vision, can project content from a smartphone.

The smart contact lens is a regular hard or soft contact lens surrounded by a liquid crystal display, a tiny controller ASIC (Application-Specific Integrated Circuit), a light sensor, an accelerometer and gyroscope, and a very thin solid-state lithium-ion battery.

Smart contact lenses are used for various applications, such as myopia, hypoxia, and other eye disorders.

North America Smart Contact Lens Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:     

Drivers

Increase in Prevalence of Refractive Error

Refractive errors include various types of eye diseases, which causes vision problem that make it hard to see object clearly, and smart contact lenses help by providing clearer images. The increasing use of smart lenses to prevent macular degeneration is expected to drive smart contact lens market growth.

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
• According to Peter Ivins Eye Care in 2018, 2-year clinical trial results show that MiyoSmart lenses slow myopia progression by 59% and slow axial eye growth by an average of 60%.

Restraints

Increasing Side Effects Associated With Contact Lenses

Wearing contact lenses feel like an amazing upgrade to eyeglasses. People can see objects more clearly by using contact lenses. They can fit easily into the eye and allow people to perform numerous tasks that might be uncomfortable by wearing glasses, such as traveling and exercising, among others. However, if contact lenses are not used properly, there could be numerous side effects, even affecting the eye's vision in the long run.

Below are the various types of risks and side effects of using smart contact lenses:

• Blockage of oxygen supply to the eyes: Contact lenses lie directly on the eye, cover the entire cornea, and the amount of oxygen reaching the eyes decreases. Passes of oxygen are required to keep the eye healthy
• Diminished corneal reflex: Contact lenses cause to reduce the corneal reflex in the eye. The corneal reflex is a protective mechanism of the eye
• Corneal abrasion: Contact lenses can scratch the cornea and which causes corneal abrasion if the contact lenses are not fitted properly or even when the eyes are too dry
• Red eye or conjunctivitis: If people wear contact lenses for long hours, there will be a high risk of conjunctivitis

These are various symptoms associated with seasonal eye allergies while wearing smart contact lenses. Also, people have itchy or burning allergies to contact lens solutions, which hamper the demand for the smart contact lenses market

Opportunity

Technological Advancements in Contact Lenses

Day by day, technology is evolving and developing various products to improve people's lifestyles, and the same is happening in eye care. As technology is advancing, different brands are taking materials, lens designs, and wear schedules that can fit almost every individual need and also aids in developing contact lenses with improved quality, which makes wearers' lives better. Users enjoy greater flexibility and a lot more choices regarding contact lenses. There are a variety of contact lenses available in the market.

For instance,

• Extended-wear contact lenses

• Daily-wear contact lenses

• Rigid Gas Permeable (RGP) contact lenses

• Soft Contact Lenses

Contact lens materials have also changed significantly over the past few years. The newest contact lens materials offer better oxygen breathability than the last generation of soft contact lenses. Silicone hydrogel is incorporated into the polymer, allowing more oxygen to pass directly through the contact lens to the cornea. These new materials can afford up to ten times more oxygen to the cornea than the previous contact lenses, providing superior comfort and wearability.

Manufacturers present in the market are developing new technology smart contact lenses with a tiny built-in display that offers the wearer augmented reality images on a screen sitting right on the wearer's eyeballs. Also, manufacturers utilized a new unique technology that regularly provides users with a more optimal comfort experience using digital devices. For this reason, technological advancement in contact lenses is expected to act as an opportunity for the growing demand for the North America smart contact lenses market.

Challenge

Safety Concerns Associated With the Use of Contact Lenses

Contact lenses have a lot of advantages as well as disadvantages. Wearing contact lenses has several serious conditions, including eye infections and corneal ulcers. These conditions can develop very quickly and can be very serious.

It is important that hands should be dry before touching the contact lenses because germs from hands can be transferred to contact lenses and the lens case. Some germs can cause eye infections.

For instance,

• As per the CDC report in 2017, 99% of surveyed contact lens wearers admitted to at least one poor lens-hygiene habit that could lead to infection, such as rinsing the lenses in tap water. One-third have visited a doctor for a red or painful eye related to their lenses.

Contact lenses may give an illusion of getting rid of taking care of the glasses. However, contact lenses require significant care to retain their effectiveness and keep the eyes healthy.

While contact lenses are usually a safe and effective form of vision correction, they are not entirely risk-free, especially if not cared for properly. Contact lenses are medical devices, and failure to wear, clean, and store them as directed can increase the risk of eye infections, such as microbial keratitis, which may challenge the growth of the North America smart contact lens market

Recent Developments

• In July 2022, Raayon Nova/Smart Contact Lens presented its prototype device at AR conference at Columbia University. This will help the company to expand its business North Americaly.
• In April 2018, a patent application revealed that Samsung was exploring the development of a contact lens that could project images directly into the users' eye, take photographs and connect wirelessly to a smartphone. This has helped the company to increase its North America presence of the company

North America Smart Contact Lens Market Scope

The North America smart contact lens market is categorized into eight segments based on design, material, application, usability, technology, population, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

By Design

• Micro-LED display contact lens
• Diagnostic sensor integrated contact lens
• Photodetector contact lenses
• Drug eluding contact lenses
• Electrochemical contact lens sensors
• Light diffractive contact lenses
• Fluorescence-based contact lenses
• Others

On the basis of design, the North America 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.

By Material

• Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
• Polyvinyl Alcohol (PVA)
• Polyacrylamide (PA)
• Polyethylene Terephthalate (PET)
• Polydimethylsiloxane (PDMS)
• Other

On the basis of material, the North America smart contact lens market is segmented into Poly (2-Hydroxethyl Methacrylate) (PHEMA), Polyvinyl Alcohol (PVA), Polyacrylamide (PA), Polyethylene Terephthalate (PET), Polydimethylsiloxane (PDMS), and others.

By Application

• Monitoring
• Therapeutics
• Other applications

On the basis of application, the North America smart contact lens market is segmented into monitoring, therapeutics, and other application.

By Usablity

• Single use
• Extended use

On the basis of usability, the North America smart contact lens market is segmented into single use and extended use.

By Technology

• Fluorescence-based sensing technology
• Holographic sensing technology
• Colorimetric based sensing technology
• Electrochemical-based technologies
• Other

On the basis of technology, the North America smart contact lens market is segmented into fluorescence-based sensing technology, holographic sensing technology, colorimetric based sensing technology, electrochemical-based technologies, and others.

By Population Type

• Pediatric
• Adult
• Geriatric

On the basis of population type, the North America smart contact lens market is segmented into pediatric, adults, and geriatric.

By End User

• Eye hospital
• Ophthalmology clinics
• Homecare setting
• Other

On the basis of end user, the North America smart contact lens market is segmented into eye hospital, ophthalmology clinics, home care settings, and others.

By Distribution Channel

• Retail stores
• Online stores
• Eye care practitioners
• Other

On the basis of distribution channel, the North America smart contact lens market is segmented into retail stores, online stores, eye care practitioners, and others.

North America Smart Contact Lens Market Regional Analysis/Insights

The North America smart contact lens market is categorized into eight notable segments: design, material, application, usability, technology, population, end user, and distribution channel.

The countries covered in the North America smart contact lens market is U.S.

U.S. is expected to lead the North America smart contact lens market as it comprises a large number of major market players and a huge network of suppliers and manufacturers.

 The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of phosphorus and its derivatives and the challenges faced due to stringent regulations are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Smart Contact Lens Market Share Analysis

North America smart contact lens market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, business expansion, service facilities, partnership, strategic development, application dominance, and technology lifeline curve. The above data points provided are only related to the company's focus on the North America smart contact lens market.

Some of the key market players in the North America smart contact lens market are Innovega INC, InWith Corp, Sensimed AG, RaayonNova LLC, Mediprint, e-Vision Smart Optics, Inc., and SAMSUNG among others.

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