Smart Contact Lenses Market Size & Share Report, 2032
The global smart contact lenses market is expected to experience significant growth in the coming years, according to a new report. The market was valued at around USD 329.5 million in 2022 and is projected to exhibit a compound annual growth rate (CAGR) of 15.2% between 2023 and 2032. This growth can be attributed to various factors, including technological advancements, increasing demand for continuous health monitoring, an expanding aging population, rising diabetes incidences, and growing investments in smart contact lens research and development.
The escalating prevalence of diabetes worldwide has created a greater need for non-invasive and continuous glucose monitoring systems. Smart contact lenses, equipped with glucose detection capabilities, offer a potential alternative to conventional methods such as fingerstick testing. For example, in the United States alone, diabetes affected 37.3 million individuals, accounting for 11.3% of the population, with an estimated 28.7 million diagnosed cases, according to the National Diabetes Statistics Report for 2022.
Smart contact lenses are innovative technological devices worn directly on the eye, combining traditional contact lens functionality with advanced electronic components. These lenses go beyond vision correction, providing various features such as health monitoring, augmented reality (AR), and other interactive capabilities.
However, the COVID-19 pandemic had a negative impact on the smart contact lenses market. Disruptions in the supply chain, shifts in consumer behavior, and delays in product innovation were among the challenges faced by the industry. Lockdown measures resulted in postponed eye care appointments, affecting the adoption of smart contact lenses for vision correction. Economic downturn and decreased consumer spending on non-essential items also impacted the demand for these technologically advanced lenses, which are often considered discretionary purchases.
Several factors influence the smart contact lenses market, including the increasing demand for integrated augmented reality (AR) features, emphasis on user comfort and wearability, advancements in material science, and growing demand for customization and personalization in wearable technology.
The market is segmented based on type into rigid gas permeable (RGP), daily-wear soft lenses, extended-wear lenses, and other types. The daily-wear soft lenses segment generated approximately USD 155.8 million in revenue in 2022.
By material, the smart contact lenses market is categorized into poly (2-hydroxyethyl methacrylate) (PHEMA), polyvinyl alcohol (PVA), polyacrylamide (PA), polyethylene terephthalate (PET), polydimethylsiloxane (PDMS), and other materials. The poly (2-hydroxyethyl methacrylate) (PHEMA) segment dominated the market, accounting for over 33% market share in 2022 and is expected to witness the fastest growth during the forecast period.
In terms of application, the smart contact lenses market is divided into continuous glucose monitoring, intraocular pressure monitoring, and other applications. The intraocular pressure monitoring segment accounted for over USD 205.7 million in revenue in 2022.
The market’s usability segment includes disposable and reusable lenses, with the disposable segment generating approximately USD 228.5 million in revenue in 2022.
By end-use, the smart contact lenses market is categorized into hospitals, ophthalmology clinics, and home care settings. The hospitals segment accounted for over USD 189.0 million in revenue in 2022.
The North America smart contact lenses market was valued at USD 206.9 million in 2022 and is expected to witness substantial growth in the coming years.
The smart contact lenses industry is fragmented, with several small and mid-sized companies developing new products. This fragmentation is due to the technology still being in its early stages of development, and no single dominant player currently exists in the market. However, this fragmentation also presents barriers to entry for new players, as established companies with ample resources can be challenging to compete with.
Overall, the global smart contact lenses market shows promising growth potential, driven by technological advancements and increasing demand for continuous health monitoring. With ongoing research and development efforts, these innovative devices have the potential to revolutionize various aspects of healthcare and improve the quality of life for individuals worldwide.
