Smart Contact Lens Market
Smart Contact Lens Market Size, Share & Trends Analysis Report by Type (Extended Wear, Daily Wear Soft Lenses, Planned Replacement, Extended Wear Disposable, and Rapid Gas Permeable (RGP), and Others), by Application (Continuous Glucose Monitoring, Intraocular Pressure Monitoring, Photochromic Lenses, and Others), and by End-User (Hospital and Clinics, Home Care Settings, and Others) Forecast Period (2022-2028) Update Available - Forecast 2024-2030
Smart contact lens market is anticipated to grow at a significant CAGR of 25.5% during the forecast period. The key factors contributing to the market growth include the rising prevalence of diabetes across the globe. Smart contact lenses are being used for fast diagnosis of diabetes, glaucoma, and others. As per the report published by IDF Diabetes Atlas in 2022, approximately 537 million adults aged between 20-79 years are living with diabetes, the number is predicted to rise to 643 million by 2030 and 783 million by 2045. Moreover, the patents are majorly found in low- and middle-income countries along with around 6.7 million deaths in 2021 that 1 in every 5 seconds.
However, several factors are hindering the market growth that includes, including a lack of awareness related to technological advancement in products and high costs attributed to it is restraining the market to grow. Moreover, several governments and private equity are spreading awareness about this product which is creating opportunities for market expansion.
Furthermore, due to the COVID-19 pandemic, the smart contact lenses market has been disrupted owing to the disruption in supply, and the manufacturing of these products was banned. As these are technologically advanced products, thus they do not fall under emergency category procedures or products. The lack of product availability and reduced manufacturing owing to the government has imposed various restriction that in turn reduces the supply chain. Moreover, the increasing number of diabetic and glaucoma patients in COVID-19 created high demand for this product for the treatments in 3Q AND 4Q owing to the demand increased by the patient's pool to recover fast.
Segmental Outlook
The smart contact lens is segmented based on type, application, and end-user. Based on type, the market is segmented into extended wear, daily wear soft lenses, planned replacement, extended-wear disposable, rapid gas permeable (RGP), and others. Based on application, the market is sub-segmented into continuous glucose monitoring, intraocular pressure monitoring, photochromic lenses, and Others. Furthermore, based on end-user, the market is segmented into the hospital and clinics, home care settings, and others. Among the end-user segments, hospital and clinic segments is expected to hold a prominent market share, owing to the increasing number of ophthalmology clinics owing to the availability of smart contact lenses. The patient's preference is more in opting for ophthalmology clinics for the smart contact-based lens are such factors that are contributing to the segmental growth.
Global Smart Contact Lens Market Share by Type, 2021 (%)
The Photochromic Lenses Segment is Expected to Hold a Prominent Share of the Global Smart Contact Lens Market
Photochromic lenses is expected to hold a prominent share in the global smart contact lenses market owing to the various benefits associated with photochromic lenses. Some of the benefits include reduced eye strain and eye damage, blocking harmful UV/ UVB light, and readjusting the light according to the daytime and nighttime. Moreover, various technological advancements in photochromic lenses and several new product developments and launches by companies is other major factor driving the segmental growth. For instance, in February 2022, ZEISS International launched a new generation of photochromic lenses which are based on a new photochromic system. The new product that has been launched is ZEISS PhotoFusion X lenses are available in all RX designs and with all ZEISS coatings in it also blue light protection both in- and outdoors and used new base lens material.
Regional Outlooks
The global smart contact lens market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America. North America is estimated to be the dominating region in the global smart contact lens market owing to its well-established healthcare infrastructure and technologically advanced region.
Global Smart Contact Lens Market Growth, by Region 2022-2028
The Asia-Pacific Region is the Fastest Growing Segment in the Global Smart Contact Lens market
The Asia-Pacific region is anticipated to witness the fastest growth over the forecast period owing to the higher purchasing capacity of the population. Furthermore, increasing patient awareness coupled with the development of advanced technology-based lenses has accelerated the demand for smart contact lenses is increasing in the Asia Pacific region. For instance, in May 2022, Researchers in China from Sun Yat-Sen University in Guangzhou developed a battery-free, smart contact lens for the treatment of glaucoma. These new lenses sense rising fluid pressures and automatically deliver medication as required by patients. When the signal becomes strong enough, it can directly trigger the delivery of an anti-glaucoma drug. In addition, the prominent players present in the region such as Sensimed AG, Google Inc., Samsung Electronics, and others are continually developing and launching new products attributed it the market is witnessing the fastest growth in the region.
Market Players Outlook
The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Alcon Vision LLC, Google Inc., Innovega Inc., Johnson & Johnson Services, Inc., Mojo Vision Inc., Novartis International AG, Sensimed AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2020, Novartis International AG and Google teamed up to develop smart contact lenses to provide accommodative vision correction to help restore the eye’s natural autofocus on near objects. The company is also developing smart contact lenses to help diabetics track their blood glucose levels.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart contact lens market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Alcon Vision LLC
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Google LLC
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Innovega Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Moon Oral Care, LLC
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Procter & Gamble (Crest and Oral B)
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Smart Contact Lenses Market by Type
4.1.1. Extended Wear
4.1.2. Daily Wear Soft Lenses
4.1.3. Planned Replacement
4.1.4. Extended Wear Disposable
4.1.5. Rapid Gas Permeable (RGP)
4.1.6. Others
4.2. Global Smart Contact Lenses Market by Application
4.2.1. Photochromic Lenses
4.2.2. Continuous Glucose Monitoring
4.2.3. Intraocular Pressure Monitoring
4.2.4. Others
4.3. Global Smart Contact Lenses Market by End-User
4.3.1. Hospital and Clinics
4.3.2. Home Care Settings
4.3.3. Others
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Hitachi, Ltd.
6.2. InWith Corp.
6.3. Jilin Henghua Optoelectronics Co., Ltd.
6.4. Jobson Medical Information LLC
6.5. Johnson & Johnson Services, Inc.
6.6. Linear Technologies, Inc.
6.7. Mojo Vision Inc.
6.8. MUHWA INDUSTRIAL CO., LTD.
6.9. Murata Manufacturing Co., Ltd.
6.10. NXP Semiconductors
6.11. Panasonic Group
6.12. POG Präzisionsoptik Gera GmbH
6.13. Red Ventures, LLC
6.14. Samsung Electronics
6.15. Sigma Telecom
6.16. Sony Corp.
6.17. SUSS MicroOptics SA
6.18. Texas Instruments Inc.
6.19. Verily Life Sciences LLC
6.20. Xiamen UVC Sterilizing Electronics Technology Co., Ltd
1. GLOBAL SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY TYPES, 2021-2028 ($ MILLION)
2. GLOBAL EXTENDED WEAR SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL DAILY WEAR SOFT LENSES SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL PLANNED REPLACEMENT SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL EXTENDED WEAR DISPOSABLE SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL RAPID GAS PERMEABLE (RGP) SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL OTHER SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
9. GLOBAL PHOTOCHROMIC SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL GLUCOSE MONITORING CONTINUOUS SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL INTRAOCULAR PRESSURE MONITORING SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL OTHER SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL SMART CONTACT LENS RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
14. GLOBAL SMART CONTACT LENS IN HOSPITAL AND CLINICS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. GLOBAL SMART CONTACT LENS IN HOME CARE SETTINGS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
16. GLOBAL SMART CONTACT LENS IN OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
17. GLOBAL SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
18. NORTH AMERICAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
19. NORTH AMERICAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
20. NORTH AMERICAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
21. NORTH AMERICAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
22. EUROPEAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
23. EUROPEAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
24. EUROPEAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
25. EUROPEAN SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
26. ASIA-PACIFIC SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
27. ASIA-PACIFIC SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
28. ASIA-PACIFIC SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
29. ASIA-PACIFIC SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
30. REST OF THE WORLD SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
31. REST OF THE WORLD SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
32. REST OF THE WORLD SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
33. REST OF THE WORLD SMART CONTACT LENS MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
1. GLOBAL SMART CONTACT LENS SHARE BY TYPE, 2021 VS 2028 (%)
2. GLOBAL EXTENDED WEAR SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
3. GLOBAL DAILY WEAR SOFT LENSES SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
4. GLOBAL PLANNED REPLACEMENT SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
5. GLOBAL EXTENDED WEAR DISPOSABLE SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
6. GLOBAL RAPID GAS PERMEABLE (RGP) SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
7. GLOBAL OTHERS SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
8. GLOBAL SMART CONTACT LENS SHARE BY APPLICATION, 2021 VS 2028 (%)
9. GLOBAL PHOTOCHROMIC SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
10. GLOBAL CONTINUOUS GLUCOSE MONITORING SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
11. GLOBAL INTRAOCULAR PRESSURE MONITORING SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028
12. GLOBAL SMART CONTACT LENS SHARE BY END-USER, 2021 VS 2028 (%)
13. GLOBAL SMART CONTACT LENS IN HOSPITAL AND CLINICS MARKET SHARE BY REGION, 2021 VS 2028 (%)
14. GLOBAL SMART CONTACT LENS IN HOME CARE SETTINGS MARKET SHARE BY REGION, 2021 VS 2028 (%)
15. GLOBAL SMART CONTACT LENS IN OTHERS MARKET SHARE BY REGION, 2021 VS 2028 (%)
16. GLOBAL SMART CONTACT LENS MARKET SHARE BY REGION, 2021 VS 2028 (%)
17. US SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
18. CANADA SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
19. UK SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
20. FRANCE SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
21. GERMANY SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
22. ITALY SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
23. SPAIN SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
24. REST OF EUROPE SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
25. INDIA SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
26. CHINA SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
27. JAPAN SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
28. SOUTH KOREA SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
29. REST OF ASIA-PACIFIC SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
30. REST OF THE WORLD SMART CONTACT LENS SIZE, 2021-2028 ($ MILLION)
