Smart Contact Lenses Market Segments, Trends, Size And Competitor Assessment 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Smart Contact Lenses Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $8.92 billion In 2028 At A CAGR Of 11.3% :

The smart contact lenses market size has grown rapidly in recent years. It will grow from $5.14 billion in 2023 to $5.80 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.

The smart contact lenses market size is expected to see rapid growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to growing demand for personalized healthcare solutions, growing aging population and the associated rise in age-related eye disorders, increasing adoption of wearable devices for health and lifestyle management, rising interest in non-invasive health monitoring solutions, emerging markets and untapped potential in developing regions. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR) technologies, technological advancements in microelectronics and miniaturization, continuous innovation in smart contact lens technology, enhanced connectivity features and IoT integration.

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Smart Contact Lenses Market Major Segments
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

Key Driver - Anticipated Surge In Glaucoma Cases Drives Smart Contact Lenses 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.

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Prominent Trend - Advancements In Augmented Reality Contact Lenses

Major companies operating in the smart contact lens market are developing advanced technologies, such as augmented reality contact lenses, to better serve customers with advanced features. Augmented reality contact lenses are a type of wearable technology that integrates augmented reality (AR) capabilities directly into contact lenses worn on the eye. For instance, in March 2022, Mojo Vision, a US-based company that develops and commercializes high-performance micro-LED display technology, developed Mojo Lens. The Mojo Lens, envisioned by the company, aims to introduce invisible computing into reality. This innovative smart contact lens prototype incorporates a host of novel hardware elements and technologies seamlessly integrated into the lens structure, enhancing its display, communication capabilities, eye tracking functionality, and power system. Notably, this latest iteration introduces foundational operating system code and user experience (UX) components for the first time, paving the way for extensive development and testing of crucial consumer and partner use cases.

Smart Contact Lenses Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Contact Lenses Market Report Structure
3. Smart Contact Lenses Market Trends And Strategies
4. Smart Contact Lenses Market - Macro Economic Scenario
5. Smart Contact Lenses Market Size And Growth
…..
27. Smart Contact Lenses Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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