The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Smart Contact Lenses Global Market Report 2024, the smart contact lenses market is expected to show significant growth in the forecast period.

The smart contact lenses market has seen significant growth in recent years. It grew from $5.14 billion in 2023 to $5.80 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%.

Key Drivers of Recent Growth

• Prevalence of Vision-Related Disorders: Increasing cases of vision-related disorders and eye conditions.
• Demand for Real-Time Health Monitoring: Rising interest in real-time health monitoring and diagnostics.
• Awareness and Applications: Growing awareness about the benefits of smart contact lenses and their expanding applications in healthcare and medical diagnostics.
• R&D Activities: Surge in research and development activities.

Future Market Outlook

The smart contact lenses market size is expected to grow rapidly, reaching $8.92 billion by 2028, with a CAGR of 11.3%.

Drivers of Future Growth

• Personalized Healthcare: Growing demand for personalized healthcare solutions.
• Aging Population: Increase in age-related eye disorders due to an aging population.
• Wearable Devices: Rising adoption of wearable devices for health and lifestyle management.
• Non-Invasive Monitoring: Increased interest in non-invasive health monitoring solutions.
• Emerging Markets: Untapped potential in developing regions.

View More On The Smart Contact Lenses Market Report 2024 – https://www.thebusinessresearchcompany.com/report/smart-contact-lenses-global-market-report

Major Trends

• AR and VR Integration: Integration of augmented reality (AR) and virtual reality (VR) technologies.
• Technological Advancements: Progress in microelectronics and miniaturization.
• Continuous Innovation: Ongoing innovation in smart contact lens technology.
• Enhanced Connectivity: Improved connectivity features and IoT integration.

Glaucoma Management with Smart Contact Lenses

The increasing prevalence of glaucoma is expected to drive the growth of the smart contact lenses market.

• Glaucoma Prevalence: Around 80 million individuals currently have glaucoma globally, expected to increase to over 111 million by 2040.
• Disease Management: Smart contact lenses help monitor intraocular pressure, providing continuous data for better disease management and early intervention.

Leading Companies in the Market

Several major companies are operating in the smart contact lenses market:

• 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
• Tissot Medical Research SA

Advancements in Augmented Reality Contact Lenses

Companies are developing advanced technologies like augmented reality (AR) contact lenses.

• Mojo Vision: Developed Mojo Lens, incorporating micro-LED display technology with enhanced display, communication, eye tracking functionality, and power system.

Meta Platforms Inc. and Luxexcel Holding B.V.

Meta Platforms Inc. acquired Luxexcel Holding BV in December 2022.

• Acquisition Purpose: To strengthen partnership and progress towards the development of AR glasses.
• Luxexcel: A Netherlands-based manufacturer of smart contact lenses.

Market Segmentation

The smart contact lenses market is segmented into:

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

Regional Insights

• Largest Market: North America was the largest region in the smart contact lenses market in 2023.
• Fastest-Growing Market: Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The smart contact lenses market is poised for significant growth and innovation, driven by advancements in technology and increasing demand for personalized and non-invasive healthcare solutions.

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