Discover trends, market shifts, and competitive outlooks for the smart contact lenses industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What is the Anticipated CAGR of the Smart Contact Lenses Market, and What Factors Will Drive It?

In recent years, the smart contact lenses market has experienced a rapid rise in size. Expected to increase from $5.25 billion in 2024 to $5.87 billion in 2025, the market will see a compound annual growth rate (CAGR) of 11.9%. This growth during the historic period can be traced back to the escalating prevalence of eye conditions and disorders related to vision, amplified demand for diagnostics and real-time health monitoring, a rise in awareness regarding the advantages of smart contact lenses, widening applications in the areas of healthcare and medical diagnostics, and a boost in research and development activities.

Expected to grow rapidly in the upcoming years, the smart contact lenses market size is predicted to reach $8.61 billion in 2029, boasting a compound annual growth rate (CAGR) of 10.0%. Several factors can be credited for this potential growth in the forecast period, including the increasingly high demand for personalized healthcare solutions, a growing aging population which also witnesses a concurrent rise in age-related eye disorders, an escalating preference for wearable devices targeted towards maintaining health and lifestyle, and a growing fascination for non-invasive health monitoring solutions along with emerging markets and untapped potential in developing regions. The forecast period also foresees major trends such as the incorporation of augmented reality (AR) and virtual reality (VR) technologies, advancements in microelectronics and miniaturization, ongoing innovation in smart contact lens technology, and enhanced connectivity features coupled with IoT integration.

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Which Factors and External Forces Are Driving Demand in the Smart Contact Lenses Market?

The smart contact lens market is poised for growth due to the rising occurrence of glaucoma. Glaucoma is an eye disease that manifests through amplified intraocular pressure (pressure inside the eye), which could potentially harm the optic nerve and result in loss of vision or even blindness if not addressed timely. Smart contact lenses can contribute to the management of glaucoma by monitoring the intraocular pressure, offering continuous data for improved disease management and proactive intervention. For instance, reports from the BrightFocus Foundation, a US-based nonprofit entity, in October 2022 showed that approximately 80 million people are presently dealing with glaucoma worldwide. This number is projected to escalate to over 111 million by 2040. Consequently, the rising occurrence of glaucoma is expected to spur the growth of the smart contact lens market.

Which Segments in the Smart Contact Lenses Offer the Most Growth?

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

Subsegments:

1) By Daily Wear Soft Lenses: Daily Disposable Lenses, Weekly Disposable Lenses, Monthly Disposable Lenses

2) By Extended-Wear: Continuous Wear Lenses, Extended Wear Soft Lenses

3) By Planned Replacement: Biweekly Lenses, Monthly Lenses

4) By Rapid Gas Permeable (RGP): Traditional RGP Lenses, Specialty RGP Lenses

5) By Other Types: Scleral Lenses, Orthokeratology Lenses, Multifocal Lenses

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What Are the Fastest-Growing Geographies in the Smart Contact Lenses Market?

North America was the largest region in the smart contact lenses market in 2024. 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.

Which Cutting-Edge Market Trends Are Expected to Drive theSmart Contact Lenses Market’s Growth?

Leading businesses in the smart contact lens industry are focusing on the creation of sophisticated technologies, such as augmented reality contact lenses, to provide customers with enhanced functionalities. Augmented reality contact lenses are a unique wearable technology that embeds AR features directly into the lenses worn on the eye. For example, in March 2022, a United States based corporation known as Mojo Vision, which works on the production and marketing of high-efficiency micro-LED display technology, created Mojo Lens. The company’s vision for Mojo Lens is to insert invisible computing into everyday reality. This groundbreaking smart contact lens prototype includes an array of innovative hardware components and technologies smoothly integrated into the lens design, improving its display, communication abilities, eye-tracking function, and power system. Importantly, this new version introduces basic operating system code and user experience (UX) elements for the first time, setting the stage for comprehensive development and evaluation of key consumer and partner utilisation scenarios.

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What Are the Key Elements That Define the Smart Contact Lenses Market?

Smart contact lenses are advanced eye-wearable devices that combine vision correction with health monitoring, fitness tracking, augmented reality displays, and drug delivery, potentially transforming personal healthcare and enhancing daily life through real-time data and interactive experiences.

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