Smart Contact Lenses Market Highlights

• The global smart contact lenses market is projected to reach USD 8.4 billion by 2032, growing at a CAGR of 13.2% from 2024 to 2032
• North America's smart contact lenses market was valued at approximately USD 1.71 billion in 2023
• The Asia-Pacific smart contact lenses market is expected to grow at a CAGR of over 14.5% from 2024 to 2032
• Daily-wear soft lenses represented 46% of the market share in 2023, based on type
• Poly (2-Hydroxyethyl methacrylate) (PHEMA) accounted for 34% of the market share in 2023, by material
• Intraocular pressure monitoring captured 61% of the market share in 2023, by application
• Rising focus on integrating smart lenses with mobile and IoT devices is a popular smart contact lenses market trend that fuels the industry demand

Smart contact lenses are advanced wearable devices that incorporate electronic sensors, displays, and communication systems into the construction of standard contact lenses. These glasses can monitor health factors such as glucose levels, intraocular pressure, and biomarkers, delivering real-time data to users or healthcare providers. They are also being developed for augmented reality (AR) technology, which overlay digital information directly on the user's field of vision.

According to the National Institute of Health (NIH),"Eyes are the gateway to the soul" may hold a deeper meaning, as eyes can offer crucial insights into human’s health, including blood sugar levels. This innovation is driving the development of smart contact lenses, which could revolutionize healthcare industry. Additionally, Mojo Vision, a key player in smart contact lenses, has decided to pivot its focus towards enhancing the MicroLED display technology it pioneered during its smart lens development. This shift in strategy highlights the growing potential of smart contact lenses and their market impact, as the technology continues to evolve.

Global Smart Contact Lenses Market Dynamics

Market Drivers

• Increasing demand for non-invasive health monitoring, such as glucose tracking
• Advancements in MicroLED and sensor technologies enhancing lens capabilities
• Growing adoption of wearable devices and smart technologies

Market Restraints

• High development and manufacturing costs of smart contact lenses
• Concerns over privacy and data security related to health data
• Regulatory hurdles and approval processes for medical-grade lenses

Market Opportunities

• Expansion into augmented reality (AR) applications for consumer and industrial uses
• Potential partnerships with healthcare providers for real-time monitoring solutions
• Rising demand for personalized healthcare solutions and remote patient monitoring

Smart Contact Lenses Market Report Coverage

Smart Contact Lenses Market Insights

The increased desire for non-invasive health monitoring, particularly for illnesses such as diabetes, is boosting the market for smart contact lenses. According to Institute of Electrical and Electronics Engineers, the smart non-invasive real-time health monitoring system has the potential to alter the healthcare business by shifting the focus from responding to illnesses after they occur to actively preventing them in the first place. These lenses can track glucose in real time, eliminating the need for traditional blood tests and providing patients with greater ease and precision. As healthcare increasingly focuses on tailored, continuous monitoring, smart contact lenses provide a viable alternative for controlling chronic health disorders.

The growing adoption of wearable devices and smart technologies is driving the smart contact lenses market. Nemaura’s sugarBEAT Wearable Technology eliminates the need for the daily finger-prick blood tests typically required for calibrating glucose monitors, allowing for continuous and frequent monitoring of blood glucose levels in diabetic patients without the discomfort of traditional methods. As customers become comfortable to integrated, high-tech solutions, smart contact lenses are viewed as a natural continuation of this trend in healthcare and personal technology. Additionally, in July 2023, Samsung Electronics strengthened its partnership with the National Sleep Foundation to leverage new technologies in addressing the growing issue of sleep disorders. The tech company plans to utilize NSF data to enhance its wearable innovations. This partnership between key players further demonstrates a significant step toward the growing interest in wearable devices like contact lenses in healthcare.

Concerns about privacy and data security, particularly for sensitive health information, are impeding the expansion of the smart contact lens market. Consumers and regulatory organizations are concerned about how personal health data is gathered, maintained, and used, posing obstacles to wider use. However, potential partnerships with healthcare providers for real-time monitoring technologies provide a substantial opportunity for the smart contact lens business. For instance, according to a March 2022 update, a research team from POSTECH, in partnership with doctors from PHI BIOMED Co., developed a smart contact lens-style wearable device in South Korea designed to prevent and treat diabetic retinopathy in its early stages. Smart contact lenses can become an essential tool for continuous health monitoring, enhancing patient care and outcomes, when used in collaboration with medical practitioners.

Smart Contact Lenses Market Segmentation

The worldwide market for smart contact lenses is split based on type, material, usability, application, end user, and geography.

Smart Contact Lens Market By Type

• Rigid gas permeable (RGP)
• Daily-wear soft lenses
• Extended-wear Lenses
• Other types

According to smart contact lenses industry analysis, daily-wear soft lenses dominate the market because they are convenient and comfortable for users. These lenses are intended for short-term usage, making them appropriate for daily use without requiring much care. Their popularity arises from their versatility in a variety of applications, including health tracking and augmented reality. As technology advances, these lenses are likely to become more advanced, increasing their popularity in the smart contact lens market.

Smart Contact Lens Market By Material

• Poly (2-Hydroxyethyl Methacrylate) (PHEMA)
• Polyvinyl Alcohol (PVA)
• Polyacrylamide (PA)
• Polyethylene Terephthalate (PET)
• Polydimethylsiloxane (PDMS)
• Other materials

According to smart contact lenses industry analysis, poly (2-Hydroxyethyl methacrylate) (PHEMA) is the industry leader in smart contact lenses due to its high biocompatibility and water retention qualities. These qualities make PHEMA suitable for soft contact lenses, as it provides wearers with comfort and hydration. Its broad use in traditional contact lenses establishes it as an important material for incorporating smart technologies into wearable lenses.

Smart Contact Lens Market By Usability

• Disposable
• Reusable

According to smart contact lenses industry analysis, disposable smart contact lenses are predicted to rise rapidly in the business due to their convenience, hygiene, and ease of use. Single-use lenses eliminate the need for frequent cleaning and maintenance, making them excellent for healthcare applications such as glucose monitoring. This trend is driven by the increased desire for non-invasive, daily health tracking solutions. Additionally, disposable lenses are less expensive, attracting a larger market of health-conscious consumers.

Smart Contact Lens Market By Application

• Continuous Glucose Monitoring
• Intraocular Pressure Monitoring
• Photochromic Lenses
• Others

According to smart contact lenses market forecast, intraocular pressure (IOP) monitoring leds industry due to its importance in managing glaucoma, a primary cause of blindness. Smart lenses capable of continuously monitoring IOP provide real-time data, allowing for early detection and individualized treatment adjustments. This non-invasive strategy has substantial advantages over previous procedures, resulting in improved patient compliance and outcomes. As the demand for continuous health monitoring rises, IOP monitoring applications are projected to stimulate additional innovation in the smart contact lens industry.

Smart Contact Lenses End User

• Ophthalmology Clinics
• Home Care
• Hospitals
• Others

According to smart contact lenses market forecast, ophthalmology clinics are expected to see notable growth due to the increasing demand for advanced diagnostic and monitoring solutions. Home care is also experiencing growth as patients seek non-invasive, at-home health tracking devices like smart contact lenses for conditions such as diabetes. Hospitals are likely to adopt smart contact lenses for continuous patient monitoring, enhancing the accuracy of diagnoses and treatment plans.

Smart Contact Lenses Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Smart Contact Lenses Market Regional Analysis

Regional analysis of smart contact lenses market, North America dominates the smart contact lenses market due to its advanced healthcare infrastructure, widespread use of wearable technology, and high demand for novel medical equipment. The region further benefits by attracting attention from tech enthusiasts and healthcare providers who are seeking innovative solutions. For instance, Raayon Nova/Smart Contact Lens debuted its prototype gadget during an augmented reality conference at Columbia University in July 2022, signaling a strategic shift to expand its global business footprint. Major market participants, as well as increased awareness and healthcare investment, are driving expansion in North America.

Asia-Pacific is rapidly expanding its smart contact lenses market, driven by rising healthcare requirements, improved access to medical technology, and a growing tech-savvy population. Japan, South Korea, and China are leaders in the adoption of innovative medical gadgets and wearable technologies. For instance, August 2024, Huawei unveiled the All-New HUAWEI TruSense system, which will power future wearables. Huawei TruSense represents a significant development in fitness and health sensor technologies. The rising frequency of chronic diseases such as diabetes in the region adds to the growing demand for non-invasive health monitoring technologies.

Smart Contact Lenses Market Players

Some of the top smart contact lenses companies offered in our report include Innovega Inc., Johnson & Johnson Services Inc., Azalea Vision, Sensimed, Samsung Electronics Co., Ltd., Sony Group Corporation, GlakoLens Biyomedikal Biyoteknoloji San. ve Tic. A.S., InWith Corporation, Mojo Vision Inc., and EP Global Communications, Inc.