Westford, USA, April 18, 2023 (GLOBE NEWSWIRE) -- The Smart Contact Lenses market is set to attain USD 11.83 billion by 2030, with a CAGR of 10.67% during the forecast period (2023-2030). The increasing prevalence of diabetes and related eye diseases, rising demand for wearable technology, advancements in nanotechnology and wireless communication, growing demand for non-invasive continuous glucose monitoring systems, increasing adoption of Internet of Things devices in healthcare, and growing interest in augmented reality and virtual reality applications are the driving forces behind the market's growth. Diabetic retinopathy is the leading cause of blindness among working-age adults, with approximately one-third of people with diabetes suffering from it, according to the American Diabetes Association. The global prevalence of diabetes was 9.3% in 2019, projected to rise to 10.2% by 2030, according to the International Diabetes Federation.
SkyQuest's latest research findings indicate that 49% of consumers would be open to wearing a fitness tracker provided by their employer to help reduce their insurance premiums. According to Accenture, 83% of healthcare providers believe that virtual reality can help improve patient outcomes and experiences.
Browse in-depth TOC on "Smart Contact Lenses Market"
- Pages - 217
- Tables - 62
- Figures - 63
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Smart contact lenses offer various benefits in today's time as a breakthrough technology. They have the potential to monitor health, track blood sugar levels, provide augmented reality experiences, and aid in the early detection and treatment of eye diseases, making them a crucial tool for medical professionals and patients. In general, smart contact lenses can enhance people's quality of life and transform the healthcare industry.
Prominent Players in Smart Contact Lenses Market
- Alcon Inc.
- Sensimed AG
- Google LLC
- Novartis AG
- Samsung Electronics Co. Ltd.
- Sony Corporation
- Johnson & Johnson Vision Care Inc.
- Sensory Medical Inc.
- Innovega Inc.
- Mojo Vision Inc.
- Verily Life Sciences LLC
- EP Global Communications, Inc.
- VSP Global
- AtaCor Medical, Inc.
- Contamac Holdings Limited
- Sarl Valedo
- AlphaMicron Inc.
- eSight Corporation
- STMicroelectronics N.V.
- Xailin Night Ltd.
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Healthcare Segment to Drive Higher Sales due to the Glucose Monitoring and Other Healthcare Application
A recent analysis has revealed that the Healthcare Segment is playing a vital role in the rapid growth of the Smart Contact Lenses market in 2021 and is expected to continue from 2022 to 2030 due to the increasing demand for glucose monitoring and other healthcare applications. The rise in the number of people with diabetes, as stated by the World Health Organization, presents a significant market opportunity for smart contact lenses that can monitor glucose levels for patients. The feasibility of using smart contact lenses for continuous glucose monitoring in a pig model has been demonstrated in a study published in the journal Scientific Reports, indicating potential for human applications.
SkyQuest's research findings indicate that North America will become a dominant player in the Smart Contact Lenses market from 2022 to 2030, growing at a CAGR of 30.82%. This is due to the high adoption rate of wearable technology in the healthcare sector and favorable government initiatives. The U.S. government has recently taken several initiatives to encourage the development and adoption of wearable medical devices, including the launch of a pre-certification program by the FDA to expedite the approval process for digital health technologies like smart contact lenses.
Continuous Glucose Monitoring Segment to Exhibit Strong Growth Due to Increasing Prevalence of Diabetes
The increasing demand for non-invasive glucose monitoring solutions due to the growing prevalence of diabetes has led to the Continuous Glucose Monitoring segment emerging as the dominant method in the Smart Contact Lenses market in 2021, which is expected to continue until 2030. Additionally, the International Diabetes Federation has projected a rise in the number of people with diabetes from 463 million in 2019 to 700 million by 2045, further driving this trend.
The Asia Pacific region has also emerged as a significant player in the Smart Contact Lenses market and is expected to retain its lead by 2030, with a projected CAGR of 40.97%. This expansion can be attributed to the increasing prevalence of diabetes and related eye diseases, growing demand for wearable technology, advancements in healthcare infrastructure, and several government initiatives, including Digital India and the Healthcare Innovation Program in Japan, promoting the development and adoption of smart contact lenses and other digital health technologies.
A comprehensive analysis of the major players in the Smart Contact Lenses market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Smart Contact Lenses Market
- Mojo pivoting its business towards the MicroLED display technology developed during its work on the Mojo Lens. However, this pivot will also result in the layoff of around 75% of its workers as the company undergoes restructuring. The company previously had approximately 150 employees, according to data from PitchBook and LinkedIn. Perkins stated in a news post that the reason for this change is the company's inability to secure additional private funding due to the slumping global economy, extremely tight capital markets, and uncertain market potential for advanced AR products. Despite its work on the smart contact lens, the company has been unable to keep raising money to continue its development..
- Johnson & Johnson Vision Care, Inc., a global leader in eye health and part of the Johnson & Johnson Medical Device Companies, announced that the U.S. Food and Drug Administration (FDA) has approved ACUVUE® Theravision™ with Ketotifen. This new product is an etafilcon A drug-eluting contact lens that contains 19 mcg ketotifen, a well-established antihistamine. It is the first of its kind in a new category of contact lenses and offers a new experience for contact lens wearers who suffer from allergic eye itch.
Key Questions Answered in Smart Contact Lenses Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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