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The global smart contact lenses market size stood at USD 115.0 million in 2018 and is projected to reach USD 1,603.4 million by 2026, exhibiting a CAGR of 38.9% during the forecast period.
Smart contact lenses are one of the recent advancements in wearable electronics which is capable of monitoring the physiological information of eye and tear fluid. They provide real-time, non-invasive medical diagnostics for diabetes and glaucoma. Smart contact lens technology in the future will be capable of taking photographs with the eyes, and can be adjustable to the changing light of the surroundings. These lenses will also be helpful for people with age-related Macular degeneration (AMD) and much more. The rise in prevalence of diabetes, and glaucoma is majorly responsible for elevating the smart contact lenses market growth during the forecast period. Moreover, rise in the research spending to develop advanced wearable electronics are projected to drive the market in the upcoming years.
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Growing Strategic Alliances for New Product Launches Been Witnessed in the Market
The growing strategic alliances among the major players for expansion of product offerings have been pivotal in the growth of market during the forecast period. Currently, smart contact lens product portfolio is limited and major market players such as Google, Sony, Samsung, Innovega Inc., are working hard towards the development of this advanced technology for the future. For instance, in 2014, Novartis AG and Google entered into strategic agreement to work on the development of smart contact lenses for blood-sugar level monitoring.
Increasing Research & Development in Field of Contact Lens to Accelerate the Market Growth
Contact lenses are one of the fastest growing topics in optometry and last decade has witnessed a number of significant developments in this field. Smart contact lenses are one of the most recent and major developments of contact lenses. These advanced lenses have the ability to rapidly diagnose diabetes, glaucoma and other health conditions. Additionally, major key players are working towards the development of smart contact lenses that will allow people to take photographs with their eyes and adjust to the changing light in the surroundings for clear vision when one moves from light to dark. This will be helpful for people with age-related Macular Degeneration (AMD) and other issues. Such research and development activities are responsible for the growing adoption of these smart lenses thereby accelerating the market growth during the forecast period.
Growing Prevalence of Diabetes and Glaucoma to Fuel Demand for Smart Contact Lens Globally
Diabetes is the most common cause of high blood sugar levels, and is significantly prevalent in worldwide. According to the World Health Organization (WHO), in 2014, an estimated 422 million people globally were suffering from diabetes. It has been clinically proven that smart contact lens is endorsed for rapid diagnosis of diabetes, glaucoma, and other health conditions. Smart contact lens sensors use electrodes made of transparent and highly stretchable graphene sheets and metal wires. With the help of these sensors, patients diagnosed with diabetes and glaucoma may self-monitor glucose levels and intraocular pressure. For instance, in March 2016, Sensimed received the US FDA approval for the marketing of Triggerfish Sensor, a smart contact lens to monitor glaucoma eye pressure. Therefore, the growing prevalence of these diseases is leading to higher demand for smart contact lenses, and thus poised to accelerate the market growth in the forecast duration.
High Cost of Smart Contact Lenses and Limited Awareness in Developing Regions to Hamper Growth
Despite the rising prevalence of diabetes, glaucoma, and other health conditions globally, there are some factors that are limiting the adoption of smart contact lens. One of the major factors is the lack of awareness about this advanced technology. In addition to this, the high cost of these lenses is likely to hamper the market growth. However, initiatives taken by government and non-government organizations in spreading awareness about the smart contact lenses and various future product launches will help expand product offerings and are likely to create lucrative opportunities for the expansion of the market in emerging regions.
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Photochromic Lens Dominated the Global Market
Based on type, the market is segmented into standard Continuous Intraocular Pressure Monitoring, photochromic lenses, and others. The photochromic lens segment dominated the market in 2018. Technological advances along with new product launches by the market players are responsible for the dominance of photochromic lens in the global market. For instance, in April 2019, Johnson & Johnson Vision announced the U.S. availability of ACUVUE OASYS with Transitions Light Intelligent Technology, a photochromic lens which seamlessly adapts to the changing light.
The others segment including the glucose monitoring lens, MojoVision lens, and CatsVison lens is projected to register a significant CAGR during the forecast period. Currently, many key players such as Samsung, Mojovison, Sony, etc. are working towards the development of these advanced contact lenses and to make use of them in various health aspects. This is projected to fuel the demand for this segment type, and promote this market growth during the forecast period.
Availability of Smart Contact Lens in Ophthalmology Clinics Contributes to the Dominance of the Segment
Based on end-user, the market segments include Ophthalmology Clinics, home care, and others. Among them, the ophthalmology clinics segment held the dominant the market share. Growing number of ophthalmology clinics focusing on the availability of smart contact lenses is likely to drive the growth of this segment. Moreover, the preference of patients to opt for ophthalmology clinics for smart contact lens is anticipated to fuel the segment growth.
On the other hand, the home care segment is projected to expand at a significantly high growth rate during the forecast period because of the growing patient preference from clinic visit to self-care and homecare.
North America Smart contact lenses market Size, 2018 (USD Million)
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The market size in North America stood at USD 58.9 million in 2018 and therefore emerged dominant. Growth of the market in this region is characterized by high prevalence and diagnosis rates for diabetes, and glaucoma, coupled with adequate investments by market players for the launch of innovative smart contact lens. For instance, according to the Glaucoma Research Foundation in 2017, about 2 million Americans were diagnosed with glaucoma. Moreover, high awareness among the population about this advanced technology, is expected to help this region enjoy the dominant smart contact lenses market share in the forecast period as well. Europe is projected to rank second position in the market share due to rising incidence of diabetes and glaucoma. Additionally, growing research activities by government and non-government organizations for innovations in smart contact lens is likely to drive the market growth in this region. The market in Asia-Pacific is anticipated to register a comparatively higher CAGR during the forecast period. Growing patient awareness regarding advanced lenses, and presence of a large and unpenetrated market are projected to drive the market in Asia Pacific during the forecast period.
Product Portfolio of Leading Players and Focus on Partnerships and Acquisition to Strengthen Their Market Position
The competitive landscape of this market indicates the emergence of Sensimed AG, Google, and Samsung as the leading players. Growing investments for constant innovations by the companies leading to new product launches are major factors responsible for the leading position of these companies. Moreover, a strong focus on partnerships and acquisition strategies is likely to help attract high smart contact lens market revenue in the forthcoming years.
An Infographic Representation of Smart Contact Lenses Market
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This market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market; current smart contact lenses market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD million)
By End User
Fortune Business Insights says that the global market size is worth USD 1,603.4 million by 2026.
In 2018, the market value stood at USD 115.0 million.
The market is projected to grow with a CAGR of 38.9% in the forecast period (2019-2026).
Photochromic lens segment is the leading segment in this market by type
Growing prevalence of diabetes& glaucoma, increasing new product launches, and growing penetration of players in untapped markets are key factors driving the market.
Sensimed AG, and Novartis AG re the top players in this market.
North America held the highest market share in 2018.
Growing strategic alliances among the key players is the major trend for the market.
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