Global Smart Contact Lenses Market Size

Smart Contact Lenses Market Analysis

The smart contact lenses market is expected to register a CAGR of 9.8% over the forecast period.

The impact of COVID-19 on the smart contact lens market was adverse in the initial phase of the pandemic as the American Academy of Ophthalmology (AAO) released practice guidelines advising ophthalmologists to cease providing any treatment other than urgent and emergent care. The eye consultations were postponed or limited worldwide. For instance, according to data published in August 2020 by the CDC and the AAO, there was a nearly 80% decrease in ophthalmology visits in the United States. However, owing to the recommencement of ophthalmology practices and procedures worldwide, the market recovered growth post-pandemic.

The rising burden of diabetes leading to eye disorders is expected to drive the demand for smart contact lenses for the monitoring of intraocular pressure, which is significantly contributing to the market growth. For instance, as per a November 2021 article published in Ophthalmology Journal, among individuals with diabetes, the global prevalence for diabetic retinopathy was 22.27%, for vision-threatening DR (VTDR) was 6.17% and 4.07% for clinically significant macular edema. The high burden of such diseases is expected to expedite the R&D process for the development of innovative smart contact lenses, driving the market growth.

Furthermore, a smart contact lens is harnessed as a personal healthcare platform for glaucoma and other ocular diseases. According to the WHO report published in October 2022, globally, at least 2.2 billion people have near or distant vision impairment. There are 1 billion people worldwide, 88.4 million of whom have moderate or severe distance vision impairment or blindness due to untreated refractive error, 94 million have cataracts, 8 million have age-related macular degeneration, 7.7 million have glaucoma, 3.9 million of whom have diabetic retinopathy, and 88.4 million more who have age-related macular degeneration due to untreated presbyopia. The high burden of glaucoma, presbyopia, and other vision-related disorders is expected to propel the utility of smart contact lenses, thereby propelling the market growth.

Additionally, the rising research developments and partnerships related to the development of innovative smart contact lenses are driving the market growth. For instance, according to a March 2022 update, in South Korea, a POSTECH research team, in collaboration with doctors of PHI BIOMED Co., developed a smart contact lens-type wearable device to prevent diabetic retinopathy and treat it in its early stages. Such innovative product development and marketing are expected to propel market growth.

Thus, the abovementioned factors indicate the growing burden of eye disorders and advancements in smart contact lens technology that will drive the demand for smart contact lenses over the forecast period. However, the high cost of smart contact lenses and the lack of awareness about these lenses are the major factors restraining the market's growth.