According to FutureWise analysis the market for smart contact lenses in 2023 is US$ 0.57 billion, and is expected to reach US$ 8.04 billion by 2031 at a CAGR of 39.10%.
A new 'kind' of wearable medical equipment called smart contact lenses uses technology platforms, including microcomputers, information or communication systems, and other electronic interfaces to provide a flexible, information-age solution for a contemporary individual. The smart contact lens is a standard hard or soft contact lens encased in a thin solid-state lithium-ion battery, a liquid crystal display, a tiny controller ASIC, a light sensor, an accelerometer, and a gyroscope. There are various uses for smart contact lenses, including treating myopia, hypoxia, and other eye conditions. Smart contact lenses can aid in enhancing vision by reducing refractive errors, which are a variety of eye illnesses that lead to vision issues that make it hard to see objects clearly. The market for smart contact lenses is predicted to grow in demand due to the rising use of smart lenses to stop macular degeneration.
The market for smart contact lenses is growing quickly due to increased wearable medical device use and greater healthcare awareness. The geriatric population and the frequency of chronic diseases, both on the rise, are further drivers propelling the market's progress. The industry that focuses on the creation and marketing of contact lenses equipped with advanced technologies that allow them to offer extra functionality beyond vision correction is known as the "Smart Contact Lenses Market." Smart contact lenses often integrate sensors, microchips, and other electronic components to monitor different aspects of eye health, detect biomarkers, or offer augmented reality (AR) features.
FutureWise Market Research has published a report that provides an insightful analysis of smart contact lenses market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the smart contact lenses market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.