What is the current size and annual growth rate of the bionic contact lenses market?
The bionic contact lenses market size has grown rapidly in recent years. It will grow from $0.29 billion in 2024 to $0.33 billion in 2025 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to the rise in prevalence of eye disorders, increased demand for wearable technology, growth in the aging population, increased awareness about eye health, and improvements in contact lens materials.
The bionic contact lenses market size is expected to see rapid growth in the next few years. It will grow to $0.5 billion in 2029 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to rising demand for minimally invasive solutions, expanding applications in healthcare, growing interest in personalized medicine, rising consumer health consciousness, and government initiatives supporting healthcare innovation. Major trends in the forecast period include the development of multi-functional lenses, integration with artificial intelligence, increasing use in sports and fitness, advancements in wireless connectivity, and collaboration between tech and healthcare companies.
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Which major factors have contributed to the expansion of the bionic contact lenses market?
The increasing prevalence of vision impairments is expected to drive the bionic contact lenses market going forward. Vision impairments refer to conditions that hinder an individual’s ability to see clearly, ranging from refractive errors like myopia and hyperopia to severe issues such as cataracts or age-related macular degeneration. Factors contributing to the increasing prevalence of these impairments include aging populations, prolonged screen time, and lifestyle changes. Bionic contact lenses help to reduce the increasing prevalence of vision impairments by offering advanced vision correction and additional functionalities, such as augmented reality, providing individuals with effective solutions to address their visual impairments and improve their quality of life. For instance, in December 2023, according to the National Institutes of Health (NIH), a US-based government agency responsible for conducting and supporting medical research, in Ukraine, the number of individuals diagnosed with vision impairments reached 19,551 in 2022 compared to 17,478 in 2021. Additionally, over 19,000 new cases were reported in the first seven months of 2023. Therefore, the increasing prevalence of vision impairments drives the bionic contact lens market.
How is the bionic contact lenses market segmented?
The bionic contact lenses market covered in this report is segmented –
1) By Type: Vision Correction, Therapeutic, Augmented Reality (AR), Virtual Reality (VR)
2) By Application: Medical, Military, Other Applications
3) By Distribution Channel: Hospitals And Clinics, Retail Stores, Online Platforms
Subsegments:
1) By Vision Correction: Myopia Correction, Hyperopia Correction, Astigmatism Correction, Presbyopia Correction
2) By Therapeutic: Drug Delivery Lenses, Corneal Healing Lenses, UV Protection Lenses
3) By Augmented Reality (AR): Navigation Assistance, Real-Time Information Display, Facial Recognition
4) By Virtual Reality (VR): Immersive Gaming Lenses, Training Simulation Lenses, Entertainment And Media Lenses
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Who are the top competitors in the bionic contact lenses market?
Major companies operating in the bionic contact lenses market are Samsung Electronics, Sony Corporation, Alcon Inc., BostonSight, Hoya Corporation, Bausch & Lomb, Santen Pharmaceutical, Johnson & Johnson Vision Care, Verily Life Sciences, Nidek Co Ltd., SEED Co. Ltd., OrCam Technologies, Augmedix, Eyenovia Inc., Innovega Inc., AlphaMicron Inc., Nano Retina Ltd., SwissLens AG, Tomey Corporation, Bionic Vision Technologies, Inwith Corp., Medella Health, Ocumetrics Bionic Lens, Optobionics Corporation, Sensimed AG, SmartLens Inc., Pixium Vision S.A, Mojo Vision, EPGL Medical, Fraunhofer IAP, iBionics
Which key trends are expected to influence the bionic contact lenses market in the coming years?
Major companies operating in the bionic contact lenses market are increasing their focus on developing advanced and innovative solutions, such as soft electronic contact lenses, to revolutionize the way people experience augmented reality and virtual reality. A soft electronic contact lens is a wearable ocular device incorporating flexible electronics, enabling various functions such as augmented reality overlays or medical monitoring. For instance, in January 2022, InWith Corp., a US-based smart biology platform, unveiled the world’s first electronic contact lens with an augmented reality vision chip. This features a soft contact lens integrated with solid components and circuits, enabling displays and ophthalmic improvement applications, along with augmented reality capabilities for overlays and virtual reality experiences. This groundbreaking launch represents pioneering techniques in integrating solid components into hydrogel contact lens materials, fostering innovation in vision correction and digital integration, and signaling a significant leap forward in the bionic contact lenses market’s trajectory towards revolutionizing ophthalmic care and digital experiences.
Which regional trends are influencing the bionic contact lenses market, and which area dominates the industry?
North America was the largest region in the bionic contact lenses market in 2023. The regions covered in the bionic contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Bionic Contact Lenses Market Report 2025 Offer?
The bionic contact lenses market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Bionic contact lenses refer to advanced contact lenses embedded with microelectronics and sensors that can provide augmented reality displays, health monitoring, and vision correction. These lenses enhance visual experiences by overlaying digital information in the real world, tracking health metrics, such as glucose levels, and improving vision by correcting refractive errors.
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