Bionic Contact Lenses Global Market Report 2024

The bionic contact lenses market size has grown rapidly in recent years. It will grow from $0.26 billion in 2023 to $0.29 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth during the historic period can be attributed to the rise in the prevalence of eye disorders, increased demand for wearable technology, growth in the aging population, heightened awareness about eye health, and advancements 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 $0.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the rising demand for minimally invasive solutions, expanding applications in healthcare, growing interest in personalized medicine, increasing consumer health consciousness, and government initiatives supporting healthcare innovation. Major trends during this period include the development of multi-functional lenses, integration with artificial intelligence, increased use in sports and fitness, advancements in wireless connectivity, and collaboration between technology and healthcare companies.

The increasing prevalence of vision impairments is expected to drive the bionic contact lenses market forward. Vision impairments encompass conditions that hinder an individual's ability to see clearly, ranging from refractive errors such as 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 address the increasing prevalence of vision impairments by offering advanced vision correction and additional functionalities, such as augmented reality, providing individuals with effective solutions to improve their visual impairments and quality of life. For instance, in September 2021, statistics published by the Royal National Institute of Blind People (RNIB), a UK-based leading sight-loss charity, indicated that nearly 2 million people in the UK were living with sight loss that significantly affected their daily lives in 2021, with predictions suggesting this number will nearly double to almost 4 million by 2050. Therefore, the increasing prevalence of vision impairments drives the bionic contact lenses market.

Major companies in the bionic contact lenses market are increasingly focusing 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.

In August 2022, Second Sight Medical Products Inc., a US-based company that provides implantable prosthetic devices to the visually impaired and blind, announced its merger with Nano Precision Medical Inc. and changed the company name to Vivani Medical Inc. This merger enhances research and development capabilities, diversifies expertise, and creates potential synergies, which could accelerate technological advancements, increase competition, and facilitate cross-pollination of ideas in the bionic contact lens sector. Nano Precision Medical Inc. is a US-based biopharmaceutical company.

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.

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.

The countries covered in the bionic contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bionic contact lenses are advanced lenses equipped with microelectronics and sensors that provide augmented reality displays, health monitoring, and vision correction. These lenses enhance visual experiences by overlaying digital information onto the real world, tracking health metrics such as glucose levels, and correcting refractive errors to improve vision.

The main types of bionic contact lenses include vision correction, therapeutic, augmented reality (AR), and virtual reality (VR). Vision correction lenses are specifically designed to address vision problems such as nearsightedness, farsightedness, and astigmatism. These lenses are used in various applications, including medical and military, and are sold through multiple distribution channels such as hospitals and clinics, retail stores, and online platforms.

The bionic contact lenses market research report is one of a series of new reports that provides bionic contact lenses market statistics, including bionic contact lenses industry global market size, regional shares, competitors with a bionic contact lenses market share, detailed bionic contact lenses market segments, market trends and opportunities, and any further data you may need to thrive in the bionic contact lenses industry. This bionic contact lenses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bionic contact lenses market consists of revenues earned by entities by providing services, such as ophthalmic consultations, fitting and customization services, aftercare and maintenance services, telehealth support, software updates for augmented reality (AR) integration, and data analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. The bionic contact lenses market also includes sales of products, such as biometric lenses, UV protection lenses, night vision-enhancing lenses, color blindness lenses, sports performance enhancement lenses, and lenses with integrated communication capabilities. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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