Augmented and virtual reality contact lenses are also known as smart lenses. These lenses have microdisplays, motion, image, and wireless radio that are comfortable for the eyes. Invisible computing technology is used in these lenses to ensure effectiveness and efficiency. According to Business Research Insights, the augmented and virtual reality contact lens market size was valued at USD 13 million in 2019 and is anticipated to reach USD 39 million by 2026 at a CAGR of 17.2% during the forecast period.
Increasing Investment in R&D Amid Pandemic Fostered Market Growth
The outbreak of COVID-19 pandemic has affected various industries in recent years. Due to halted operations, governments have imposed strict restrictions on import/export policies, which hampered the supply chain operations and manufacturing units. The pandemic provided lucrative opportunities to the manufacturers of smart lenses and promoted investments in research and development of new augmented solutions. Also, several healthcare facilities were in high demand during the pandemic. Further, the pandemic bolstered demand for advanced technologies due to which the augmented and virtual reality contact lens witnessed enhanced performance in the healthcare industry.
Below Mentioned are the Profiles of 10 Leading Companies Operating in the Augmented and Virtual Reality Contact Lens Industry:
1. Innovega Inc.
Innovega Inc. was established in 2008 and is headquartered in Washington, U.S. The company provides technological references to design contact lenses with smart technologies. Innovega works on recent technologies to develop smart lenses with AR, MR, and VR technology.
2. Inwith Corp.
Inwith Corp is headquartered in California, U.S. The company produces and delivers smart lenses equipped with the latest technologies. Inwith Corp manufactures augmented and virtual reality contact lens to enhance its business performance and propel growth.
3. Mojo Vision
Mojo Vision is a leading company known for developing products and platforms that are technologically advanced. The company aims to manufacture and deliver smart lenses by implementing research and development activities to improve its product portfolio. Mojo Vision is headquartered in California, U.S.
4. Sony Corporation
Sony Corporation is a multinational conglomerate headquartered in Tokyo, Japan. The company was established in 1946 and is now a leading globalized brand. Currently, Sony is focusing on enhancing its interchangeable lens cameras to propel growth and expand its business reach.
5. Samsung
Samsung is headquartered in South Korea and was established on 1st March 1938. The company operates in several business verticals and focuses on expanding its business in the media and entertainment segment. The company owns various subsidiaries leading to rapid business growth.
6. Verily Life Sciences
Verily Life Sciences was established in 2015 and is headquartered in San Francisco, U.S. The company is an independent subsidiary of Alphabet Inc. and is now globally available with its wide range of products.
7. Sensimed AG
Sensimed AG was established in 2003 and is headquartered in Lausanne, Switzerland. The company’s parent organization is SEED Co. Ltd. Sensimed focuses on revolutionizing glaucoma management and adopting recent technologies to propel business growth in the global market.
8. Medella Health Inc.
Medella Health Inc. was established in 2013 and is headquartered in Canada. The company develops smart contact lenses that are capable of monitoring glucose levels, enabling diabetes patients to manage their health efficiently.
9. Alcon Company
Alcon is an American Swiss company specializing in producing eye care products and is headquartered in Geneva, Switzerland. The company was established in 1945 and provides its products globally to meet customer demand from various locations. Alcon focuses on innovation and technological development to introduce new products and enhance its product portfolio.
10. Ocumetics Technology Corp
Ocumetics Technology Corp is headquartered in Canada and is known as one of the leading companies in the country. The company develops uniquely designed smart contact lenses that are efficient and feasible to use.
Developing Healthcare Infrastructure Supported Business Expansion of Leading Companies
The augmented and virtual reality contact lens demand is expected to surge in the coming years due to its increasing utilization in the gaming and entertainment industry. Also, the leading companies started investing in research & development activities to introduce new products globally and propel growth. The key players focus on adopting augmented and virtual reality in the healthcare industry to enhance their product portfolio and attract customers from the gaming and entertainment industries.