Augmented and Virtual Reality Contact Lens Market Size, Share, Growth, and Industry Growth by Type (Augmented Reality Contact Lens and Virtual Reality Contact Lens), By Application (Medical Field, Military Applications, Entertainment, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Augmented and Virtual Reality Contact Lens Market REPORT OVERVIEW

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The global augmented and virtual reality contact lens market size was USD 15 million in 2021 and market is projected to touch USD 71.15 million by 2031, at CAGR of 16.5% during the forecast period.

Augmented and virtual reality contact lenses, also known as smart lenses, are the generation of lenses that have microdisplays, image sensors, motion sensors, and wireless radio that can be comfortably fit in the eyes. These lenses work on a technology called invisible computing. The first generation of augmented reality lenses are being powered wirelessly and a small external pack handles sensor data and sends information to display. These lenses will provide real-time detection. The virtual reality in the lenses highlights the facial expressions of people.  

The application of augmented and virtual reality lenses is for people with low vision and it also helps in the translation of languages, face tagging, and emotional cues. These lenses have applications in different functions such as gaming, navigation, healthcare, and education. They provide an interactive experience for the education and entertainment industries. Integration of lenses with different types of sensors can expand its applications. It is used in the medical field by surgeons to overlay critical information on the visual field and can see mixed reality and provide assistance in surgeries.

COVID-19 Impact: Pandemic Posed as an Opportunity for R&D Leading to Market Growth

The impacts of the COVID-19 outbreak are already being felt around the world, and they have had an impact on the global augmented and virtual reality contact lens business. In 2020, COVID-19 had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses witnessed disruptions. With many restrictions in the pandemic, production facilities and companies were forced to shut down. There was a large requirement of a large number of healthcare facilities to treat patients worldwide. The impact of the pandemic gave an opportunity to invest in research and develop new solutions and enhance existing infrastructures. The pandemic allowed the market players to develop and invest in R&D to bring out the augmented solutions. There has been an increase in the adoption of augmented and virtual reality technology to improve the entertainment and healthcare industry.

LATEST TRENDS

"Augmented and Virtual Reality in Healthcare Industry to Propel Market Demand"

The global augmented and virtual reality contact lens market has new trend that is integrating the technology that can impact the market. The development and work on smart lenses in biomedical engineering and mechanical engineering fields have led to the development of hydrogel lenses. This is expected to manage and monitor people’s eye health. The new trends derived from extensive research have led to the development of smart contact lenses that can be helpful in tracking glucose levels by providing real-time information through the display. Integration of wireless power transfer circuits, glucose sensors, and display pixels enabled glucose tracking. There is also a development to track intraocular pressure, tracking vital signs, blood pressure, cholesterol, and other vitamin deficiencies.  

Augmented and Virtual Reality Contact Lens Market SEGMENTATION

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• By Type

According to type; the market is divided into augmented reality contact lenses and virtual reality contact lenses.

Augmented reality holds the major part in the type segment as it allows the creators to provide visual knowledge and embedded animation in the computer program. There are many applications of augmented reality and in the future also the applications are projected to rise.

• By Application

Based on the application; the market is divided into the medical field, military applications, entertainment, and others.

Entertainment is the leading part of the application segment due to increasing simulations in gaming.

DRIVING FACTORS

"Increasing Investments from Prominent Players to Boost Demand"

The global augmented and virtual reality contact lens market growth is projected to rise due to increasing investments and R&D activities done by market players done by the market players. Companies are integrating augmented reality ads into the applications which is expected to drive the demand for smart lenses. Users can view and can virtually try the products online such as eyeglasses, shoes, and so much more. Manufacturers are enabling consumers to view the apartments, interiors, and furniture before buying them so that they can optimally choose the products. These increasing applications of augmented and virtual reality are expected to drive the demand for smart lenses. Such technologies can compel companies to develop smart lenses that can be useful in the education and entertainment industries. 

"Penetration in Entertainment and Gaming Sector to Increase Demand"

There has been a growing and high penetration of augmented and virtual reality in the gaming and entertainment sector with the emergence of 3D and VR technology. The integration of such technology in contact lenses can eliminate the need for headgears and can take the gaming experience to the next level by projecting digital images and having a 3D view. The transition achieved with the use of VR technology has helped in the demand for smart lenses and is anticipated to drive the demand for the market.

RESTRAINING FACTORS

"High Costs of Smart Lenses to Hamper Market Growth"

Even though there are factors that provide a proper boost for the growth of the market. Retraining factor such as high cost of the product can hamper the market growth. Smart lenses are quite expensive to make use of in everyday life and it is also less accessible. Advancements in technologies also bring the drawback of high costs which limits the reach and poses a challenge and therefore, can reduce the demand for the product in the globally in the market.

Augmented and Virtual Reality Contact Lens Market REGIONAL INSIGHTS

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"North America to Dominate Market Owing to Implementation of Advanced Technologies"

North America holds the largest part of the global augmented and virtual reality contact lens market share. The rise is due to the implementation of advanced technologies and improved infrastructure required. The dominant position is also due to the presence of numerous electronics manufacturers in the region. The city planners make use of augmented reality in building smart cities and using AR technologies to take a modern approach in creating an urban environment.

 Asia Pacific is also expected to have considerable growth in the market due to developing and developed economies such as India and China respectively. The rise of the gaming industry is expected to fuel the market in the region. 

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global augmented and virtual reality contact lens market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Innovega (U.S.)
• Inwith Corp. (U.S.)
• Mojo Vision (U.S.)
• Sony (Japan)
• Samsung (South Korea)
• Verily Life Sciences (U.S.)
• Sensimed AG (Switzerland)
• Medella Health (Canada)
• Alcon (Switzerland)
• Ocumetrics Bionic Lens (Canada)

INDUSTRY DEVELOPMENT

• January 2020: Mojo Vision, a U.S.-based computer and electronics manufacturing company demonstrated their augmented reality contact lenses after years of research. The lenses have 14K pixels per-inch microdisplays, motion and image sensors, and wireless radio that can properly fit into the eyes. These lenses are powered wirelessly.   

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.