The overall augmented and virtual reality contact lens market worldwide is set to grow with a CAGR of 70% during the forecast period.
Market Insights
The overall augmented and virtual reality contact lens market is highly driven by the rapidly growing demand for consumer electronics worldwide. Augmented and virtual reality contact lens are devices that could provide a virtual display that could have a variety of uses from supporting the visually impaired to video military applications. The device is in the form of a conventional contact lens with added bionics technology in the form of augmented reality, with functional electronic circuits and infrared lights to create a virtual display allowing the viewer to see a computer-generated display superimposed on the world outside. As a result of these features, we are expecting high growth in augmented and virtual reality contact lens market during the forecast period.
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Based on application, AR contact lens segment led the market with a significant contribution in augmented and virtual reality contact lens market revenue. The demand for AR contact lens is backed by the increase in demand for AR devices and applications in healthcare, retail and e-commerce. Further, rising investment in the augmented reality is driving the growth of the augmented contact lens. Notably, augmented reality modeling and 3D visualization is of vital use in healthcare sector. On account of all these factors, we are expecting the AR contact lens segment to continue led the market throughout the forecast period.
Based on the geography, North America dominates the market for augmented and virtual reality contact lens. With increasing adoption of technological products in North America, the region has the highest market share. Asia Pacific is set to demonstrate the fastest growth in the market over the forecast period. Emerging economies of Asia Pacific such as China and India shall lead the market. Further, the growth of gaming market along with smart devices in the region is driving the growth for the augmented and virtual reality contact lens market growth. As a result of these factors, we are expecting Asia Pacific to grow with the highest CAGR during the forecast period.
Some of the major companies profiled in the report include Innovega, Inwith Corp., Mojo Vision, Sony, Samsung, Verily Life Sciences, Sensimed AG, Medella Health, Alcon, Ocumetrics Bionic Lens and others.
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AR Contact lens to Continue Grow Significantly
The AR contact lens segment shall lead the augmented and virtual reality contact lens market. The AR contact lens market is backed by rapidly growing augmented reality market, which shall reach US$ 61.39 Bn in 2023. Increasing investments from technology giants is further driving the growth of augmented contact lens market. Notably increase in demand for augmented reality architecture, high growth in travel and tourism industry and rising opportunities in enterprise industry is driving the growth of the AR contact lens market. Due to these factors, AR contact lens will continue dominating the market throughout the forecast period.
Asia Pacific to Register the Fastest Growth
Augmented and virtual reality contact lens market is led by North America. The market here majorly is driven by higher penetration of AR & VR technology and higher investments in R&D by major players. Asia Pacific is set to register the highest growth in the market during the forecast period. Backed by growing technological user base in the region especially in developing countries in India and China. Further, the region will witness industrial expansion with new technological advancements, which shall further drive the augmented and virtual reality contact lens market. On account of these factors, Asia Pacific will grow with the highest CAGR throughout the forecast period.
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