Augmented and Virtual Reality Contact Lenses Market is Expected to Grow at a CAGR of 59.9% During 2021-2026

“Augmented and Virtual Reality Contact Lenses Market”

Increasing deployment of augmented reality and virtual reality in automotive applications of HMD devices and HUD devices for cruise control, lane changing, navigation and other applications will significantly drive the AR contact lens market and VR.

Augmented and Virtual Reality Contact Lenses Market Overview

The Global AR and VR contact lens market the size is expected to reach $1.9 billion by 2026, growing at a CAGR of 59.9% from 2021 to 2026. Market growth is attributed to factors such as growing demand for consumer electronics, increasing demand for AR and VR devices and applications in healthcare, retail, gaming entertainment, e-commerce and others. Increasing deployment of augmented reality and virtual reality in automotive applications of HMD devices and HUD devices for cruise control, lane changing, navigation and other applications will significantly drive the AR contact lens market and VR. The adoption of Fresnel lenses in AR and VR HMD devices, in particular, is expected to propel the AR and VR contact lens industry.

Augmented and Virtual Reality Contact Lenses Market Segment Analysis – By Lens

The augmented reality contact lens segment held the highest market share in the augmented and virtual reality contact lens market in 2020 at 65.9%. Moreover, significant market growth is predicted over the forecast period 2021-2026. Augmented reality technology is written in a special programming language that allows the creator to provide both integrated animation and visual insights into the computer program. AR implementations typically provide a smartphone Global Positioning System (GPS) to find and track the precise location of the user. Some of the AR software used in military training, which could involve identifying artifacts and identifying movements. Besides, there are also future applications of augmented reality in medical, navigation, education and other fields. Augmented reality will reduce the chances of operation by allowing the surgeon a better understanding of the senses. The system is used by medical students to perform surgeries in a safe environment. Such equipment can be combined with MRI or X-ray machines, which allows the doctor to put it in clear view. GPS applications use augmented reality to help move from one level to another. Users see the chosen route on the live view of what is in front of the car using the phone’s camera in tandem with GPS. When researched through an AR computer, course materials, picture books, and other educational reading content yield additional detail for the student in a visual context.

Augmented and Virtual Reality Contact Lenses Market Segment Analysis – By End User Type

The augmented and virtual reality contact lens market by end-user is segmented into aerospace and defense, automotive, gaming, e-commerce, education, retail, entertainment, travel and tourism, healthcare, media and entertainment, other. The gaming and entertainment segment is expected to hold the highest market share during the forecast period 2021-2026 with a CAGR of 65.5%. Simulation occurs in most mixed reality games in the physical world with simulated elements and characters enabled by geolocation or unique symbols, such as QR codes. In some AR games, for example in Temple Treasure Hunt, players can build their own quest paths, which can be a scenario for a team building exercise, a group or just a way to brighten up the regular journey to the job. Game creators, entertainment studios, music and theater producers are always introducing state-of-the-art technology to create an exciting performance that attracts millions of spectators and tourists. In 2019, Coachella featured an AR sculpture created by artist Katie Stout. The artwork, visible through the smartphone image, gave the illusion of being at the bottom of the sea. Hence, it has a positive impact on the growth of the market.

Augmented and Virtual Reality Contact Lenses Market Segment Analysis – By Geography

North America held the highest market share of augmented and virtual reality contact lens market in 2020 at 38.5%. The growth of the market is attributed to factors such as the implementation of advanced technologies, improved industrial infrastructure, and the presence of a large number of electronics manufacturers in this region. City planners are exploring ways to help build smart cities with augmented reality. Planners might allow for greater use of AR technologies to imagine a modern approach to the urban environment, but it’s very interesting to see how the public will use AR. Additionally, the APAC region is expected to experience significant market growth during the forecast period 2021-2026. The market will be dominated by emerging Asia-Pacific economies such as China and India. In fact, the rise of gaming industry as well as smart devices in the region is fueling the demand for the development of augmented and virtual reality contact lens industry.

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Augmented and Virtual Reality Contact Lenses Market Drivers

Technological AdvancementsRising implementation of Artificial Intelligence (AI), Internet of Things (IOT), Virtual Reality (VR), big data analytics and others for industrial applications is enhancing the growth of the Marlet. Growing implementation of smart technology and web-based services is creating opportunities that lead to increase in demand over the predicted period 2020 to 2025 for augmented and virtual reality contact lenses, thus hampering the growth of the market .

Growing investment from market leaders

The Augmented Reality and Virtual Reality market is on the rise owing to the increase in investments from major market players. Facebook integrating augmented reality ads into its app: Facebook will provide users with an augmented reality experience through in-app ads. App users can view fashion items such as eyewear and shoes and try them on virtually. IKEA has introduced an AR app named Place, which allows Apple users to install IKEA furniture in their apartments and preview an interior before purchasing products. Thanks to this solution, potential customers can choose their furniture more easily. eBay has collaborated with a local company to open virtual stores in Australia. eBay was one of the first players in the market when the industry began to develop applications for this technology. Amazon also offers VR experiences in select cities. Amazon is testing virtual reality in an effort to boost Prime Day sales. Another e-commerce giant, eBay did the same in Australia in 2016 and continues to offer VR technology. We can expect such big players to raise awareness of the technology through such events ahead of potential app launches, which drives market awareness and hence the market.

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Augmented and virtual reality contact lens market challenges

High costs

Quite expensive to use in everyday life and perhaps less accessible for small businesses. Technological advancements for better products are increasing its cost and thus posing a challenge for the growth of the market. Thus, the cost factor plays a lot for the growth of the market.

Augmented and Virtual Reality Contact Lenses Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by players in the augmented and virtual reality contact lens market. As of 2020, Augmented and Virtual Reality Contact Lens Market is consolidated with major players including Google, Sony, Samsung, Microsoft, Apple, Sensimed AG, Medella Health, Alcon, Ocumetrics Bionic Lens, Mojo Vision, etc. .

Acquisitions/Technology launches/Partnerships

In January 2020, Mojo Vision is unveiling a smart contact lens with a small, built-in screen that lets you view augmented reality images on a screen right in front of your eyeballs.

Key points to remember

Virtual and augmented reality offers a cost-effective and secure approach to teaching and capacity building as it replicates individual situations through the application of computers. For example, using a real aircraft to train a pilot in civil aviation or in military applications is more expensive. Hence, this feature tends to drive the growth of the market.

APAC region is expected to dominate the global augmented and virtual reality contact lens market over the forecast period 2021-2026 due to large population, growing needs of people, increasing industrialization and others.

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