At AWE Asia 2024 this week, deep tech company XPANCEO showed off its latest efforts in developing AR smart contact lenses, following a groundbreaking exhibit earlier this year.
At the AWE Asia conference, XPANCEO exhibited five advanced AR smart contact lens hardware prototypes, and the company also announced that it plans to unveil a fully functional prototype by the end of 2026.
XPANCEO showcased AR contact lenses in different formats suited to different use cases and end users, and attendees at the AWE event were able to see these devices in action.
XPANCEO has designed one prototype that uses display technology to improve color vision and help people with color blindness. The prototype achieves this by utilizing display technology that is “thinner than a human hair” to adjust lighting and improve contrast.
Another prototype includes an optical verification tool for digital tasks like making payments, transferring money, and accessing restricted work environments. The prototype also highlights EXPANCEO's focus on delivering secure devices at a time when the outward-facing cameras on smart glasses raise safety and privacy concerns.
The impressive lineup raises expectations and optimism for the future of XR devices overall. EXPANCEO's work shows that over time, XR headset vendors can reduce device size and weight, dramatically improving form factor and accessibility, core elements behind ubiquity and adoption.
Will 2026 be the year of AR contact lenses?
At Mobile World Congress (MWC) 2024, emerging XR display innovator XPANCEO showcased four smart contact lens prototypes, including one with advanced XR capabilities. Among its prototypes at MWC, the company said it aims to develop ultra-thin, unobtrusive XR contact lenses as an alternative to bulky AR/VR/VR devices.
Based on research by around 40 scientists and engineers from leading universities and research institutes in Spain and Europe, XPANCEO is prototyping four separate smart contact lenses with different functions.
The XR-focused lens gives users access to features like XR, health monitoring, content surfing, etc. The company points out that future operators will have access to immersive visuals that were previously only possible with large XR head-mounted displays.
Moreover, users can engage in immersive video calling, social media, and gaming applications through the XR lenses. Moreover, the integrated biosensor allows the lenses to display medical information as a head-up display.
All of the lenses the company is developing are as thin as medical lenses, and it predicts it will design the “perfect all-in-one smart contact lens” by 2026.
The market is opening up to companies like XPANCEO after previous industry leader Mojo Vision canceled its XR contact lens project in early 2023. Due to a lack of funding, Mojo Vision halted research and operations despite a highly publicized campaign that included CEO Drew Perkins personally demonstrating how to use the device.
While Mojo Vision has abandoned the project and cut staff to focus solely on MicroOLED display technology, XPANCEO is looking to seize the opportunity in the emerging XR contact lens market. The company plans to release the device at the optimal time and announce a release timeline in preparation to fill the void left in the market.
Moreover, recent reports suggest that user interest in XR devices is shifting towards less invasive AR hardware. According to a report by ResearchAndMarkets, the global smart glasses market is set to reach approximately 678,600 units in 2023.
The report predicts that the market will grow significantly to 13 million units by 2030, at a compound annual growth rate (CAGR) of 53.0% from 2023 to 2030. The US smart glasses market is expected to grow further, reaching approximately 432,300 units in 2023. ResearchAndMarkets forecasts market growth in China, where it forecasts shipments of 613,300 units by 2030, at a CAGR of 62.5%.
Additionally, the report also looks at other hardware considerations, including “simple assisted reality glasses,” which are predicted to reach 5 million units by 2030, growing at a CAGR of 50.3%, and mixed reality holographic displays, such as Apple's Vision Pro, which are predicted to grow at a CAGR of 58.4% through 2030.
