Changing Pattern of Contact Lenses With the Changing Lifestyles

Published On: October 2022

Initially, contact lenses were primarily created for those with vision issues. But as technology has advanced, new items have been designed to enhance contact lenses' comfort and convenience in addition to their ability to increase vision. Aerospace engineers can make a low-cost, intelligent contact lens that improves vision in space. A bright lens can let optometrists perform eye surgery and monitor eye health more precisely.

Since the 1920s, people have used contact lenses for cosmetic and medical reasons. Today, we may find lenses that correct astigmatism, improve night vision, or even enable individuals to see infrared light. These lenses are still being created, and new applications are constantly being discovered. Manufacturers and distributors of contact lenses are diversifying their product lines and altering their business strategies to better target the contact lens market.

The global contact lenses market was estimated to be worth USD 14.6 billion in 2021, and it is predicted that it will rise at a CAGR of 4.3% from 2022 to 2030.

Optics and optometry have seen significant research and development to advance the technology. The smart contact lenses market share has expanded because of innovations like introducing dynamic soft contact lenses incorporating cutting-edge technology. For instance, IMEC and SEED Co. Ltd, a global R&D hub, formed a partnership to develop a bright contact lens in November 2018.

This contact lens will have several parts, including an ultra-thin silicon microchip, an LED light, and a radio-frequency antenna for wireless energy transfer. Additionally, the interconnections are created using a thin stretchable layer.

The aging population and unmet need for lenses in developing nations are two factors that are critical drivers for the contact lens market. More people are getting their eyes tested to identify the type of lens they need because of new technologies and increasing consumer knowledge about eye health. As a result, there is a rise in contact lens demand on a global scale, which is propelling the market for contacts to grow.

Manufacturers of contact lenses are continuously experimenting with new techniques to provide the ideal set of contacts that will satisfy all their customer’s requirements at a reasonable price. Additionally, they want to make their new styles more aesthetic pleasing and comfortable for daily wearers.

The increased prevalence of ocular problems is a critical factor in the rising contact lens market to improve aesthetics and disposable incomes that contribute to the expansion of the contact lens industry. For instance, the World Health Organization's October 2021 update estimated that over 2.2 billion people worldwide have near- or far-sightedness, with cataracts and untreated refractive defects leading causes. Similarly, the Lancet Global Health 2020 article estimated that there would be a million blind persons worldwide in 2020, with 23.9 million females. In addition, 295 million people suffer from mild to severe vision impairment, whereas 258 million suffer it.

In 2021, North America held a 39.1% revenue and increased contact lens market share, leading the industry. Refractive error patients are becoming more prevalent, and market players emphasize strategic cooperation and collaboration. For instance, in April 2021, Johnson & Johnson Vision and Menicon, a top producer of cutting-edge lenses, signed a global strategic cooperation agreement. This collaboration aimed to create therapeutic eyewear to stop the spread and progression of childhood myopia.

Consumers in Asia-Pacific now have more purchasing power. Additionally, the US has increased its regional presence. Cosmetic lenses are becoming increasingly popular because of their heavy use in industries like media and entertainment. Over the projected period, it's expected that South American and Asia-Pacific markets will rapidly expand. Due to the rising usage of contact lenses, China's contact lens market is anticipated to grow in the cosmetic lens category significantly.

Bausch + Lomb and Johnson & Johnson presently hold most of the market share for contact lenses. The contact lens market is moving toward customized lenses made to emit colors that the wearer prefers, but it's unclear if these companies will be able to keep their top positions. It's becoming more popular for customized lenses to emit colors that the wearer like in the contact lenses market, but it's unclear whether these major companies will be able to sustain their positions.

The COVID-19 pandemic is projected to substantially influence the contact lens market demand under study because fewer eye care consultations will result from a drop in hospital and clinic visits and patient volume.

This was primarily caused by people refraining from touching their faces and eyes out of fear of contracting the SARS-CoV-2 virus, which also decreased demand for contact lenses during the COVID-19 outbreak. The COVID-19 pandemic is expected to have considerably affected the contact lens market.

The report majorly focuses on how a change in day-to-day lifestyles and technological advancements have persistently shifted the behavior and mindset of its consumers today.

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