Contact Lenses Market Trends

Growth Drivers

• Rising Prevalence of Refractive Errors - A contact lens is recommended to correct refractive errors and compensate for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism. This may also lead to an increase in door activities and further improves the contact lenses market growth. For instance, refractive errors account for 43% of visual impairment and are the second leading cause of vision loss worldwide. 12 years back, untreated refractive errors caused blindness in 6.8 million people and visual impairment in 101.2 million people.
• Increasing Geriatric Population – Almost 67% were more possibly than women to have refractive errors in the elderly population around 60 percent. Age was associated with a rise in the incidence of any refractive error, reaching 63.5 % in those over 60.
• Growing Preference for Eye Testing – The significance of eye testing is becoming more widely understood, pertaining to defense, early detection, care, and rehabilitation. For instance, there were around 13.8 million eye tests administered by the National Health Services (NHS) in England during 2019-2020. While about 9.5 million eye tests were performed by the NHS 22 years ago, the number of sight tests conducted has climbed almost year over year.
• Growing Developments in Technological Advancements for Enhanced Usability – Optometry and optics have seen a marked growth in R&D efforts associated with the market under study. Recent developments in the sector such as the introduction of dynamic soft contact lenses using cutting-edge technology have accelerated the demand for contact lenses around the world. 90% of the people who wear contact lenses wear soft lenses.

Challenges      

• Growing Concern for Eye Inflammation or Infection as a Result of Improper Contact Lens Care and Hygiene
• Surge in Chances for Corneal Ulcers, Eye Infections, and Even Blindness
• Emergence of COVID-19 Adversely Impacted the Key Players in the Contact Lenses Market