5/16/2023 0 Comments Lenscare kontaktlinsenlaunched the next generation of hybrid contact lenses named SynergEyes iD. For instance, in January 2021, SyngergEyes Inc. Some recent advancements in the market studied, such as developing dynamic soft contact lenses with advanced technology, propelled the growth of the contact lenses market globally. Thus, the contact lenses market is expected to grow as glaucoma is one of the primary causes of vision loss worldwide.įurthermore, optometry and optics have observed a significant increase in R&D activities. According to the same source, glaucoma will affect over 111 million people by 2040, leading to an increasing burden of glaucoma worldwide. For instance, according to the June 2021 report of the BrightFocus Foundation, glaucoma affected more than 3 million Americans, with the most common kind, open-angle glaucoma, affecting 2.7 million people aged 40 and older. The growing senior population further aggravates the prevalence of ophthalmic disorders. Hence, the increasing burden of optical disorders is expected to play a crucial role in the growth of the contact lenses market over the forecast period. Thus, these regions may emerge as significant growth regions for the contact lenses market over the forecast period. Comparative rates in high-income regions of North America, Australasia, Western Europe, and Asia-Pacific are reported to be lower than 10%. The prevalence of unaddressed near vision impairment was estimated to be greater than 80% in western, eastern, and central sub-Saharan Africa. The same source also mentioned that the prevalence of distance vision impairment in low- and middle-income regions was estimated to be four times higher compared to high-income regions. The primary causes of vision impairment are uncorrected refractive errors and cataracts. For instance, according to the October 2022 update of the WHO, about 2.2 billion people worldwide suffer from near or distant vision impairment. The growth of the contact lenses market is also attributed to the rising prevalence of optical disorders, the rising tendency to improve aesthetics, and increasing disposable incomes. However, with the large-scale vaccinations and decreasing number of COVID-19 cases, the contact lenses market is expected to grow significantly during the forecast period. The increased risk of mask-associated dry eye (MADE), insufficient blinking, and decreased blink rate brought on by prolonged computer use are additional factors that contributed to the discontinued use of contact lenses. This led to a decrease in demand for contact lenses during the pandemic. A significant factor behind this was to avoid touching the face and eyes as there was a risk of infection from the SARS-CoV-2 virus. According to an article published by Optometry Times Journal in January 2021, the outbreak of the COVID-19 pandemic in 2020 led to a decrease in preference for contact lens usage. As of mid-June, there was still a cumulative decrease in ophthalmology visits by 40% in the United States. For instance, according to the American Academy of Ophthalmology data published in August 2020, there was a nearly 80% initial decrease in ophthalmology visits. The COVID-19 pandemic significantly impacted the market studied as a result of fewer eye care consultations due to the decrease in footfall in hospitals and clinics. It is expected to reach a value of USD 11,724.53 million in the next five years, registering a CAGR of 4.24% over the forecast period. The contact lenses market was valued at USD 9,216.59 million in the base year.
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