COVID-19 effect on the market of Eyewear

The eyewear market has been significantly growing during the past decade. At a compound annual growth rate of 5.7%, it is expected to reach 178.95$ billion by the end of 2026. The COVID-19 pandemic has altered every aspect of our life. It is expected to have a significant impact on the eyewear industry in various ways at the level of production, consumption, and financial markets as well.

The production of eyewear is global and is subject to fluctuation in cost and availability due to many manufacturing facilities that are still closed or operating at a reduced capacity. The supply chain has been altered due to the disruption in flight schedules.

The overall strategic planning of eye care providers has been set around shifting from marketing and sales through brick-and-mortar, to establishing new methods of digital marketing, promotion of products online, and online selling.

The overall demand may be decreasing due to lockdown however, demand through online sales is increasing. Optical shops are more and more embarking on online selling and home delivery. Online businesses have completely different business models and different profit formulas.

The increase of the use of digital devices through online learning has increased the demand for protective spectacles against blue light emitted from screens that can alter sleep. Patients’ inquiries about blue light protective lenses have increased whereas inquiries about appointments for eye examination have decreased.

 Fewer visits to the ophthalmologist resulted in fewer cataract procedures, fewer check-ups, and limited diagnoses of myopia and astigmatism. The lessening of diagnosis in myopia has a negative impact on the demand for eyeglasses and contact lenses. At the beginning of the pandemic, the demand for contact lenses has been negatively affected as a result of recommending eyeglasses to protect against the spread of COVID-19. Wearing eyeglasses reduces the urge to touch the face and rub the eyes hence limiting the spread of the infection. Recently, contact lenses demand increased and the majority of orders were online.
Many eye care practitioners launched telemedicine and telehealth systems to cope with the demand for follow-up cases. Establishing an effective telemedicine service requires upgrading the current technology employed at most offices.
COVID-19 is a challenging moment for the eye care industry. However, with the pandemic challenges come many opportunities and prospects for a promising future. The post-pandemic era is expected to come with a rush on appointments for an eye examination. The production of new products and solutions is expected to boost the customer’s demand for upgrading into those new solutions.