<p>This review paper provides an overview of contemporary research areas in the field of contact lenses, recent progress and outstanding questions. Beyond the introduction of silicone hydrogel materials and current widespread use of daily disposable soft lenses, material and design innovations over the past decade have expanded the scope of contact lens applications to include preventative strategies for myopia, drug delivery, biosensing, theranostic (diagnostic sensing and delivery of therapy in response), visual augmentation and communication. Material and nanotechnology innovations have supported drug loading and controlled drug release from contact lenses, using molecular imprinting, layer-by-layer assembly and the incorporation of colloidal and polymeric nanoparticles. Other than many optical interventions for myopia control, most applications are either in pre-clinical or clinical testing. Drug delivery and theranostic applications are likely to be advanced with standardisation of protocols and agreed outcome measures in clinical trials to support comparisons between studies and regulatory approval pathways. Development of visual augmentation, sensing and communication applications will depend on demonstration of clear benefits, affordability, comfort and wearer acceptance. While innovations beyond myopia control are largely not commercially available, the next decade is likely to translate these new technologies into broader use.</p>