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Speaker outlines potential for growth in contact lens market
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LAS VEGAS – The National Eye Institute reported that 75% of the U.S. population is wearing some form of vision correction, Robert Davis, OD, FAAO, said here at Vision Expo West. Sixty-four percent are wearing glasses and 11% are wearing contact lenses.
Davis outlined a number of potential areas of growth in the contact lens market during the Global Contact Lens Forum.
New contact lens prescriptions increased by 8.6% in 2015 and 9.1% in 2014, he said.
“The interesting part of these statistics is that 23% [of eye care practitioners] are saying that they’re seeing better growth in their practices this quarter vs. last quarter,” Davis said.
He said that in his practice he focuses on part-time contact lens wearers, a group that is growing significantly in his practice.
“I have a significant number of patients with ocular surface disease who don’t want to wear their contact lenses to work – they’re on the computer 4 to 6 hours a day – but they want to wear them on the weekends,” he said. “I believe if all of us give our patients the option of daily wear contacts for part-time lens wear we will see the dropout rates decrease.”
Davis also challenged attendees to offer the same types of services as Internet contact lens retailers.
“According to the Statistic Brain Research Institute, in 2015, 16.7% of contact lenses are bought on the Internet,” he said. “The Internet is an area of competition. Vision Direct leads the way, with Coastal Contacts and 1-800 CONTACTS a close second. Why are they leading the way? They have all the products: gas permeables, bifocals, torics. They’re convenient. They offer a variety of shipping plans.
“Do you do that in your office?” he asked. “Do you make your patients come to your office to pick up their lenses? Do you sell them a year’s supply? If you don’t, the Internet will. They have great customer service, free prescription exchange. They have live chats, social networks. They’re doing a good business.”
Davis noted the opportunity for growth with daily disposable lenses.
“Dryness is a large reason why patients are discontinuing contact lens wear, and daily disposables will fit the niche,” he said.
The increasing incidence of myopia will create opportunities as well, Davis said.
“The incidence of myopia should increase to 2.5 billion by 2020,” he said. “This is a huge opportunity for all of us: myopia control. The problem is the consumer doesn’t really understand it.
“We have to plant the seeds now so we grow in the future,” Davis continued. “The patients who understand it the most are the parents who are already myopic.”
Increases are also expected in scleral lenses, which are a $22 million business right now, Davis said.
“It’s growing at a rate of 35% each year, and this will immediately go to your bottom line,” he said. – by Nancy Hemphill, ELS, FAAO
Disclosures: Davis is a consultant, lecturer or conducts research for or has a financial interest in Alden, EyeVis, Fusion, SpecialEyes and SynergEyes.