Soft multifocal contact lenses and daily disposable are opportunity categories.
Multifocals represent about 12% market share.1
Daily disposables represent approximate 30% of all fits, nearly doubling in size since 2009.2 Currently, in the US, the market share of monthly contact lenses is about 40% and the market share of two-weekly and daily contact lenses is about 30% each. However, daily disposable contact lens use has grown rapidly from 11% in 2009 to approximately 30% in 2015, and represents the fastest growing contact lens category in the US market.
These contact lens offerings will be more important in the future: The number of presbyopes within the U.S. has markedly increased due to an aging baby boomer generation. Presbyopia is estimated to affect approximately 1.7 billion people worldwide. In the US alone, there are more than 152 million people over the age of 40, of which approximately 65%, or 99 million, use some form of vision correction. It is estimated that 8% of vision-corrected Presbyopes in the US (approximately 8 million people) currently use some form of contact lenses.3,4
Despite the industry’s response to the growth of this market, there is opportunity to improve. ECPs have reported that only 39% of multifocal contact lenses could be fit successfully with one visit.5 This increases frustration and chair time for both the ECP and patient.
However, with these challenges come opportunities to advance technology. In considering the high growth potential of the multifocal segment of the contact lens market, VTI has set out to design a multifocal contact lens that demonstrates breakthrough design and performance. Patients and ECPs report that NaturalVue® Multifocal 1 Day Contact Lenses deliver outstanding vision across the entire range of vision, even in low light and low contrast situations.7
References: 1. IBISWorld - Contact Lens Manufacturing in the US (June 2016). 2. Nichols J, Contact Lenses 2016. Contact Lens Spectrum, January 1, 2017 - V:32, Issue: January 2017, pages: 22-25, 27, 29, 55. 3. U.S. Census Bureau. (2012). Statistical Abstract of the United States Table 7: Resident Population by Sex and Age 1980 to 2010. U.S. Census Bureau. 3-4 Contact Lenses & Solutions - A Global Strategic Business Report (May 2016), The Vision Industry State of the Union, "A Wall Street Handbook", September, 2015. 5. VTI Data on file, 2013. 6. Nielsen. Percentage of People Wearing Eyeglasses vs. Contact Lenses (2007). (N=4,000). 7. VTI Data on file, 2014.