The vision correction industry includes a wide range of products and services for correcting visual impairments. This include products such as glasses, contact lenses, and refractive surgery. The industry has seen significant growth in recent years. It is driven by a growing population, an aging population. Also, increasing awareness of the importance of regular eye exams and vision correction.
The global eyewear market, which includes glasses and contact lenses, was valued at around $105 billion in 2020. It is expected to reach $172 billion by 2028, growing at a CAGR of 6.0% during the forecast period.
The market for glasses is mature, with traditional frames and lenses being the most common types of eyewear. However, the market for contact lenses is expected to grow at a faster rate. It is driven by the increasing popularity of contact lenses as an alternative to glasses and advances in materials and technologies.
The global market for contact lenses was valued at around $13 billion in 2022. It is expected to reach $15.8 billion by 2026, growing at a CAGR of 5.5% during the forecast period.
Contact lenses sales globally
North America is one of the largest markets for contact lenses. It is driven by a large population of people in need of vision correction and a high level of disposable income. In addition, the high adoption of contact lenses as a fashion accessory is the factor that contributes to the growth of the contact lens market in this region.
The largest market is the USA, with 30% of global contact lenses sales share.
Europe is also a significant market for contact lenses. It has a large population and high demand for vision correction. The market is driven by the increasing aging population and the availability of a wide range of products.
The largest European markets are the UK with 6% global sales share, and Germany, with 4%.
Asia-Pacific is expected to be one of the fastest-growing regions for the contact lens market. It is driven by the large population and the increasing disposable income in countries such as China and India.
Japan is the leader of this region, with 18% of global share, followed by China with 6%.
The Middle East and Africa is a relatively small market for contact lenses. But, it is expected to grow at a significant rate in the coming years due to increasing awareness about vision correction.
Discomfort of contact lens usage is the main challenge the industry faces
Reducing the number of contact lens patient dropouts has been a continuing effort for the industry.
The accepted dropout rate has often been reported to be about 10%. But, in fact, it ranges anywhere from 5% to 60%.
A University of Waterloo study reported the discontinuation rate to be between 26% and 40%. Other researchers from the University of Waterloo conducted a survey of 16 practices in Quebec, Canada. They have reported an average discontinuation rate of 34%. A study of 730 patients at the Ohio State University found a 24% patient dropout rate.
A study in 2017 found that practitioners reported a dropout rate of 26% at 1 year of contact lens wear. Close to 50% of those dropping out were in the first two months.
The top reasons for dropout included
- Discomfort (41.9% to 52.9%),
- Poor vision (3.8% to 17.5%) and
- Expense (11.6% to 17.5%).
At Colsia, we have developed and user tested a device, which we hope will solve the discomfort.