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ABB OPTICAL GROUP Releases Industry Insights
A growth leader for optometry practices, daily disposable lenses are now most popular modality fit by independent practitioners
CORAL SPRINGS, Fla. (June 28, 2016) – As a distributor of optical products servicing two-thirds of practicing optometrists nationwide, ABB OPTICAL GROUP is a leading resource for identifying industry trends and projecting areas of future growth.
The following insights are reflective of ABB OPTICAL GROUP's data on daily disposable contact lenses:
- The daily disposables market in the United States is underdeveloped. Without adding a single new patient, the U.S. optical industry has the potential to add $1 billion in incremental revenue if it were to reach global averages of daily disposable sales.
- A patient fit in an annual supply of daily disposables will typically drive 2.6 times more practice revenue than a patient fit in a reusable lens.
- A practice that harnesses opportunities in fitting daily disposables will grow rapidly. A 10 point upward shift in daily disposables sales, such as growing daily disposable sales from 25 percent to 35 percent of a practice's overall sales, can increase a practice's overall total revenue by as much as16 percent, without adding a single new patient. This projection is based on suggested retail prices for the top three reusable and top three daily brands.
- The wholesale market for daily disposables in the U.S. was up 22 percent in 2015, with accelerating growth each quarter. Year-to-date growth has reached more than 28 percent.
- Daily disposables are now the most popular modality of prescribed contact lenses, representing 37 percent of overall sales among independent ECPs.
"Some industry reports may illustrate a market share lower than 37 percent for daily disposables. Our data skews more toward independent eye care practitioners. The fitting and prescribing trends of IECPs tend to be more reliable indicators of the overall health of the industry rather than data representing other retail channels, which are what other reports typically measure," said ABB OPTICAL GROUP Vice President of Marketing Aaron See.
According to See, the further away from the fitter, the more the trends will lag. "We have already seen dailies eclipse other modalities within private practices, and we predict an industry-wide shift within the next six months reflecting daily disposables as the leading contact lens modality in the United States," he said.
ABOUT ABB OPTICAL GROUP
ABB OPTICAL GROUP is a leading provider of optical products in the United States. The company supplies nearly two-thirds of eye care professionals across the country with brand name contact lenses, fully customizable gas permeable and custom specialty soft contact lenses, ophthalmic lenses and more. The company's Digital Eye Lab is a fully automated optical lab dedicated to freeform digital lens fabrication. ABB OPTICAL GROUP also offers practice-building services such as pricing strategy tools, business reviews, annual supply staff training and e-commerce solutions. For additional information, visit ABBOptical.com.