Investment in the vision sector remained robust in 2020 with four new platforms emerging and numerous existing platforms continuing to grow through incremental M&A. Although consolidation in the vision sector is nothing new, the past three years have seen a significant uptick in private equity investment. Several factors are driving the continued interest in vision, including:

• Strong demographic tailwinds driving demand
• Intriguing practice dynamics for private equity investors
• Attractive industry economics
• Covid-19 considerations

Additional well-known factors include the diversity of business models being pursued (e.g. vertically integrated, co-management and retina focused), the growing regulatory and operational complexities of running a practice, the aging population, and the rising prevalence of ocular conditions.

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