【桑葛石原研翻译系列】私募股权投资眼科行业的分析

【桑葛石原研翻译系列】私募股权投资眼科行业的分析纸飞机 哈气 作者：桑葛石 在全球新冠肺炎大流行期间，2020年私募股权公司继续涌入眼科行业，现在，眼科医师和验光师比以往任何时候都更考虑与私募股权公司建立合作关系，这是因为它们具有吸引力

作者：桑葛石

在全球新冠肺炎大流行期间，2020年私募股权公司继续涌入眼科行业，现在，眼科医师和验光师比以往任何时候都更考虑与私募股权公司建立合作关系，这是因为它们具有吸引力的估值，并且能够缓解巨大的外部压力。成功案例包括Eyecare合作伙伴、Eyecare服务合作伙伴和MyEyeDr。在行业内为私人诊所创造了多米诺骨牌效应，在不到五年的时间里，私募股权在40个州进行了30多个平台投资，这个数字还在继续增长。与皮肤科相比，这一点更令人印象深刻。皮肤科是一个已经整合了10多年的专业，拥有类似数量（约30）的平台投资。

眼科仍然是医疗行业中最分散的专业之一，近60%的医师在少于10名医师的团队中执业。医师们面临着两种选择：有机地发展他们的业务，或者与现有的私募股权支持平台合作，并在成熟的私募股权增长模式中获得规模效益。随着美国人口继续老龄化，对眼科护理服务的需求只会增加。鉴于有利的利好因素，未来几年行业整合将继续快速发生。

为什么是现在？

患者对眼科护理的需求预计将在未来几年呈指数级增长。到2029年，20%的美国人口将超过65岁。人口年龄结构的这种变化将导致年龄相关眼病的增加，如白内障、青光眼和眼底黄斑变性。与此同时，眼科医师的数量正在迅速减少。需求增加而供应减少，为刚刚开始的私募股权整合形式的解决方案打开了大门。

资料来源:Statista《2034年美国视力问题的预测患病率》，Statista美国眼科护理专业人员数量

独立医师受到哪些影响?

自21世纪初以来，独立的专科医师发现与私募股权公司合作很有吸引力。目前已经发展成为极度活跃的市场。成熟的私募股权公司能够提供日常行政工作所需的运营支持，使医师能够将更多的时间花在直接护理患者上，对于独立医师来说，这是一个很有吸引力的合作优势。在低利率和大量未投资资本的推动下，当前的宏观环境在过去十年中导致了平台和附加收购的大幅增加。预计这种交易活动水平的提高将持续到未来。随着“平台”收购市场基本饱和，独立医师和各种规模的团体现在吸引了私募股权的目光。

【原文】

Eye Care Private Equity

Amidst a global pandemic, 2020 saw private equity firms continue to flood the Eye Care sector with attractive alternatives for private practice physicians. Now, more than ever, ophthalmologists and optometrists are considering a partnership with Private Equity due to attractive valuations and relief from significant external forces. Success stories such as Eyecare Partners, Eyecare Services Partners, and MyEyeDr. have created a domino effect in the industry for private practices. In under five years there have been more than 30 platform investments in 40 states by Private Equity, a number that continues to grow. This is even more impressive when compared to Dermatology, a specialty which has been consolidating for over 10 years and has a similar number (~30) of platform investments.

Eye Care remains one of the most fragmented specialties within healthcare with nearly 60 percent of physicians practicing in groups with less than 10 providers. Physicians are faced with two options: growing their practice organically or partnering with an existing Private Equity backed platform and reaping the benefits of scale in the proven Private Equity growth model. As the U.S. population continues to age, the demand for Eye Care services will only increase. Given favorable tailwinds, we see consolidation continuing to occur at a rapid pace for years to come.

Why Now?

Patient demand for Eye Care is projected to increase exponentially in the coming years. By 2029, 20 percent of the U.S. population will be over the age of 65. This shift in age demographics will result in an increase of age related eye diseases such as cataracts, glaucoma, and macular degeneration. Simultaneously, the supply of Eye Care doctors is diminishing rapidly. This increase in demand supplemented by a dwindling supply has opened the door for a solution in the form of Private Equity consolidation that is just getting started.

Source: Statista, Projected prevalence of vision problems United States by type 2034, Statista, Number of eye care professionals in U.S.

How are Independent Physicians Impacted?

Independent sub-specialty physicians have found partnerships with Private Equity attractive since the early 2000’s. Over the years this interest has grown into the hyperactive market we see today. Experienced leadership allows Private Equity firms to provide the operational support needed for day to day administrative work,enabling the physicians to spend more of their time on direct patient care, an attractive proposition for independent doctors drowning beneath a non-medical workload and having a harder and harder time producing at the same level year over year. The current macro environment, driven by low interest rates and high levels of uninvested capital, has led to a significant rise in both platform and add-on acquisitions over the last decade. We expect this heightened level of transaction activity to continue into the future if not further accelerate. With the market for “Platform” acquisitions largely saturated, independent physicians and groups of all sizes are now drawing the eye of Private Equity.

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