$17.0B
across 313 private-equity eye care deals since 2019
Vision Monday, 2025
$30.88
cost per lead — second-lowest of sixteen specialties
LocaliQ, 2026
33%
of business-hour calls go unanswered in the closest multi-location analog
TrueLark/Weave via Group Dentistry Now, 2024
2–5 yrs
for an owner to decide to sell
Cleinman Performance Partners, 2025
The consolidation of American eye care is a scoreboard, not a thesis. The share of optometrists in private practice fell from 51 to 41 percent between 2017 and 2024 while the share in private-equity-owned offices tripled to 10.9 percent (Review of Optometry citing AOA data, 2025); close to 50 PE-backed platforms (Vision Monday, 2024) have closed 313 deals worth $17.0 billion since 2019 (Vision Monday, 2025). Consumers still prefer a private-practice optometrist to a corporate one by roughly four to one (Review of Optometric Business citing VisionWatch and AOA data, 2025), which is the asset a name-keeping platform pays for and then has no system to scale.
The lead is cheap and the door is leaky. Eye care posts a $30.88 cost per lead on a $4.95 click at an 18.29 percent conversion rate, second-lowest of sixteen specialties (LocaliQ, 2026). But 33 percent of business-hour calls go unanswered and 47 percent of bookings happen after hours in the closest published multi-location analog (TrueLark/Weave via Group Dentistry Now, 2024), optometry's no-show rate runs about 25 percent (Solutionreach, 2024), and fewer than half of patients respond to recall (20/20 Magazine, 2015). Growth lives in the medical exam, which rises from 60 million to more than 76 million visits by 2030 while routine exams stay flat (Review of Optometric Business, 2025). And the owner who sells in 2029 takes two to five years to decide (Cleinman Performance Partners, 2025) while brokers charge 6 to 12 percent of the price (OMNI Practice Group, 2024).