When looking at who has the best OCT in terms of features—those with the pricing power—it seems to be a duel between Heidelberg and Zeiss. In specialized centers, clinicians want the devices with the best features. Zeiss and Heidelberg also hold the largest market shares in wealthy countries. Furthermore, they already possess a strong data moat. Clinicians are reluctant to switch systems because patient data would be lost.
Visionix’s Optovue is not a tier 1 device. It would be interesting to know Revenio’s strategy: 1) compete against the leaders, or 2) target Optovue more towards optician chains and small clinics by, for example, making the user interface exceptionally smooth or by competing on price. Personally, I would prefer to see option 2.
The medtech industry is full of examples of how technologies consolidate into duopolies or triopolies. OCT is a relatively young field, so development is still ongoing. However, due to the technical lead and data moat, it is difficult to break into the top tier anymore.
By the way, Heidelberg is part of the EssilorLuxottica mega-conglomerate, which includes Meta’s AI glasses in its portfolio… 37 P/E vs Revenio’s 25.