- Looking ahead to 2024, the eyecare industry is set to undergo significant transformations on the business front. The industry landscape is poised for increased consolidation through a surge in mergers and acquisitions. This strategic move towards consolidation aims to streamline operations, enhance efficiency, and foster collaborative efforts within the eyecare sector.
- The financial terrain for start-ups may however prove challenging, making funding acquisition a formidable task.
- The economic climate is expected to tighten, potentially resulting in smaller pre-commercial companies facing financial difficulties and, in some cases, going out of business.
Job Marker Perspectives:
- Suppliers to the eyecare industry such as medical device, pharma & eyewear manufacturer is shifting towards consolidation and optimising team structures.
- Rather than witnessing large-scale recruitment drives, the focus will be on consolidating teams and efficiently backfilling roles. This strategic approach ensures that teams are tailored to meet the evolving demands of the industry.
- Vacancy levels are expected to plateau in the first half of 2024, but as the economy improves over 2024 expect to see greater hiring demand in Q3 & Q4 as companies’ staff up for (hopefully) a higher growth year in 2025 presuming there are no other global economic events.
- The job market is expected to be in somewhat of a balance as layoffs have led to a larger pool of skilled professionals becoming available.
- While I don’t expect there to be a surplus of talent, because that’s just not a thing in eyecare, I do expect the market to be slightly more favourable to employers then in 2022 and 2023 where it was clearly a candidate lead market.
- Demand for eyecare professionals, (Opticians, Optoms, Ophthalmologists and allied professionals) is projected to continue its upward trajectory.
- As the importance of eye health gains prominence, the need for qualified eyecare professionals will persistently rise.
- In the UK, a notable shift is anticipated as the National Health Service (NHS) outsources a majority of cataract procedures to private sector partners. This strategic move is poised to stimulate growth within the eyecare industry, providing new opportunities and avenues for professionals in both public and private sectors.
- In the US, elective procedures such as reflective and premium lenses are more likely to increase towards the back end of the year, due to inflation dropping and a greater amount of disposable income, resulting in large hiring needs then again pushing the demand for Eye Docs and Ophthalmologists into a very much candidate led market again.
What this means for salaries:
- Salaries in the eyecare industry have seen great increases in the last few years, it's anticipated that the upward trend will moderate.
- Salaries are not expected to rise as steeply as in recent years and will gradually stabilise to job seekers anticipating a 10-15% increase in their next role.
- This adjustment reflects a recalibration in the economic landscape while still maintaining a competitive compensation structure for eyecare professionals.
- The days of 20-30% pay rises we have seen over the last few years will be a rarity and not the norm.