SynergEyes
- Industry
- Optical Instruments and Lenses
- Founded Year
- 2001
- Headquarters
- 2236 Rutherford Road, Carlsbad, California 92008
- Employee Count
- 90
Key People
- Bob Ferrigno - Chief Executive Officer
- Vishal Mehta - Senior Vice President - Operations and MIS
- Nick Brown - Chief Financial Officer
- Tim Koch - Vice President
- David Fancher - Vice President Business Development
- Tina Sharp - Vice President, International Business
- Neal White - Senior Vice President Of Innovation And Product Development
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with significant backgrounds in the medical device industry.
The presence of multiple successful MedTech entrepreneurs in the leadership team enhances the company's strategic direction and operational execution.
- Clinical Need
-
Aspect: Very Strong
Summary: SynergEyes addresses significant unmet needs in vision correction for conditions like astigmatism and keratoconus.
By offering hybrid contact lenses that combine the benefits of rigid and soft lenses, SynergEyes provides solutions for patients who have limited options, thereby meeting a very strong clinical need.
- Competition
-
Aspect: Somewhat crowded
Summary: The contact lens market is competitive, with several established players.
While SynergEyes offers unique hybrid lenses, it operates in a market with numerous competitors, requiring strategic differentiation to capture and maintain market share.
- Technical Challenge
-
Aspect: Moderate
Summary: Developing hybrid lenses involves balancing material properties and design complexities.
The integration of rigid and soft lens materials to achieve optimal performance presents moderate technical challenges, necessitating ongoing research and development efforts.
- Patent
-
Aspect: Strong
Summary: SynergEyes holds patents for its hybrid lens technology.
The company's patents protect its proprietary hybrid lens designs, offering a barrier to entry for competitors and supporting sustained market presence.
- Financing
-
Aspect: Well-funded
Summary: The company has secured significant funding and was acquired by CooperVision.
With $71.6 million in funding prior to its acquisition, SynergEyes has demonstrated strong financial backing, further solidified by its integration into CooperVision's operations.
- Regulatory
-
Aspect: 510k/PMA
Summary: SynergEyes' products are FDA-cleared, facilitating market entry.
Obtaining FDA clearance through the 510(k) process indicates that SynergEyes' products meet safety and efficacy standards, enabling their distribution in the U.S. market.
Opportunity Rollup
- Odds of Success
- 3.6
- Peak Market Share
- 4.6
- Segment CAGR
- 3.2%
- Market Segment
- Ophthalmic Devices
- Market Sub Segment
- Contact Lenses
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.23 |
| 2 | 0.69 |
| 3 | 1.61 |
| 4 | 3.22 |
| 5 | 4.60 |
Key Takeaway
SynergEyes, with its innovative hybrid contact lens technology and strong leadership, is well-positioned to address significant clinical needs in the ophthalmic market, despite facing a competitive landscape and moderate technical challenges.