Carl Zeiss Meditec AG Deep Dive

Carl Zeiss Meditec: China Strategy Deep Dive and Growth Outlook

Presented by Sebastian Frericks, Head of Group Finance & Investor Relations

In this comprehensive China-focused investor presentation, Sebastian Frericks, Head of Group Finance & Investor Relations at Carl Zeiss Meditec, provides a strategic deep dive into the company’s operations and growth opportunities in one of the world’s most dynamic and promising healthcare markets.

🇨🇳 China – A Strategic Growth Engine

China is Carl Zeiss Meditec’s largest single-country market, now contributing approximately 26% of group revenue — up from just 6% a decade ago. This growth has been driven by:

- Rapid urbanization

- Rising middle-income population

- High myopia prevalence

- Aging demographics fueling demand for cataract and retinal solutions

Despite short-term challenges such as anti-corruption reforms, post-COVID consumer sentiment softness, and volume-based procurement (VBP) schemes, Carl Zeiss Meditec has remained resilient. The long-term fundamentals in China remain intact and highly attractive.

🔍 Segment Highlights

👁 Refractive Surgery

ZEISS is the undisputed market leader in China with an estimated >50% market share

Over 1,200 installed VISUMAX femtosecond lasers, with more than 15% due for replacement

New platforms VISUMAX® 800 and PRESBYOND® launched for high-growth refractive and presbyopia treatments

SMILE procedure accounts for 70% of volume, significantly ahead of LASIK (30%)

Despite macro headwinds, market share continues to grow

👁 Intraocular Lenses (IOL) & Cataract Surgery

Fastest-growing surgical segment for ZEISS in China

IOL volumes growing ~20% CAGR in FY23/24, driven by VBP pricing reset and increased access

Strong performance in premium IOLs (multifocal & presbyopia-correcting), with ~30% growth

Significant runway to close the cataract surgery volume gap with the US

🧬 Retina & Surgical Solutions

ZEISS among the top 3 global players in posterior segment surgery

Integration of DORC expanding ZEISS’ retinal surgery workflow

New product approvals in FY24 enabling rollout in China

🏭 ZEISS Local Presence in China

ZEISS is deeply embedded in the Chinese healthcare ecosystem through:

Manufacturing facilities in Suzhou and Guangzhou

China-specific R&D capabilities and product design

Experienced local regulatory and clinical affairs teams

Extensive sales and service infrastructure across the country

Remarkably, ZEISS brand awareness in China exceeds that of its home market, Germany — a legacy of decades of optical innovation in telescopes, eyewear, and imaging systems.

📉 Addressing Short-Term Headwinds

VBP tenders have reduced prices (~40%) but expanded patient access

Post-COVID overstocking in refractive consumables has normalized

“Buy local” policies are offset by ZEISS’ Chinese manufacturing footprint

📈 Long-Term Strategy & Growth Levers

Promote full refractive portfolio, especially VISUMAX® 800 and PRESBYOND®

Accelerate premium IOL penetration and clear lens exchange programs

Expand DORC-based retinal surgery platform

Deepen localization to navigate regulatory and cost environments

Capitalize on brand strength, IP leadership, and ongoing innovation to stay ahead of domestic competitors

▶️ Other videos: 

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ 

Company Presentation: https://seat11a.com/investor-relations-company-presentation/ 

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ 

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ 

ESG Presentation: https://seat11a.com/investor-relations-esg/ 

T&C 

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Date de publication : 29/6/2025 à 14:46:16