by The Ophthalmology Pacs Market is estimated to be valued at US$ 213.05 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ophthalmology PACS (Picture Archiving and Communication System) refers to a medical imaging technology that enables effective management of patient medical images generated from various diagnostic devices such as OCT scans, fundus cameras, ultrasound devices among others. Ophthalmology PACS allows storage, retrieval and remote access to medical images through a centralized integrated system. This enables ophthalmologists to efficiently manage large volumes of imaging data and collaborate remotely to provide optimal patient care.
Market Dynamics:
Technological advancements and increasing digitization in ophthalmology is a major factor driving growth of the ophthalmology PACS market. Rising demand for digital archiving of eye images for efficient storage, retrieval and data management is further boosting adoption of ophthalmology PACS among eye care professionals. Additionally, growing prevalence of eye disorders such as cataract, glaucoma and diabetic retinopathy is increasing the generation of eye diagnostic images, thereby propelling demand for effective imaging data management through ophthalmology PACS. Furthermore, improved connectivity and increased usage of telemedicine and remote monitoring is augmenting market growth. However, high installation and maintenance costs associated with ophthalmology PACS impede market growth.
Segment Analysis
The global ophthalmology PACS market is dominated by the hospitals segment. Hospitals account for the largest share of over 55% of the total market owing to the large volume of ophthalmic procedures carried out in hospitals. Due to the high cost of individual ophthalmology PACS, many small ophthalmology clinics prefer the hospitals PACS system over their own systems.
PEST Analysis
Political: Governments across countries are investing heavily in digitizing healthcare infrastructure including implementation of health information systems and electronic health records. This is positively impacting the adoption of ophthalmology PACS.
Economic: Growing per capita healthcare expenditure is enabling hospitals and clinics to invest in advanced ophthalmology imaging and management systems like PACS. The economic growth is also helping patients to afford expensive eye care treatments.
Social: Rising incidence of eye diseases and visual impairment due to lifestyle diseases and aging population is creating greater social awareness about eye care. This is propelling patients to seek treatment earlier.
Technological: Integration of artificial intelligence and cloud technologies in PACS is enhancing accuracy of disease detection from retinal scans. Tele-ophthalmology is also gaining ground with remote monitoring of patients using integrated PACS solutions.
Key Takeaways
The global ophthalmology PACS market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing geriatric population and associated rise in eye diseases. North America is expected to dominate the market during the forecast period owing to high adoption of advanced healthcare technologies and presence of major players in the region. The Asia Pacific market is expected to exhibit the fastest growth rate over the forecast period due to improving healthcare infrastructure, increasing medical tourism and rising discretionary incomes in the region.
Key regional analysis: Asia Pacific region is expected to witness fastest growth at a CAGR of over 7% during the forecast period due to large population base, growing medical tourism and increasing healthcare investments by governments in countries like India and China.
Key players analysis: Key players operating in the ophthalmology PACS market are Topcon Corporation, Agfa-Gevaert N.V., Sonomed Escalon, Carl Zeiss Meditec AG, EyePACS, VersaSuite, Heidelberg Engineering GmbH, ScImage, Inc., IBM Corporation, and Visbion Limited. Topcon Corporation dominates the market with its broad PACS product portfolio catering to small, mid-sized and large ophthalmology practices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
