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:
The ophthalmology Pacs market consists of software solutions that help in managing digital medical images and related data across departments within healthcare facilities. It allows storage, retrieval, distribution, and presentation of images and reports across departments and remote locations. Ophthalmology Pacs also provides tools for image visualization, reporting, billing and referring. The rising prevalence of eye diseases such as cataract, glaucoma and age-related macular degeneration has increased the demand for these solutions from ophthalmology clinics and hospitals for effective diagnosis and treatment.
Market Dynamics:
The growth of the ophthalmology Pacs market is majorly driven by the increasing prevalence of eye diseases and rising geriatric population. As per the data by World Health Organization, globally around 2.2 billion people suffer from vision impairment or blindness, with cataract being the leading cause. Moreover, aging population is more susceptible to eye diseases which is expected to fuel the market growth during the forecast period. Additionally, digitalization of healthcare infrastructure and technological advancements in medical imaging modalities are also supporting the adoption of Pacs solutions across eye care facilities. However, high installation and maintenance cost associated with these solutions especially for small clinics may hamper the market growth.
SWOT Analysis
Strength:
- Ophthalmology PACS provides a centralized data repository which improves patient care and collaboration between clinicians.
- It offers digital storage of ophthalmic imaging data which eliminates the need for physical storage space and enables easy retrieval.
- Advanced tools for disease detection and monitoring help ophthalmologists in early diagnosis and treatment planning.
Weakness:
- High upfront costs associated with the purchase, installation and maintenance of ophthalmology PACS solutions can be prohibitive for small clinics and hospitals.
- Interoperability issues with existing healthcare IT systems can hinder digital workflow integration.
Opportunity:
- Growing geriatric population and subsequent rise in eye diseases will drive the demand for digitalization and imaging in eye care.
- Increasing adoption of tele-ophthalmology and need for remote consultations offer scope for PACS integration with telehealth platforms.
Threats:
- Rising concerns around data privacy and security with centralized health records storage.
- Entry of alternative image sharing and viewing platforms poses threat to PACS market share.
Key Takeaways
The global ophthalmology PACS market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing need for centralized digital management and storage of eye imaging data. The market size for ophthalmology PACS is projected to reach US$ 213.05 Bn by 2023.
Regional analysis:
North America dominates the ophthalmology PACS market currently due to high adoption of digital healthcare infrastructure and imaging modalities in clinical settings. Asia Pacific is expected to exhibit the fastest growth during the forecast period, with countries like China, Japan and India emerging as lucrative markets.
Key players:
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.
Read More
https://www.rapidwebwire.com/ophthalmology-pacs-market-size-share-growth-outlook-2023/
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