The global 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, or picture archiving and communication systems, are used to electronically store, retrieve, distribute, and present medical images from radiographs, scans, and other tests. Ophthalmology PACS allow clinicians to securely access patient imaging studies from multiple locations via an intranet/internet connection. This eliminates lost or damaged films and reduces departmental operating costs by streamlining the management and distribution of images. Ophthalmology PACS also enhance diagnostic accuracy by enabling comparison of current studies to prior examinations. The integrated platforms facilitate collaboration between healthcare professionals and coordination of patient care.
Market key trends:
One of the key trends in the ophthalmology PACS market is the integration of artificial intelligence and big data analytics. AI and machine learning algorithms are being incorporated into PACS platforms to automate clinical workflows and provide improved diagnostic support to physicians. For example, AI can analyze medical images to detect abnormalities or track disease progression over time. This reduces diagnostic errors and saves clinicians’ time. Furthermore, as patients generate large volumes of medical imaging data, big data analytics is being leveraged to gain insights into prevalence, outcomes, and treatment patterns. Such insights enable more data-driven clinical decision making and personalized care approaches. The growth of telemedicine and teleradiology during the pandemic has also accelerated investments in cloud-based PACS and remote image sharing capabilities. Overall, advancements in AI, big data, and telehealth are poised to transform how medical images are captured, analyzed, and distributed in the coming years.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to established distribution channels and high capital requirements for R&D.
Bargaining power of buyers: Moderate as large number of suppliers provide substitutable products. However, switching costs are low.
Bargaining power of suppliers: High due to fewer number of suppliers and differentiated products. Suppliers can charge premium prices.
Threat of new substitutes: Moderate threat from new entrants as new technologies are emerging but existing players have strong brand recognition.
Competitive rivalry: High due to many global and regional players providing similar product lines. Players compete based on product price and features.
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 rising cases of eye diseases. The market size for 2023 is US$ 213.05 Bn.
Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to high healthcare expenditure and increasing adoption of digital healthcare in the US and Canada. However, Asia Pacific is expected to exhibit the fastest growth rate owing to large patient pool and growing medical tourism in the region.
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. The market is concentrated in nature with few global players offering a wide range of products. Technological advancements are driving healthy competition among players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it