by 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 (picture archiving and communication system) are medical imaging software systems that enables the transmission of patient medical images like CT, MRI, ultrasound among clinics and other healthcare facilities digitally. It helps in storing, retrieving images electronically as well as integrate them into the electronic patient record for efficient analysis. Ophthalmology PACS provides benefits such as easy accessibility of data from multiple locations, improved efficiency of clinicians, streamlined workflow and reduced costs. Rapid diagnosis and treatment of eye diseases and improved patient care is fueling demand for these systems.
Market key trends:
One of the key trends in the ophthalmology PACS market is the rising adoption of integrated ophthalmology PACS solutions. Integrated PACS helps in managing workflows, retrieving important diagnostic data from multiple locations and interfaces with other hospital information systems. This integrated approach improves efficiency and aids faster diagnosis and treatment. Growing investments by hospitals and clinics in technologies that enhance patient care and streamline processes are contributing to the adoption of integrated ophthalmology PACS solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirements for establishing manufacturing facilities and obtaining regulatory approvals pose entry barriers. However, availability of various open source solutions poses a threat.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various alternatives. Buyers can negotiate on price and demand additional services leading to pricing pressure.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material procurement is commodity driven and major players have a huge supplier base to switch between.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives available in the market that can provide similar services.
Competitive rivalry: High due to presence of numerous global and regional players competing on the basis of product quality, features, pricing and service.
Key Takeaways
The Global Ophthalmology Pacs Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing geriatric population and prevalence of eye diseases.
Regional analysis:
North America dominates the ophthalmology PACS market owing to availability of advanced healthcare infrastructure and growing aged population. Asia Pacific exhibits high growth prospects led by growing medical tourism, increased healthcare access and rising disposable income in the region.
Key players: Topcon Corporation, Agfa-Gevaert N.V., Sonomed Escalon, Carl Zeiss Meditec AG, EyePACS, VersaSuite, Heidelberg Engineering GmbH, ScImage, Inc., IBM Corporation, and Visbion Limited. Key players operating in the ophthalmology Pacs market are focusing on inorganic strategies like acquisitions and mergers to strengthen their product portfolio and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
