Ophthalmology PACS Is Estimated To Witness High Growth Owing To...

Ophthalmology PACS Is Estimated To Witness High Growth Owing To Rising Geriatric Population

Posted 2024-01-02 06:58:40

Ophthalmology PACS (Picture Archiving and Communication Systems) are medical imaging systems that are used for capturing, archiving, and transmitting images from diagnostic equipment such as fundus cameras, optical coherence tomography scanners, lensometers, and autorefractors. Ophthalmology PACS allow clinicians to store and view photographs, scans, and test results in digital format and share them across different healthcare facilities. These systems help ophthalmologists in obtaining accurate diagnoses by quickly retrieving prior patient scans and images for comparison.

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 19.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising geriatric population is one of the major drivers of the ophthalmology PACS market. Age-related eye diseases such as diabetic retinopathy, glaucoma, age-related macular degeneration (AMD) are highly prevalent in the elderly. With the increasing life expectancy across the globe, the population aged 65 years and above is growing rapidly. According to the United Nations, the number of people aged 65 years and over is projected to grow to nearly 1.5 billion in 2050. Ophthalmology PACS help ophthalmologists effectively manage the rising patient volumes and also aid in early diagnosis and treatment of age-related eye conditions. This is expected to fuel the adoption of ophthalmology PACS over the forecast period.

SWOT Analysis

Strength: Ophthalmology PACS have revolutionized digital diagnosis and treatment. They allow integration of multiple diagnostic images, streamlining workflow and enhancing collaboration. Access to prior records helps guide treatment decisions. Three sentence explanation.

Weakness: High upfront costs and technical expertise required for installation and maintenance. Data security is a concern due to the sensitivity of medical images. Switching from legacy systems requires time and resources. Three sentence explanation.

Opportunity: Rising eye disorders due to aging population and lifestyle changes. In developing countries, adoption of digital solutions can help address shortage of eye care specialists. Integration of AI and machine learning can enhance diagnostic accuracy. Three sentence explanation.

Threats: Healthcare budgets under strain may delay procurement. Open source and cheaper competitors emerging. Regulations around data privacy and storage evolving. Two sentence explanation.

Key Takeaways

The Global Ophthalmology PACS Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Rapid adoption of digital solutions is driving the market especially in developed regions of North America and Europe where majority of the key players are based. The Asia Pacific region is expected to be the fastest growing market owing to rising eye diseases and improving healthcare budgets.

Regional analysis :

The Asia Pacific region represents significant growth opportunities for players in the Ophthalmology PACS market with rising healthcare expenditures and growing focus on digitization across healthcare systems. China and India are emerging as major markets due to their large patient pools and increasing investments in eye care infrastructure and services.

Key players :

Key players operating in the Ophthalmology PACS market are Walmart, Costco Wholesale Corporation, The Kroger Co., Walgreens Boots Alliance Inc., TESCO PLC, Amazon.com Inc., METRO, Home Depot Product Authority LLC. , Target Brands Inc., Best Buy, nter IKEA Systems B.V, Carrefour SA, eBay Inc.

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