The ophthalmology PACS market is projected to reach USD 160.2 million by 2023 from an estimated USD 106.6 million in 2018, at a CAGR of 8.5% during the forecast period.
Growth in this market is mainly driven by the rapid growth in the geriatric population, rising prevalence of eye diseases, limited number of ophthalmologists, government initiatives to encourage the adoption of EHR/EMR, and the increasing adoption of teleophthalmology.
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Based on type, the ophthalmology PACS market is segmented into standalone and integrated PACS. Among these, the integrated PACS segment is expected to register the highest CAGR during the forecast period. The advantages associated with the use of integrated PACS, such as ease of deployment and use, easy interoperability, data security, portability, and cost-effectiveness are driving the growth of this segment.
On the basis of delivery model, the ophthalmology PACS market is segmented into on-premise and web/cloud-based models. The web/cloud-based PACS segment is expected to grow at the highest CAGR during the forecast period. The high growth rate can be attributed to the fact that, these models do not require any significant setup charges. Maintenance and support service charges are also included in subscription fees, which make these delivery models more affordable for customers.
Based on end user, the ophthalmology PACS market is segmented into hospitals, specialty clinics & ambulatory surgery centers, and other end users. In 2018, the specialty clinics & ambulatory surgical centers segment is expected to register the highest CAGR during the forecast period. The growing patient pool for the diagnosis and treatment of cataracts in specialty clinics & ASCs due to cost-effective treatments is expected to propel the growth of the ophthalmology PACS market in this end-user segment.
Among the four regional segments covered in the ophthalmology PACS market—North America, Europe, Asia, and the Rest of the World (RoW), Asia is expected to grow at the highest CAGR during the forecast period. The high growth of this regional segment is attributed to increasing demand for diagnostic imaging procedures, growing medical tourism, increasing geriatric population and incidence of age-related eye diseases, growing awareness on healthcare services, rising healthcare expenditure, and the development of the healthcare infrastructure.
The untapped emerging markets and cloud-based platforms are also expected to provide a wide range of growth opportunities for players in the market. With their huge population base, developing countries across the world, including China, India, Russia, Brazil, Mexico, and South Africa, pose potential growth opportunities for ophthalmology PACS providers. Factors such as increasing awareness on eye disorders, changing lifestyles, growing per capita spending, and the introduction of cost-effective therapies are driving leading players in the ophthalmology PACS market to expand their presence in these emerging markets.
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