The global ophthalmology PACS market size is expected to reach USD 170.96 million by 2025, according to a new report by Grand View Research, Inc. It is projected to witness a CAGR of 6.5% during the forecast period and is driven by rising adoption of Electronic Health Record (EHR) and Electronic Medical Records (EMR) solutions globally. Moreover, rising prevalence of eye diseases, such as cataract, glaucoma, age-related macular degeneration, and diabetic retinopathy, is expected to fuel demand for ophthalmology PACS in near future. The Department of Ophthalmology of National University of Singapore conducted a study in collaboration with National University Health System, Singapore and South Central Asia. According to this study, the number of glaucoma cases diagnosed in 2013 was 17.06 million, which is anticipated to reach around 32.9 million by 2040.
Product development, geographical expansion and M&A are some sustainability strategies adopted by major companies in this market. For instance, in August 2017, Carl Zeiss Meditec Inc., acquired Veracity Innovations, LLC, a U.S.-based medical software company that delivers cloud-based platforms to maximize clinical performance and work efficiency. These platforms help ophthalmologists in delivering personalized technology-enabled care to their patients. The acquisition is intended to expand the former company’s eye care-based digital solutions portfolio. The company is also focusing on expanding the business in Asia Pacific owing to larger patient pool in this region.
Further key findings from the study suggest:
- Increasing cases of ophthalmic diseases, lack of skilled ophthalmologists, and growing usage of teleophthalmology solutions in developed countries are the factors driving the market
- According to BrightFocus Foundation’s survey, prevalence of Age-related Macular Degeneration (AMD) is anticipated to rise up to 22 million by 2040. This is also likely to boost market growth
- Cloud-based PACS is anticipated to register lucrative growth during the forecast period owing to features, such as interoperability and mutual performance, privacy and security, reduced errors, and improved quality
- North America held the major share of the market in 2017 due to increased ophthalmic disease burden and healthcare expenditure by public and private firms in this region
- Asia-Pacific is anticipated to register the highest CAGR during forecast period due to rising prevalence of glaucoma coupled with high demand for an effective diagnostic solution
- Carl Zeiss Meditec AG; Topcon Corp.; Merge Healthcare, Inc. are the major companies in the global ophthalmology PACS market
- Most of these companies are focusing on technological advancements, M&A, and R&D as part of their business expansion strategies