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Specialty PACS Market worth $3.45 billion by 2024

 



(Medical-NewsWire.com, October 08, 2019 ) The growth in this market is driven mainly by the increasing geriatric population and subsequent growth in the incidence of various diseases, advantages associated with specialty PACS, government initiatives to increase the adoption of healthcare IT solutions, increasing investments in medical imaging, growing adoption of medical imaging IT solutions, and increasing use of imaging equipment. On the other hand, budgetary constraints are expected to limit market growth during the forecast period.



“The Ophthalmology PACS segment is projected to grow at the highest CAGR during the forecast period.”



Based on the type, the specialty PACS market is segmented into radiology PACS, cardiology PACS, pathology PACS, ophthalmology PACS, orthopedics PACS, oncology PACS, dermatology PACS, neurology PACS, endoscopy PACS, women’s health PACS, and other specialty PACS. The ophthalmology PACS segment is expected to register the highest CAGR of during the forecast period. The increasing prevalence of eye diseases and disorders, the growing number of ophthalmic surgeries performed, and technological advancements in ophthalmology devices are some of the factors driving the growth of this segment.



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Based on the component, the services segment is projected to grow at the highest CAGR during the forecast period.



Based on the component, the specialty PACS market is segmented into software, services, and hardware. In 2018, the software segment accounted for the largest specialty PACS market share. With the consistent increase in the healthcare imaging volumes, there is a growing demand for PACS software. However, services are expected to register the highest CAGR of during the forecast period primarily due to the recurring need for services such as software upgrades and maintenance.



The hospital segment is expected to dominate the specialty PACS market in 2018.



Based on end-user, the specialty PACS market is segmented into hospitals, ambulatory surgery centers (ASCs) & clinics, diagnostic imaging centers, and other end-users. In 2018, the hospital segment accounted for the largest share of the global specialty PACS market. The large share of this segment is attributed to factors such as the rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities, increasing digitization of patient data, and rapid growth in EMR adoption.



North America to dominate the market in 2018



In 2018, North America commanded the largest share of the market. The large share of this regional segment can be attributed to factors such as increasing medical imaging volumes and the number of diagnostic imaging centers, growing geriatric population, and the fast adoption of technologically advanced imaging systems.



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The specialty PACS market is marked by the presence of several big and small players. Some of the prominent players offering specialty PACS products include IBM Corporation (Merge Healthcare Incorporated) (US), McKesson Corporation (US), Agfa Healthcare (Belgium), Carestream Health (a part of Onex Corporation) (Canada), Philips Healthcare (Netherlands), Sectra AB (Sweden), Siemens Healthineers (Germany), Novarad (US), INFINITT North America (US), Intelerad Medical Systems (Canada), Topcon Corporation (Japan), Sonomed Escalon (US), Canon USA, Inc. (US) (a subsidiary of Canon Inc.), Visbion (UK), and EyePACS, LLC (US). These players have adopted various growth strategies, such as new product launches expansions; acquisitions; and partnerships, agreements, & contracts to further expand their presence in the global market.



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