July 22, 2020
According to the research report titled ‘Global Specialty PACS Market Size study, by Type (Radiology PACS, Cardiology PACS, Pathology PACS, Opthalmology PACS, Women’s Health PACS, Others), by Deployment Model (On-Premises, Web/Cloud-Based), by Component (Software, Services, Hardware), by End-User (Hospitals, Ambulatory Surgical Centers & Clinics, Diagnostic Imaging Centers, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global specialty PACS market size accounted for USD 2.6 billion in the year 2019 and is anticipated to showcase a y-o-y growth rate of 6% between 2020 and 2026.
Notably, picture archiving & communication system (PACS) is an electronic image management system which is extensively used in healthcare organizations for applications such as medical imaging. It helps to store and digitally transmit electronic images and other clinically relevant reports securely. PACS can be used for viewing images, frameworks, & databases, archiving services and for offering an unified system. Moreover, specialty PACS help healthcare organizations to eliminate physical filing, storing, retrieving, and direction of sensitive reports and information.
Growing geriatric population in tandem with high occurrence of various diseases are key factors fueling the growth of global specialty PACS market. Rising adoption of medical imaging modalities including CT (computed tomography) scan and X-ray is also aiding the market expansion.
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As per OECD (Organization for Economic Co-operation & Development), the number of CT scanners in Australia grew to 67.20 units per million inhabitants in 2018 from 39.14 units per million inhabitants in the year 2009. Similarly, the number of CT scanners per million residents increased to 5.83 units in 2018 from 2.86 units in Mexico in the year 2002, which in turn are augmenting the adoption of specialty PACS across the globe. In addition to this, favorable government initiatives which promote the use of healthcare IT solutions are also stimulating the industry outlook. However, rising concerns regarding data security & privacy coupled with budget constraints associated with manufacturing and use of specialty PACS may act as restraining factors to the overall market growth.
As per type, global specialty PACS market is segmented into women’s health PACS, ophthalmology PACS, pathology PACs, cardiology PACS, radiology PACS, and others. In terms of deployment model, the market is classified into web/cloud-based and on-premises. By component type, the industry is categorized into hardware, services and software whereas the end-user scope comprises of diagnostic imaging centers, ambulatory surgical centers & clinics, hospitals and others.
Considering the geographical landscape, North America specialty PACS industry is estimated to generate considerable revenues in the forthcoming years, primarily driven by rising number of diagnostic imaging centers in the region and early adoption of advanced imaging systems.
On the other hand, Asia-Pacific market is poised to record high CAGR through 2026. Rising prevalence of chronic diseases owing to growing elderly population in consort with increasing utilization of imaging modalities in India and China are complementing the business outlook in APAC.
Intelerad Medical Systems Inc., INFINITT North America Inc., Novarad Corp., Siemens Healthineers AG, Sectra AB, Philips Healthcare, Carestream Health, Agfa-Gevaert N.V., Mckesson Corporation, and IBM Corporation are the major companies in worldwide specialty PACS market.