DUBLIN–(BUSINESS WIRE)–The “Specialty PACS Market by Type (Radiology, Orthopedics, Oncology, Pathology, Endoscopy, Women’s Health), Deployment Model (On premise, Cloud), Component (Software, Service), End User (Hospital, Clinic, Diagnostic Centers, Research) – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Specialty PACS Market is Projected to Reach USD 3.5 Billion in 2024 from USD 2.6 Billion in 2019, at a CAGR of 6.0%.
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, rising 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 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 during the forecast period primarily due to the recurring need for services such as software upgrades and maintenance.
The radiology PACS segment accounted for the largest share of the specialty PACS type market in 2018.
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 radiology PACS segment accounted for the largest share of the market in 2018 as a majority of imaging studies are handled, managed, and stored in the radiology departments of hospitals.
Furthermore, with the ever-increasing volume of medical images, the pressure on radiology departments is also growing. Owing to this, many healthcare facilities are adopting radiology PACS solutions, which is expected to fuel the growth of the segment.
Asia Pacific to witness high growth during the forecast period.
In 2018, North America accounted for the largest share of the market, followed by Europe. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the increasing incidence of chronic diseases, rising awareness on the benefits of early disease diagnosis, and growing adoption of imaging modalities are some of the factors driving the growth of specialty PACS market in this region.
- Growing Government Initiatives to Increase the Adoption of Healthcare IT Solutions
- Growing Investments in Medical Imaging
- Growing Adoption of Medical Imaging IT Solutions
- Increasing use of Imaging Equipment
- Increasing Geriatric Population and the Subsequent Growth in the Incidence of Various Diseases
- Advantages Associated With Specialty PACS
- Integration of Artificial Intelligence With Specialty PACS Solutions
- Growth Opportunities Offered By Cloud-Based Specialty PACS Solutions
- Integration of PACS With EMR
- Blockchain for Medical Imaging
- Agfa Healthcare
- Carestream Health
- IBM Corporation (Merge Healthcare Incorporated)
- INFINITT North America
- Intelerad Medical Systems Incorporated
- McKesson Corporation
- Novarad Corporation
- Philips Healthcare
- Sectra AB
- Siemens Healthineers
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