Specialty PACS Market Insights 2030
The global specialty PACS market size was valued at $2,682.88 million in 2020, and is projected to reach $4,485.96 million by 2030, registering a CAGR of 5.5% from 2021 to 2030. Picture archiving and communication system (PACS) is a modality of imaging technology, which helps in image transmission from the site of image acquisition to multiple physically-disparate locations. This technology is economical as it is film-less department and also convenient to access multiple modalities such as radiographs, CT, MRI, and ultrasound all simultaneously at multiple locations within hospitals and across various areas. It is an integration of input from digital or digitized analog devices, which may be any radiological modality used for image storage device/server for short- or long-term storage of data.
It has an advantage that a patient can undergo radiological investigations at separate locations, which need to be accessed by multiple radiologists and multiple treating physicians in different location. Images taken by PACS are stored in an archive from which they are retrieved or fetched and displayed for review on a reviewing station after being integrated by using network infrastructures.
The growth of the specialty PACS market is driven by increase in geriatric population and growing medical imaging volumes. Moreover, rise in prevalence of chronic diseases, increase in investments in medical imaging, rise in use of imaging equipment, increase in adoption of medical imaging health care IT solutions, rise in advancements in specialty PACS, growth in government initiatives to propel adoption of healthcare IT solution, and rise in awareness regarding early disease diagnosis are other factors that contribute toward growth of the market. However, unawareness among people regarding the technology, increase in cost of treatment, slow development in specialty PACS, and less government initiatives are expected to hinder growth of the market. Furthermore, rise in ambulatory centers, increase in advancements in R&D, reduced cost of product and treatment, rise in hospital facilities, and advancements in imaging solution provides lucrative opportunities for the specialty PACS market growth.
Impact Of Covid-19 On Specialty PACS Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The outbreak of COVID-19 impacted on various pharmaceutical sectors and industries as well. The outbreak of COVID-19 pandemic has affected the specialty PACS market, health facilities, their supply chain, and demand of PACS devices reduced. It affected mostly major players of the specialty PACS market, owing to shutdown of industries, they have experienced losses in their businesses. Overall, the impact of COVID-19 on the specialty PACS market was recorded to be negative. This was attributed to disturbances in production, import & export of raw material and finished goods, owing to shutdowns in various COVID-19 affected countries and rise in number of healthcare workers falling ill in the pandemic, leading to short supply. Moreover, decline in hospital visits by patients also impacted growth of the market. However, this situation is expected to change during the forecast period post COVID-19.
The specialty PACS market is segmented into type, deployment model, end user, and region. On the basis of type, the market is categorized into radiology PACS, orthopedics PACS, oncology PACS, pathology PACS, ophthalmology PACS, women’s health PACS, and others. By deployment model, it is categorized into on-premises specialty PACS and cloud-based specialty PACS. On the basis of end user, it is segregated into hospitals & clinics, ambulatory surgical centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Segment Review
By Type
By type, the market is categorized into radiology PACS, orthopedics PACS, oncology PACS, pathology PACS, ophthalmology PACS, women’s health PACS, and others. The radiology PACS segment dominates the global market in 2020, and is anticipated to continue this trend during the forecast period. Key factors such as rise in demand for radiology PACS, rising prevalence of chronic diseases, advancements in PACS systems, and launch of effective products that ensure better outcomes propel the specialty PACS market growth.
By Deployment Model
By deployment model, the market is segregated into on-premises specialty PACS and cloud-based specialty PACS. The on-premises specialty PACS segment accounts for majority of the market share, owing to rise in prevalence of chronic diseases in both developed as well as developing countries, rise in demand of medical imaging, increase in government initiatives, and surge in geriatric population facing chronic respiratory problems.
By Deployment Model
On Premises Specialty PACS segment is projected as one of the most lucrative segment.
By End User
By end user, the market is segregated into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment accounts for majority of the specialty PACS market share, owing to rise in number of hospitals in both developed as well as developing countries, rise in number of hospital visits for diagnosis and treatment of diseases, rise in healthcare infrastructure and healthcare facility and surge in number of hospitals adopting PACS systems.
By End User
Hospitals and Clinics segment held a dominant position in 2020 and will continue to maintain the lead over the forecast period.
By Region
North America accounted for major share with the growth rate of 4.3% of the specialty PACS market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of chronic disease patients, rise in spread of hospital awareness toward adoption of PACS systems, surge in demand for PACS systems, availability of advanced healthcare facilities with trained medical professionals, presence of most of key players, and surge in investments made by governments in the healthcare system. However, Asia-Pacific is expected to experience highest growth rate during the forecast period, majorly owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
By Region
Asia-Pacific would exhibit the highest CAGR of 6.9% during 2021-2030.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current Specialty PACS market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth specialty PACS market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the Specialty PACS market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the specialty PACS market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the market.
Specialty PACS Market Report Highlights
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Analyst Review
Picture archiving and communication system (PACS) is a computerized means of replacing roles of conventional radiological film. It is used to acquire, store, transmit, and display image digitally. It offers advantages of storage, which results in no cancellation of appointments of patients. Numerous PACS terminals throughout hospitals allow simultaneous multilocation viewing of the same image. The PACS database ensures that all images are automatically grouped into correct examination and are chronologically ordered, correctly orientated, labelled, and easily retrieved.
The factors such as surge in geriatric population and growing medical imaging volumes are the key factors that fuel growth of the specialty PACS market. Moreover, rise in prevalence of chronic diseases, increase in investments in medical imaging, rise in use of imaging equipment, increase in adoption of medical imaging health care IT solutions, rise in advancements in specialty PACS, growth in government initiatives to propel adoption of healthcare IT solution, and rise in awareness regarding early disease diagnosis are other factors that contribute toward growth of the market. However, unawareness among people regarding the technology, increase in cost of treatment, slow development in specialty PACS, and less government initiatives are expected to hinder growth of the market. Furthermore, rise in ambulatory centers, increase in advancements in R&D, reduced cost of product and treatment, rise in hospital facilities, and advancements in imaging solution provides lucrative opportunities for the market growth.
North America is expected to remain dominant during the forecast period, owing to increase in number of chronic disease patients, rise in spread of hospital awareness toward adoption of PACS systems, surge in demand for PACS systems, and availability of advanced healthcare facilities with trained medical professionals. Moreover, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to key players during the forecast period, owing to increase in number of hospitals equipped with advanced medical imaging equipment along with surge in utilization of PACS.
The total market value of IVF Devices and Consumables market is $4,485.96 million in 2030.
Top companies such as McKesson Corporation, IBM Corporation, Siemens AG, Canon Inc. (Canon Medical System Corporation), Koninklijke Philips N.V., Onex Corporation (Carestream Health) held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Radiology PACS segment is the most influencing segment owing to increasing investment by government and private organizations.
The forcast period for Specialty PACS market is 2020 to 2030
The market value of Specialty PACS market in 2020 is $2,682.88 million.
The base year is 2020 in Specialty PACS market
Increase in investment in the medical imaging and surge in geriatric population are the key trends in the Specialty PACS market report.
Asia-Pacific has the highest growth rate of 6.9% in the market which is growing due to presence of large patient population, strong presence of key players, increase in number of hospitals equipped with advanced medical imaging equipment along with surge in utilization of PACS.
Yes, the Specialty PACS market companies are profiled in the report.
Yes, the Specialty PACS market report provides PORTER Analysis
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