(PharmaNewsWire.Com, April 19, 2020 ) 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, growing investments in medical imaging, rising adoption of medical imaging IT solutions, and increasing use of imaging equipment driving he growth of Specialty PACS Market. On the other hand, budgetary constraints are expected to limit market growth during the forecast period. Leading Companies are IBM, McKesson, Philips, Sectra AB, Siemens Healthineers, and Novarad.
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The global specialty PACS market size is projected to reach USD 3.5 billion in 2024 from USD 2.6 billion in 2019, at a CAGR of 6.0%. North America is projected to grow at the highest CAGR during the forecast period. In 2018, North America commanded the largest share of the market due to factors such as increasing medical imaging volumes and several diagnostic imaging centers, growing geriatric population, and the fast adoption of technologically advanced imaging systems.
Factors such 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 market in this region.
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.
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.
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.
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Prominent players in the nasal drug delivery technology market include IBM Corporation (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).
In April 2019, Sectra and Deventer Hospital (Netherlands) signed a contract to install Sectra’s PACS solutions across the radiology and nuclear medicine departments at the Deventer Hospital.
In February 2019, Agfa HealthCare and Noordwest Ziekenhuisgroep (Netherlands) entered into a collaboration, to optimize patient care by implementing Agfa’s enterprise imaging solutions
In February 2018, Change Healthcare signed a contract with the United States Defense Logistics Agency, to provide more than 3,000 installations of enterprise imaging solutions, including diagnostic imaging and workflow products, picture archiving and communication systems (PACS), radiology solutions, and cardiovascular imaging systems.
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