Surge in investments in medical imaging, increase in use of imaging equipment, and rise in the geriatric population have boosted the growth of the global specialty PACS market.
PORTLAND, Ore., Feb. 8, 2022 /PRNewswire/ -- According to the report published by Allied Market Research, titled, "Specialty PACS Market by Type (Radiology PACS, Orthopedics PACS, Oncology PACS, Pathology PACS, Endoscopy PACS, Women's Health PACS), Deployment Model (On-Premises Specialty PACS And Cloud-Based Specialty PACS), End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global specialty PACS industry generated $2.68 billion in 2020, and is estimated to reach $4.48 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
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Major determinants of the market growth
Surge in investments in medical imaging, increase in use of imaging equipment, and rise in the geriatric population have boosted the growth of the global specialty PACS market. However, rise in cost of treatment and low awareness about the technology hinder the market growth. On the contrary, advancements in imaging solutions are expected to open new opportunities for the market players in the future.
Covid-19 outbreak Analysis (Pre and Post)
- The Covid-19 pandemic affected the pharmaceutical sectors drastically. The supply chain was disrupted and the demand for specialty PACS devices was reduced.
- The outbreak forced major manufacturing companies to close their facility entirely or run at a limited capacity, which negatively affected the business.
- The limitation on import & export of raw materials & finished goodws and disturbance in production negatively affected the market. Moreover, increase in number of healthcare professionals falling ill in the pandemic and lockdown led to short supply of specialty PACS devices.
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The ophthalmology PACS segment to showcase the highest CAGR through 2030
Based on type, the ophthalmology PACS segment is expected to register the highest CAGR of 6.2% during the forecast period, due to prevalence of chronic diseases and surge in investment in medical imaging. However, the radiology PACS segment held the largest share in 2020, accounting for nearly three-fifths of the global specialty PACS market share in 2020. This is due to rise in the geriatric population and growth in medical imaging volumes.
The hospitals and clinics segment to register the highest CAGR by 2030
Based on end user, the hospitals and clinics segment is projected to manifest the highest CAGR of 6.0% during the forecast period. The segment dominated in terms of revenue in 2020, accounting for more than half of the global specialty PACS market share in 2020, due to surge in the number of hospitals in both developed and developing countries and increase in the number of hospital visits for diagnosis and treatment of disease. The research also analyzes the segments including ambulatory surgery centers and others.
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North America held the largest share
Based on region, North America held the highest share in 2020, contributing to nearly two-fifths of the global specialty PACS market. This is due to rise in demand for PACS systems and availability of advanced healthcare facilities with trained medical professionals. However, the market across Asia-Pacific is estimated to register the highest CAGR of 6.9% from 2021 to 2030.
Key Players in the Industry
- Canon Inc. (Canon Medical System Corporation)
- INC Escalon Medical Corp.
- EyePACS, LLC
- IBM Corporation
- INFINITT Healthcare Co. Ltd.
- Koninklijke Philips N.V.
- McKesson Corporation
- Novarad
- Onex Corporation (Carestream Health)
- Siemens AG
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