Factors that drive the growth of the global specialty PACS market include increasing investment in medical imaging, rising use of imaging equipment and increasing adoption of medical imaging health care IT solution.
Factors that drive the growth of the global specialty PACS market include increasing investment in medical imaging, rising use of imaging equipment and increasing adoption of medical imaging health care IT solution.
Utilization of specialty picture archiving and communication system (PACS) has been increasing with surge in its benefits for radiologists, cardiologists, and other healthcare professionals in gaining access to medical images and reports. Advanced technologies have proved to be boon for the healthcare sector as innovative products have been developed and launched for serving the medical community in the most efficient manner. Moreover, market players have been acquiring companies to gain enhance their capabilities and raise the market share. The demand for specialty PACS will increase in the coming years. According to the report published by Allied Market Research, the global specialty PACS market is expected to reach $4.48 billion by 2030. Following are some of the trends taking place across the world.
Market players have been adopting different strategies to raise their market share and launch of new products is one of them. These new products are aimed at improving capabilities of radiologists and other medical professionals. Fujifilm Healthcare Americas Corporation announced the launch of Synapse 7x, the next-generation PACS image visualization system. This platform collects cardiology, radiology, and enterprise imaging data and collectively shows it through its PACS viewer. So, healthcare providers can have an unobstructed imaging access and IT personnel need to manage only a single imaging platform. This platform is aimed at improving coordination, standardize workflows, and improve decision making.
The unification of all enterprise imaging data enables radiologists in gaining access through a single viewer. Fujifilm partnered with Epsilon and integrated its Epsilon Imaging EchoInsight to provide improved system updates. This enables cardiologists in gaining standardized, enhanced, and streamlined reporting of echocardiography. Such products will enable market players in raising their stakes in the market and expand its customer base.
Along with new product launches, acquisition is another major strategy adopted by market players to raise their market share by enhancing their capabilities. Intelerad Medical Systems acquired Ambra Health, a cloud-based medical imaging provider. Under this deal, the PACS platform of Intelerad, which contains reports and images, will be combined with robust cloud VNA, research capabilities, pathology services, and image exchange functionalities of Ambra. This unified platform will help physicians, clinicians, and researchers in storing, reading, and sharing a cloud solution for diagnostic imaging. More than 10 billion medical images will be managed and nearly 2,000 customers will be served by both companies. Such strategies will continue to be adopted to raise the customer base and market share in the coming years.
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The Major Key Players Are:
- 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
Major Highlights of the Study
- On the basis of type, the radiology PACS segment held majority share, growing with a rate of 6.0% share in the global specialty PACS market in 2020.
- On the basis of deployment model, the on-premises specialty PACS segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
- On the basis of end user, the hospitals & clinics segment held largest specialty PACS market share in 2020, and is expected to remain dominant throughout the forecast period.
- Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 4.3% during the forecast period.