Picture archiving and communication systems (PACS) is a medical imaging technology that electronically processes, stores, and retrieves digital medical images throughout the health care organization
Global Specialty PACS Market: Introduction
- Picture archiving and communication systems (PACS) is a medical imaging technology that electronically processes, stores, and retrieves digital medical images throughout the health care organization
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- Usage of PACS is mostly in radiology division to process and direct the diagnostic imaging procedures including ultrasound images, CT Scans, and MRIs
- The utilization of PACS disposes the need to physically document and store, retrieve, and send sensitive data, films, and reports. Rather, clinical documentation and images can be safely stored in outside servers and can be securely accessed from anywhere in the world utilizing PACS programming, workstations, and mobile devices.
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Key Drivers and Restraint of Global Specialty PACS Market
- According to the WHO, the world’s population aged more than 60 years is expected to increase from 900 million to 2 billion from 2015 to 2050. Rise in geriatric population and hence increase in incidence of various diseases is one of the components driving the global specialty PACS market.
- An increase in acceptance of Medical Imaging IT Solutions by the population has been seen because of convenience of access and storage. Hence, the government is taking initiatives to enhance the adoption of healthcare IT solutions.
- Rise in investments in medical imaging is projected to boost the growth of the global specialty PACS market. In a survey taken in the U.S., out of 50 radiologists, 90% reported their workload had increased over the last few years. The main reason for it was increasing number of scans, cited by 78% of radiologists. This imposes that radiologists needs to read the scan quickly and accurately. Hence, the investments in Artificial Intelligence based medical imaging are growing exponentially. In 2018, the number of companies in the market reached to 113, which led the investments to reach around US$ 1.2 Bn.
- Budgetary constraints are expected to obstruct the growth of the global specialty PACS market
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North America to Lead Global Specialty PACS Market
- In terms of region, the global Specialty PACS market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America represents the largest share of global specialty PACS market and is expected to grow at a substantial rate due to the fast acceptance of technically advanced imaging frameworks and increasing occurrence of chronic diseases in the market
- Europe is the second largest market for specialty PACS due to increase in number of diagnostic imaging centers in the region which has enhanced the medical imaging volumes
- The market in Asia Pacific is expected to grow at a higher pace during the forecast period due to increase in awareness on the benefits of early diagnosis of the disease
- Regions such as Latin America and Middle East & Africa are anticipated to be lucrative markets for specialty PACS during the forecast period due to upgraded health care infrastructure
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Key Players Operating in Global Specialty PACS Market
- IBM Corporation (Merge Healthcare Incorporated)
- McKesson Corporation
- Agfa Healthcare
- Carestream Health (a part of Onex Corporation)
- Philips Healthcare
- Sectra AB
- Siemens Healthineers
- Novarad
- INFINITT North America
- Intelerad Medical Systems
- Topcon Corporation
- Sonomed Escalon
- Canon USA, Inc. (a subsidiary of Canon Inc.)
- Visbion
- EyePACS, LLC
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