Market Size –
The specialty PACS market size has grown strongly in recent years. It will grow from $2.96 billion in 2023 to $3.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growing use of visualization, increasing adoption of cloud-based solutions, increasing focus on medical imaging in emerging economies, growing geriatric population, rising healthcare expenditure.
The specialty PACS market size is expected to see strong growth in the next few years. It will grow to $3.92 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rise in telemedicine and remote diagnostics, government initiatives and regulations, rising incidence of chronic diseases, increasing healthcare expenditure. Major trends in the forecast period include integration of artificial intelligence (AI), cloud-based PACS solutions, telemedicine and teleradiology growth, enhanced security features, customization and specialty-specific solutions.
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Scope Of Specialty PACS Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Specialty PACS Market Overview
Market Drivers –
A growing focus on telemedicine is expected to propel the growth of the specialty PACS market going forward. Telemedicine refers to the practice of providing medical services and care remotely through the use of technology, including phone conversations, video conferences, and other electronic contacts. The capabilities of specialty PACS are closely linked to the growing emphasis on telemedicine, since these systems are essential in facilitating remote access to medical images, fostering collaborative diagnostic processes, and improving patient care across a range of medical specialties, including radiology. For instance, in February 2023, according to the 2022 Digital Health Consumer Adoption Survey conducted by Rock Health, a US-based healthcare organization, approximately 8,000 U.S. adults were surveyed, out of which 80% of all respondents have accessed care via telemedicine at some point in their lives, up 8 percentage points from 72% in 2021. 82% of Hispanic respondents reported telemedicine use, reflecting a 9% increase in 2021. Therefore, the growing focus on telemedicine is driving the growth of the specialty PACS market.
Market Trends –
Major companies operating in the specialty PACS market are focusing on product innovation with features such as artificial intelligence (AI) and machine learning (ML), to drive their revenues in the market. The introduction of AI and ML aims to bring the next generation of Picture Archiving and Communication System (PACS) to the cloud and advance AI-enabled tools in support of clinicians. For instance, in November 2023, Koninklijke Philips N.V., a Netherlands-based technology company, launched HealthSuite Imaging on Amazon Web Services (AWS) to bring the next generation of picture archiving and communication systems (PACS) to the cloud and advance AI-enabled tools in support of clinicians. This cloud-based system is designed to enable radiologists and clinicians to adopt new capabilities faster, improve operational efficiency, and enhance patient care. By leveraging AWS, Philips aims to provide improved image access speeds, reliability, and data orchestration for healthcare professionals across the entire imaging workflow, from treatment to follow-up. Additionally, the collaboration with AWS will advance AI in healthcare by applying foundation models using Amazon Bedrock to accelerate more accurate diagnoses and automate administrative tasks.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the specialty PACS market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty PACS market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major companies operating in the specialty pacs market are McKesson Corporation, Siemens AG, International Business Machines Corporation, Oracle Corporation, Canon Inc., Fujifilm Holdings Corporation, Koninklijke Philips N.V., Topcon Corporation, Neusoft Medical Systems Co. Ltd., Carestream Health Inc., Onex Corporation, Agfa HealthCare NV, Hitachi Healthcare Systems Inc., Sectra AB, Intelerad Medical Systems Inc., INFINITT Healthcare Co. Ltd., NantHealth Inc., Advanced Data Systems Inc., Mach7 Technologies Ltd., Novarad Corporation, Telemis S.A., Escalon Medical Corp., Sonomed Escalon Solutions Inc., EyePACS LLC, Visbion Limited
Table of Contents
1. Executive Summary
2. Specialty PACS Market Report Structure
3. Specialty PACS Market Trends And Strategies
4. Specialty PACS Market – Macro Economic Scenario
5. Global Specialty Picture Archiving And Communication System (PACS) Market Size and Growth
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32. Global Specialty Picture Archiving And Communication System (PACS) Market Competitive Benchmarking
33. Global Specialty Picture Archiving And Communication System (PACS) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Specialty Picture Archiving And Communication System (PACS) Market
35. Specialty Picture Archiving And Communication System (PACS) Market Future Outlook and Potential Analysis
36. Appendix
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