PUBLISHER: The Business Research Company | PRODUCT CODE: 1464204
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464204
A specialty Picture Archiving and Communication System (PACS) refers to a specialized version of PACS specifically designed to cater to the unique needs and requirements of a particular medical specialty or discipline. PACS, in general, is a comprehensive technology utilized in healthcare for storing, retrieving, managing, and distributing medical images and associated data. The specialty PACS is tailored to address the specific workflows, image types, and diagnostic requirements of a particular medical field, ensuring optimal functionality and efficiency within that specialty.
Specialty PACS encompass various types such as radiology PACS, cardiology PACS, pathology PACS, ophthalmology PACS, orthopedics PACS, oncology PACS, dermatology PACS, neurology PACS, endoscopy PACS, and women's health PACS. The utilization of PACS in radiology offers a digital storage solution, enhancing the efficiency of diagnosis and treatment through remote access to medical images. These systems can be deployed in diverse modes, including on-premise and cloud, catering to a range of end-user industries such as hospitals, ambulatory surgery centers, clinics, and diagnostic imaging centers.
The specialty PACS market research report is one of a series of new reports from The Business Research Company that provides specialty PACS market statistics, including specialty PACS industry global market size, regional shares, competitors with specialty PACS market share, detailed specialty PACS market segments, market trends, and opportunities, and any further data you may need to thrive in the specialty PACS industry. This specialty PACS market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historic period can be attributed to factors such as the increasing use of visualization technologies, a rising adoption of cloud-based solutions in the healthcare sector, a growing focus on medical imaging in emerging economies, a rising geriatric population leading to increased healthcare needs, and an overall escalation in healthcare expenditure globally. These factors collectively contributed to the growth of specialty PACS during the historic period.
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%.
In the forecast period, the growth in the specialty PACS market can be attributed to several factors, including the rise in telemedicine and remote diagnostics, government initiatives and regulations supporting healthcare technology, an increasing incidence of chronic diseases, and a continuous rise in healthcare expenditure. Major trends expected in this period include the integration of artificial intelligence (AI) in PACS, the adoption of cloud-based PACS solutions, the growth of telemedicine and teleradiology, the implementation of enhanced security features in healthcare systems, and a trend towards customization with specialty-specific solutions. These trends are likely to shape the landscape of specialty PACS in the coming years.
The anticipated growth in telemedicine is set to drive the expansion of the specialty PACS market. Telemedicine, defined as the remote provision of medical services and care through technology, has gained increasing focus. Utilizing methods such as phone conversations, video conferences, and electronic contacts, telemedicine relies on systems such as specialty PACS to facilitate remote access to medical images, support collaborative diagnostic processes, and enhance patient care in various medical specialties, including radiology. As of February 2023, findings from the 2022 Digital Health Consumer Adoption Survey by Rock Health indicate a significant uptick in telemedicine usage, with 80% of surveyed U.S. adults having accessed care remotely, marking an 8-percentage point increase from 72% in 2021. The growing emphasis on telemedicine is identified as a key driver fueling the growth of the specialty PACS market.
Leading companies in the specialty PACS market are actively concentrating on product innovation, incorporating features such as artificial intelligence (AI) and machine learning (ML) to bolster their market revenues. This strategic focus aims to introduce the next generation of Picture Archiving and Communication Systems (PACS) to the cloud and advance AI-enabled tools to support clinicians. For instance, in November 2023, Koninklijke Philips N.V., a Netherlands-based technology company, launched HealthSuite Imaging on Amazon Web Services (AWS). This cloud-based system is designed to enable radiologists and clinicians to adopt new capabilities faster, enhance operational efficiency, and improve patient care. Leveraging AWS, Philips aims to provide improved image access speeds, reliability, and data orchestration for healthcare professionals across the entire imaging workflow. The collaboration with AWS further advances AI in healthcare by applying foundation models using Amazon Bedrock, accelerating accurate diagnoses and automating administrative tasks.
In August 2023, Experity, a U.S.-based software and services company for on-demand healthcare, completed the acquisition of OnePACS for an undisclosed amount. This acquisition aligns well with OnePACS's specialization in the teleradiology domain, complementing its function in the teleradiology ecosystem. OnePACS, a U.S.-based company, offers specialty PACS (picture archiving and communication systems) tailored specifically for teleradiology practices.
Major companies operating in the specialty pacs market report 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
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.
The countries covered in the specialty pacs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The specialty PACS market consists of revenues earned by entities by providing dental, orthopedic, mammography, and veterinary PACS. The market value includes the value of related goods sold by the service provider or included within the service offering. The specialty PACS market also includes sales of emergency medicines PACS and enterprise imaging systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Specialty PACS Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on specialty PACS market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for specialty PACS ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The specialty PACS market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.