Specialty PACS refers to specialized versions of conventional medical imaging systems that are tailored for the unique workflows, image-types, and reporting/analysis requirements of specific clinical disciplines. It is defined as a system that is used in healthcare to store, retrieve, distribute, and manage medical images from different modalities through digital platforms. This helps with accurate diagnosis, faster reporting, tighter integration with specialty workflows, and efficient use of imaging data.
Allied Market Research released a report on the specialty PACS market, which provides industry dynamics, including growth drivers, opportunities, and challenges. This report further offers regional analysis and a competitive landscape of the domain. The sector accounted for $2,682.88 million in 2020 and is anticipated to reach $4,485.96 million by 2030, growing at a CAGR of 5.5% during the study period.
Rise in imaging volumes and increase in prevalence of chronic diseases, which leads to higher imaging demands, boosts the growth of the specialty PACS market. In addition, hospitals and clinics are investing in digital infrastructure. These specialty solutions are aligned with integration of imaging with electronic health records, enterprise imaging, cloud platforms, and remote access. This also fosters the demand for specialty PACS. Furthermore, adoption of cloud, hybrid deployment models and remote workflows enable improved data accessibility, thus boosting market growth. However, high implementation and migration costs that are associated with deploying specialty PACS often entail substantial investment in software licenses, hardware, network infrastructure, and services, which limit the growth of the market. Further, medical imaging data needs to be protected, thus data security concerns also restrain the growth of the market. Nevertheless, emerging markets and digital healthcare infrastructure are the factors projected to foster the growth of the specialty PACS market in the upcoming years. In addition, the integration of artificial intelligence, predictive tools, and workflow automation is opportunistic for market growth.
Important questions
What are the key factors driving the growth of this industry?
Which companies are the leading players in the domain?
Which deployment model leads the specialty PACS market?
What are the factors that restrain the growth of the sector?
What is the dominating segment based on the end user?
Developments in the specialty PACS market
Introduction of artificial intelligence and machine-learning modules to specialty workflows help enhance diagnostic capability and workflow automation. This increases its adoption in the healthcare sector. Integration of cloud and web-based models is another major development across the sector that allows scalability, remote access, easier maintenance, and collaboration across sites. Furthermore, specialty PACS are being designed not just as image archives, but as part of enterprise imaging strategies. This also enhances the healthcare infrastructure, thus boosting its adoption across the sectors. An increased focus on cybersecurity, data governance and lifecycle management is another important development that boosts the adoption of specialty PACS among its end users.
List of key players
Canon Inc. (Canon Medical System Corporation)
EyePACS, LLC
INFINITT Healthcare Co. Ltd.
McKesson Corporation
Novarad
Siemens AG
INC Escalon Medical Corp.
IBM Corporation
Koninklijke Philips N.V.
Onex Corporation (Carestream Health)
Regional Insights
North America dominates the specialty PACS market attributed to the presence of advanced healthcare systems and early adoption of cloud or artificial intelligence in the specialty of PACS. Europe is also experiencing growth in the specialty PACS sector owing to initiatives by the government for digitization and healthcare IT support growth. Asia-Pacific is projected to be the fastest-growing region. This is attributed to investments in healthcare infrastructure and expansion of hospital networks across the region. LAMEA is at its earlier stages of specialty PACS adoption and thus exhibits slower growth potential.
Conclusion
The report offers Porter's Five Forces analysis to present an overview of the market structure to its stakeholders. It also studies various aspects of the sector. These include competitive rivalry, threat of new entrants, and bargaining power of suppliers and buyers and provides necessary information to the investors, stakeholders, and new market entrants seeking a thorough understanding of the global specialty PACS landscape.
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