SPECIALTY PACS MARKET SIZE TO RECORD A SUBSTANTIALLY CAGR OVER 2019–2024

The radiology PACS segment accounted for the largest share of the market in 2018; however, the ophthalmology PACS segment is expected to register the highest CAGR during the forecast period. The increasing prevalence of eye diseases and disorders, the growing number of ophthalmic surgeries performed, and technological advancements in ophthalmology devices are some of the factors driving the growth of this segment.


Based on the deployment model, the market is segmented into on-premise and web/cloud-based specialty PACS. The on-premise segment is expected to account for the largest share of the market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to web/cloud-based specialty PACS.


The rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities, increasing digitization of patient data, and rapid growth in EMR adoption are some significant factors responsible for the large share and fastest growth of this segment during the forecast period.


The growth in this market is driven mainly by the increasing geriatric population and subsequent growth in the incidence of various diseases, advantages associated with specialty PACS, government initiatives to increase the adoption of healthcare IT solutions.


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Growing investments in medical imaging, rising adoption of medical imaging IT solutions, and increasing use of imaging equipment. On the other hand, budgetary constraints are expected to limit market growth during the forecast period.


However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the increasing incidence of chronic diseases, rising awareness of the benefits of early disease diagnosis, and growing adoption of imaging modalities are some of the factors driving the growth of the market in this region.


Key Players in the Global Specialty PACS Market


IBM Corporation (Merge Healthcare Incorporated) (US), McKesson Corporation (US), Agfa Healthcare (Belgium), Carestream Health (a part of Onex Corporation) (Canada), Philips Healthcare (Netherlands), Sectra AB (Sweden), Siemens Healthineers (Germany), Novarad (US), INFINITT North America (US), Intelerad Medical Systems (Canada), Topcon Corporation (Japan), Sonomed Escalon (US), Canon USA, Inc. (US) (a subsidiary of Canon Inc.), Visbion (UK), and EyePACS, LLC (US).


The company regularly participates in relevant conferences, exhibitions, seminars, trade fairs, and other related events to strengthen and widen its brand recognition. The company also pursues the strategy of partnerships, collaborations, and acquisitions. Merge entered into a partnership with several medical providers and imaging technology companies in June 2016. This is a benchmark event for the company’s imaging technologies business.


Report Objectives

To define, describe, and forecast the global specialty PACS market based on type, component, deployment model, end-user, and region


To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, and opportunities)


To strategically analyze micromarkets with respect to the individual growth trends, future prospects, and contributions to the overall market


To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders


To forecast the size of the market segments with respect to six main regions, namely, North America, Europe, Asia Pacific, Latin America, North Africa, and the Rest of the World (RoW)


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The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.


Secondary research was mainly used to identify and collect information for the extensive, technical, market-oriented, and commercial study of the global specialty PACS market. Secondary sources include directories; databases such as Bloomberg Business, Factiva, and Wall Street Journal; white papers; and annual reports were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.


#Specialty PACS Market#Specialty PACS#PACS#Health#News

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