Specialty PACS Market Size by Top Leading Key Players, Growth Opportunities, Incremental Revenue, Trends, Outlook and Forecasts to 2025

ReportsnReports provides in depth study of "Specialty PACS Market" using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organisation. The Specialty PACS Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organisation such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organisation.

The global Specialty PACS Market is expected to witness a promising growth in the next few years. The rising level of competition among the leading players and the rising focus on the development of new products are likely to offer promising growth opportunities throughout the forecast period. The research study on the global Specialty PACS Market offers a detailed overview, highlighting the key aspects that are expected to enhance the growth of the market in the near future. The key segmentation and the competitive landscape of the market have also been mentioned at length in the research study.

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"The global specialty PACS market is projected to grow at 6.0% during the forecast period."

The specialty PACS market is projected to reach USD 3.5 billion in 2024 from USD 2.6 billion in 2019, at a CAGR of 6.0%. 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, rising investments in medical imaging, growing 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.

"The services segment is projected to grow at the highest CAGR during the forecast period."

Based on the component, the specialty PACS market is segmented into software, services, and hardware. In 2018, the software segment accounted for the largest specialty PACS market share. With the consistent increase in the healthcare imaging volumes, there is a growing demand for PACS software. However, services are expected to register the highest CAGR of during the forecast period primarily due to the recurring need for services such as software upgrades and maintenance.

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"The radiology PACS segment accounted for the largest share of the specialty PACS type market in 2018."

Based on the type, the specialty PACS market is segmented into radiology PACS, cardiology PACS, pathology PACS, ophthalmology PACS, orthopedics PACS, oncology PACS, dermatology PACS, neurology PACS, endoscopy PACS, women's health PACS, and other specialty PACS. The radiology PACS segment accounted for the largest share of the market in 2018 as a majority of imaging studies are handled, managed, and stored in the radiology departments of hospitals. Furthermore, with the ever-increasing volume of medical images, the pressure on radiology departments is also growing. Owing to this, many healthcare facilities are adopting radiology PACS solutions, which is expected to fuel the growth of the segment.

"Asia Pacific to witness high growth during the forecast period."

In 2018, North America accounted for the largest share of the market, followed by Europe. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such the increasing incidence of chronic diseases, rising awareness on the benefits of early disease diagnosis, and growing adoption of imaging modalities are some of the factors driving the growth of specialty PACS market in this region.

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"The market in North America is projected to witness the highest growth rate during the forecast period (2020-2025)."

The primary interviews conducted for this report can be categorized as follows:

By Company Type: Tier 1 - 44%; Tier 2 -36%; Tier 3 - 20%.
By Designation: C-level- 22%; D-level- 28%; others--50%.
By Region: North America-35%; Europe-26%;Asia-33%; RoW-6%.

List of companies profiled in the report

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)
EyePACS, LLC (US).

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