Press release
Specialty PACS Market Trends, SIze And Opportunities Report 2024 To 2033
Specialty PACS Market
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.
Market Overview -
A specialty picture archiving and communication system (PACS) refers to a specialized version of a PACS designed to meet the unique needs and requirements of a specific medical specialty or discipline. PACS is a comprehensive technology used in healthcare to store, retrieve, manage, and distribute medical images and associated data.
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Telemedicine's Surge Fuels Specialty PACS Market Growth
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.
Competitive Landscape -
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
A Cutting-Edge Cloud-Based PACS Integration Empowering Clinicians With AI-Driven Diagnostic Precision
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.
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Key Segments -
The specialty PACS market covered in this report is segmented -
1) By Type: Radiology PACS, Cardiology PACS, Pathology PACS, Ophthalmology PACS, Orthopedics PACS, Oncology PACS, Dermatology PACS, Neurology PACS, Endoscopy PACS, Women's Health PACS
2) By Deployment Model: On-Premise, Cloud-Based
3) By End-User: Hospitals, Ambulatory Surgery Centers And Clinics, Diagnostic Imaging Centers
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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