Global Specialty PACS Market 2023-2030

Global Specialty PACS Market 2023-2030

Global Specialty PACS Market Size, Share & Trends Analysis Report by Type (Cardiovascular PACS, Orthopedic PACS, Oncology PACS, and Other Types), by Component (Hardware, Software, and Services), By deployment (On-Premises, Cloud Based), and by End-User (Hospitals, Diagnostic Centers, and Other End Users) Forecast Period (2023-2030)

The global specialty PACS market is anticipated to grow at a significant CAGR of 4.5% during the forecast period. PACS refers to picture archiving and communication system, a medical imaging technology which is used to store, retrieve, present and transmit images and reports. Ophthalmology PACS is used to manage the image data and eliminates the need to manually file, store and retrieve information. According to the about 3 million Americans have glaucoma. It is the second leading cause of blindness worldwide. Open-angle glaucoma, the most common form, results in increased eye pressure.

The factors driving the growth of the market include increasing geriatric population and rising prevalence of chronic disorders such as eye diseases, heart diseases, and cancer among others. Moreover, government initiatives to encourage the adoption of EHR (electronic health record) and EMR (electronic medical record) are expected to drive the growth of the market. However, high implementation and maintenance costs are expected to limit the growth of the market.

Segmental Outlook

The global specialty PACS market is segmented based on type, component, deployment, and end-user. Based on type, the market is segmented into cardiovascular PACS, orthopedic PACS, oncology PACS, and other types. Based on component, the market is segmented into hardware, software, and services. Based on deployment, the market is segmented into on-premises and cloud based. Based on end-user, the market is segmented into hospitals, diagnostic centers, and other end-users.

On-Premises held Major Market Share in 2022

The on-premises deployment model held major market share in 2022. The large prevalence of healthcare facilities and hospitals towards on-premise specialty PACS to store and manage patient data has driven the growth of this market segment. On-premise special PACS is defined as a way of software development and delivery when vendors send their qualified employees to the client’s site. Furthermore, the easy accessibility of on-premise software solutions is contributing to the growth of the market segment. Access to cloud resources can pose a challenge due to bandwidth constraints for global companies with remote sites in multiple countries and hence several healthcare organizations restrain them from using cloud software and solutions.

Regional Outlook

The global specialty PACS market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific is estimated to be the fastest-growing region owing to the rapidly developing healthcare infrastructure and growing disposable incomes in the region. Besides, favorable government policies, rising geriatric population, presence of key market players, and rise in the demand for surgical procedures are some of the major factors that contributed towards the fueling of regional market growth.

The North America Region held Considerable Share in the Global Specialty PACS Market

North America held a considerable share in the global specialty PACS market. In North America, the US held a major market share in the regional market. The significant investments by government and private players for the development of innovative medical devices, presence of key participants, and the existence of favorable reimbursement policies are the factors contributing to the regional market growth. According to the Centers for Disease Control and Prevention (CDC), in 2021, In the US, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the US have a heart attack. Of these, 605,000 are a first heart attack. 200,000 happen to people who have already had a heart attack. The high prevalence of heart diseases across the region has created demand for cardiology PACS market; which in turn driving the regional market growth. Presence of streamlined processes, such as hospital admissions and claiming reimbursements, in healthcare facilities along with availability of integrated healthcare IT products to maintain Electronic Health Records (EHRs) are some of the factors responsible for the regional market growth.

Market Players Outlook

The major companies serving the global specialty PACS market include Carl Zeiss Meditec AG, Topcon Corp., IBM Watson Health, Sonomed Escalon, Heidelberg Engineering GmbH, and EyePACS, LLC among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global specialty PACS market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.