Specialty PACS Market Trends Estimates High Demand by 2024
The growth in Specialty PACS 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, growing investments in medical imaging, rising adoption of medical imaging IT solutions, and increasing use of imaging equipment.
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%.
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“The Ophthalmology PACS segment is projected to grow at the highest CAGR during the forecast period.”
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 on-premise model segment accounted for the largest share of the specialty PACS market in 2018
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.
Based on the component, the services segment is projected to grow at the highest CAGR during the forecast period.
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.
• In February 2017, the company expanded its capabilities for the Watson Platform for Health Cloud and a specialized Watson Health Consulting Services at the Healthcare Information and Management Systems Society (HIMSS) Annual Conference & Exhibition.
• In March 2017, the company formed a joint venture with Change Healthcare to create a new healthcare information technology company. This enabled the company to strengthen its product portfolio by adding Change Healthcare’s specialty PACS solutions.
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