Specialty PACS Market: Increasing Use of Imaging Equipment
The research study involves four major activities in estimating the current size of the global specialty PACS market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. 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.
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Major Market Growth Drivers:
The growth in Orthopedics 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. On the other hand, budgetary constraints are expected to limit market growth during the forecast period.
Revenue Growth Analysis:
[281 Pages Report] The global specialty PACS market size is projected to reach USD 3.5 billion in 2024 from USD 2.6 billion in 2019, at a CAGR of 6.0%.
Browse and in-depth TOC on "Specialty PACS Market"
148 – Tables
124 – Figures
181 – Pages
The on-premise model segment accounted for the largest share of the specialty PACS market in 2018
Based on the deployment model, the Orthopedics PACS 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 Orthopedics PACS Market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to web/cloud-based specialty PACS.
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The hospital segment accounted for the largest share in 2018 and is expected to be the fastest-growing end-user of the specialty PACS market
Based on the end-user, the medical market is segmented into hospitals, ambulatory surgery centers (ASCs) & clinics, diagnostic imaging centers, and other end-users. 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.
North America dominated the Orthopedics PACS Market in 2018
In 2018, North America commanded the largest share of the Orthopedics PACS Market due to factors such as increasing medical imaging volumes and several diagnostic imaging centers, growing geriatric population, and the fast adoption of technologically advanced imaging systems. 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 Orthopedics PACS Market in this region.
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Key Market Players:
The key players operating in the global Specialty PACS Market are 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).