Global Specialty PACS Market: Introduction

  • Picture archiving and communication systems (PACS) is a medical imaging technology that electronically processes, stores, and retrieves digital medical images throughout the health care organization
  • Usage of PACS is mostly in radiology division to process and direct the diagnostic imaging procedures including ultrasound images, CT Scans, and MRIs
  • The utilization of PACS disposes the need to physically document and store, retrieve, and send sensitive data, films, and reports. Rather, clinical documentation and images can be safely stored in outside servers and can be securely accessed from anywhere in the world utilizing PACS programming, workstations, and mobile devices.

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Key Drivers and Restraint of Global Specialty PACS Market

  • According to the WHO, the world’s population aged more than 60 years is expected to increase from 900 million to 2 billion from 2015 to 2050. Rise in geriatric population and hence increase in incidence of various diseases is one of the components driving the global specialty PACS market.
  • An increase in acceptance of Medical Imaging IT Solutions by the population has been seen because of convenience of access and storage. Hence, the government is taking initiatives to enhance the adoption of healthcare IT solutions.
  • Rise in investments in medical imaging is projected to boost the growth of the global specialty PACS market. In a survey taken in the U.S., out of 50 radiologists, 90% reported their workload had increased over the last few years. The main reason for it was increasing number of scans, cited by 78% of radiologists. This imposes that radiologists needs to read the scan quickly and accurately. Hence, the investments in Artificial Intelligence based medical imaging are growing exponentially. In 2018, the number of companies in the market reached to 113, which led the investments to reach around US$ 1.2 Bn.
  • Budgetary constraints are expected to obstruct the growth of the global specialty PACS market

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North America to Lead Global Specialty PACS Market

  • In terms of region, the global Specialty PACS market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America represents the largest share of global specialty PACS market and is expected to grow at a substantial rate due to the fast acceptance of technically advanced imaging frameworks and increasing occurrence of chronic diseases in the market
  • Europe is the second largest market for specialty PACS due to increase in number of diagnostic imaging centers in the region which has enhanced the medical imaging volumes
  • The market in Asia Pacific is expected to grow at a higher pace during the forecast period due to increase in awareness on the benefits of early diagnosis of the disease
  • Regions such as Latin America and Middle East & Africa are anticipated to be lucrative markets for specialty PACS during the forecast period due to upgraded health care infrastructure

Key Players Operating in Global Specialty PACS Market

  • IBM Corporation (Merge Healthcare Incorporated)
  • McKesson Corporation
  • Agfa Healthcare
  • Carestream Health (a part of Onex Corporation)
  • Philips Healthcare
  • Sectra AB
  • Siemens Healthineers
  • Novarad
  • INFINITT North America
  • Intelerad Medical Systems
  • Topcon Corporation
  • Sonomed Escalon
  • Canon USA, Inc. (a subsidiary of Canon Inc.)
  • Visbion
  • EyePACS, LLC

Global Specialty PACS market: Research Scope

Global Specialty PACS market, by Product Type

  • Radiology PACS
  • Cardiology PACS
  • Pathology PACS
  • Ophthalmology PACS
  • Orthopedics PACS
  • Oncology PACS
  • Dermatology PACS
  • Neurology PACS
  • Endoscopy PACS
  • Women’s Health PACS
  • Other Specialty PACS

Global Specialty PACS market, by Component

  • Hardware
  • Software
  • Services

Global Specialty PACS market, by Deployment

  • On-premise specialty PACS
  • Web/Cloud-based specialty PACS

Global Specialty PACS market, by End-user

  • Hospitals
  • Ambulatory Surgical Centers and Clinics
  • Diagnostic Imaging Centers
  • Others

Global Specialty PACS market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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