Specialty PACS Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.87 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Specialty PACS Market Analysis
The specialty PACS market is anticipated to register a CAGR of 4.87% during the forecast period.
The COVID-19 pandemic had a significant impact on the growth of the market. An article published by NCBI in April 2021 stated that over the past few decades, most radiology departments had to deal with unplanned downtimes of their critical systems, such as the picture archiving and communication system (PACS). During a study, researchers enabled their PACS workstation for home use and evaluated system performance. After that, various guidelines were made, and following that, several research centers allowed wireless adapters for PACS workstations for use at home. This work-from-home option for PACS for evaluation purposes increased the demand for the same, thereby impacting the growth of the market studied positively. Moreover, the implementation of PACS increased during the pandemic, and major players started innovating several PACS models to boost the growth of the market. For instance, in March 2020, IMAGE Information Systems, a provider of PACS solutions, launched www.disAIblecorona.com to offer the radiology community a place to collect and share worldwide COVID-19 cases to learn and fight the disease. Thus COVID-19 had a significant impact on the growth of the market.
The significant factors for the growth of the market studied are the growing use of visualization, the collaborations between IT structures and imaging modalities, and diverse medical fields incorporating PACS in their practice. For instance, in December 2021, AI radiology reporting firm Synapsica partnered with GenWorks Well being, a healthcare options supplier backed by Wipro GE Healthcare, to deliver its PACS to cities across India. Its Radiolens radiology workflow resolution routinely detects dangerous high-quality scans and creates preliminary studies for most typical modalities. Such distribution agreements are also boosting the growth of the market.
A research article published by NCBI in July 2021 stated that large amounts of imaging data are constantly generated in daily clinical practice, leading to continuously expanding archives, and new progressive efforts are being made worldwide to build large-scale medical imaging repositories. Furthermore, another article published by JAMA in October 2021 stated that an important accelerator for the growth and advancements of PACS in medical imaging is the huge drop in the cost of data storage. Thus, this added advantage of cost is anticipated to boost the growth of the market studied.
Additionally, the growing elderly population, successive growth in the occurrence of different diseases, benefits affiliated with specialty PACS, government measures to boost the implementation of medical IT solutions, rise in investments in diagnostic imaging, increase in acceptance of medical imaging IT solutions, and the growing use of imaging equipment are likely to boost the growth of the market studied during the forecast period.
Specialty PACS Market Trends
This section covers the major market trends shaping the Specialty PACS Market according to our research experts:
On-premise Specialty PACS are Expected to Hold the Largest Market Share in the Specialty PACS Market
The on-site model is the traditional model of software implementation. Healthcare facilities and hospitals largely prefer on-premise data storage to store and manage patient data. Onsite delivery is often called on-premise mode and is defined as a way of software development and delivery when vendors send their qualified employees to the client's site. Accessibility is the major factor driving the growth of on-premise software solutions. Access to cloud resources can pose a challenge due to bandwidth constraints for global companies with remote sites in multiple countries.
An article published by NCBI in August 2021 stated that clinicians and radiologists mostly rely on PACS to view and analyze images. But if any added inefficiency, such as learning new tools, is needed at the time of implementation, then cloud adoption for this use case would be a blocker for new learning. Hence, Amazon Web Services (AWS) have been offering on-premise medical imaging workstations such as VNA since August 2021.
Additionally, an article published in Springer in May 2022 stated that on-premise software is deployed and maintained in-house at a physical office instead of hosted on a vendor-supplied cloud. These run under company supervision, while the systems and data remain under the company's control. On-premise mode of delivery allows specialized integration with other existing business systems. Thus, the security associated with the mode of delivery is expected to drive the growth of the segment.
Moreover, as per the data updated by Cleo in January 2022, non-premise software requires a license purchased by the enterprise or a copy of the software to use it because when the software itself is licensed, the entire instance of the software resides within an organization's premises, and there is generally greater protection of data.
Thus, owing to the above-mentioned factors, the on-site (premise) segment is expected to grow during the forecast period of the study.
North America is Expected to Dominate the Market During the Forecast Period
North America is expected to maintain its dominance in the specialty PACS market during the forecast period, owing to factors such as the growing patient pool and rising geriatric population. Furthermore, the rising prevalence of chronic diseases in the region, technological advancement in imaging modalities, early disease detection benefits, and the domicile presence of some key players in the region are driving the growth of the market and are responsible for ensuring dominance in the region.
Additionally, the strategic initiatives by market players are expected to contribute to the growth of the market. In July 2021, GE Healthcare developed a next-generation, cloud-based picture archive and communication system (PACS) named Edison True PACS. It is a diagnostic imaging and workflow solution that is currently available in the United States.
Furthermore, the initiation toward the clinical use of PACS in the country is also increasing the demand, thereby driving the growth of the market. For instance, in November 2021, Change Healthcare reported that Stratus Imaging PACS is in clinical use. It is a cloud-native, zero-footprint PACS. This scalable, cloud-native platform is used by StatRad in the United States. Such initiations in the use of the PACS also propel the growth of the market studied.
Additionally, the strategic initiatives taken by the market players, such as mergers, acquisitions, and partnerships for the marketing, usage, or development of new products, are also driving the growth of the market. For instance, in April 2022, Royal Philips and Prisma Health, one of South Carolina's largest non-profit healthcare systems, entered into a multi-year agreement to help the health system achieve enterprise interoperability, standardize patient monitoring, and drive innovation in enterprise imaging solutions to enhance patient care and improve clinical performance. Such partnerships are also boosting the growth of the market.
Thus the above-mentioned factors are expected to drive the growth of the market studied in the region during the forecast period.
Specialty PACS Industry Overview
The specialty PACS market is competitive and consists of a few major players. In terms of market share, some major players have been currently dominating the market, and some prominent players have been vigorously making collaborations, acquisitions, and launching new products with other companies to consolidate their market positions across the world. Some of the companies, which are currently dominating the market, are IBM Corporation, Agfa Healthcare, Fujifilm Holdings Corporation (Fujifilm Medical Systems), Siemens AG, and Philips Healthcare.
Specialty PACS Market Leaders
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IBM Corporation
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Agfa Healthcare
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Siemens AG
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Philips Healthcare
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Fujifilm Holdings Corporation (Fujifilm Medical Systems)
*Disclaimer: Major Players sorted in no particular order
Specialty PACS Market News
- April 2022: FUJIFILM Healthcare Americas Corporation installed Fujifilm's Synapse Cardiology PACS version 7 throughout Emory Healthcare facilities to store, process, and analyze heart and vascular imaging. Emory Healthcare is the most comprehensive academic health system in Georgia.
- March 2022: InteleradMedical Systems launched its new Enterprise Imaging and Informatics Suite at the 2022 HIMSS Global Health Conference & Exhibition. This suite is developed to empower hospitals and health systems to break down siloed data and create a seamless, vendor-neutral information hub, integrating vital patient data across the entire healthcare ecosystem.
Specialty PACS Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Use of Imaging Devices
- 4.2.2 Growing Burden of Chronic Diseases
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4.3 Market Restraints
- 4.3.1 Data Security and Privacy Issues
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Type
- 5.1.1 Cardiovascular PACS
- 5.1.2 Orthopedic PACS
- 5.1.3 Oncology PACS
- 5.1.4 Other Types
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5.2 By Component
- 5.2.1 Software
- 5.2.2 Services
- 5.2.3 Hardware
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5.3 By Development
- 5.3.1 On-premise Specialty PACS
- 5.3.2 Web/Cloud-based Specialty PACS
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5.4 By End User
- 5.4.1 Hospitals
- 5.4.2 Diagnostic Centers
- 5.4.3 Other End Users
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5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Agfa Healthcare
- 6.1.2 Canon USA Inc.
- 6.1.3 Fujifilm Holdings Corporation (Fujifilm Medical Systems)
- 6.1.4 IBM Corporation
- 6.1.5 McKesson Corporation
- 6.1.6 Novarad
- 6.1.7 Philips Healthcare
- 6.1.8 Sectra AB
- 6.1.9 Siemens AG
- 6.1.10 Topcon Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySpecialty PACS Industry Segmentation
A picture archive and communication system (PACS) is an electronic image management program for medical imaging. It consists of applications for viewing images, archiving services, databases, and frameworks, providing the user with one unified system. Basically, PACS are devices for the automated processing of medical images.
The specialty PACS market is segmented by type (cardiovascular PACS, orthopedic PACS, oncology PACS, and other types), component (software, services, and hardware), development (on-premise specialty PACS and web/cloud-based specialty PACS), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers values in USD million for all the aforementioned segments.
| By Type | Cardiovascular PACS | |
| Orthopedic PACS | ||
| Oncology PACS | ||
| Other Types | ||
| By Component | Software | |
| Services | ||
| Hardware | ||
| By Development | On-premise Specialty PACS | |
| Web/Cloud-based Specialty PACS | ||
| By End User | Hospitals | |
| Diagnostic Centers | ||
| Other End Users | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Specialty PACS Market Research FAQs
What is the current Specialty PACS Market size?
The Specialty PACS Market is projected to register a CAGR of 4.87% during the forecast period (2024-2029)
Who are the key players in Specialty PACS Market?
IBM Corporation, Agfa Healthcare , Siemens AG, Philips Healthcare and Fujifilm Holdings Corporation (Fujifilm Medical Systems) are the major companies operating in the Specialty PACS Market.
Which is the fastest growing region in Specialty PACS Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Specialty PACS Market?
In 2024, the North America accounts for the largest market share in Specialty PACS Market.
What years does this Specialty PACS Market cover?
The report covers the Specialty PACS Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Specialty PACS Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Specialty PACS Industry Report
Statistics for the 2024 Specialty PACS market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Specialty PACS analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
