Market Size of Specialty PACS Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
