Specialty PACS Market Expected to Reach $4.48 Billion by 2030 | CAGR of 5.5%

According to a new report published by Allied Market Research, titled, “Global Specialty PACS Market by Type, Deployment Model, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global specialty PACS market size was valued at $2,682.88 million in 2020, and is projected to reach $4,485.96 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.

The picture archiving and communication system (PACS) channel includes features such as videos and other content on this key information technology product category that serves as the backbone of radiology and medical image sharing. PACS acts as a computer network for digitized radiological images and reports. It has moved away from standalone systems to enterprise imaging systems that integrate all departments that generate imaging and image related reports so they can be centralized in one location and integrated into over-arching electronic medical record (EMR). Its technologies include remote image viewing systems that allow images and reports that can be accessed anywhere with a web connection, advanced visualization to reformat, perform measurement quantifications, and archive storage, which focuses on use of remote cloud-based vendor neutral archives, owing to vast amount of data storage required. Artificial intelligence (AI) is also being incorporated in all areas of PACS to increase efficiency.

The specialty PACS market is expected to experience significant growth during the forecast period, owing to increase in geriatric population and growing medical imaging volumes. Moreover, rise in prevalence of chronic diseases, increase in investments in medical imaging, rise in use of imaging equipment, increase in adoption of medical imaging health care IT solutions, rise in advancements in specialty PACS, growth in government initiatives to propel adoption of healthcare IT solution, and rise in awareness regarding early disease diagnosis are other factors that contribute toward growth of the market. However, unawareness among people regarding the technology, increase in cost of treatment, slow development in specialty PACS, and less government initiatives are expected to hinder growth of the market. Furthermore, rise in ambulatory centers, increase in advancements in R&D, reduced cost of product and treatment, rise in hospital facilities, and advancements in imaging solution provides lucrative opportunities for the market growth.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The outbreak of COVID-19 impacted on various pharmaceutical sectors and industries as well. The outbreak of COVID-19 pandemic has affected the specialty PACS market, health facilities, their supply chain, and demand of PACS devices reduced. It affects mostly the major players of the market, due to the shutdown of the industries they have experienced losses in their businesses. Overall, the impact of COVID-19 on the specialty PACS market was recorded to be fairly negative. This was attributed to disturbances in production, import & export of raw material and finished goods due to the shutdowns in various COVID-19 affected countries, and rise in number of healthcare workers falling ill in the pandemic, leading to short supply. Moreover, decline in hospital visits of by the patients also impacted the growth of the market. However, this situation is expected to change in the forecast period post COVID-19. 

By type, the market is categorized into radiology PACS, orthopedics PACS, oncology PACS, pathology PACS, ophthalmology PACS, women’s health PACS, and others. The radiology PACS segment dominates the global market in 2020, and is anticipated to continue this trend during the forecast period. Key factors such as rise in demand for radiology PACS, rising prevalence of chronic diseases, advancements in PACS systems, and launch of effective products that ensure better outcomes propel the market growth.

On the basis of deployment model, the specialty PACS market is segregated into on-premises specialty PACS and cloud-based specialty PACS. The on-premises specialty PACS segment accounts for majority of the market share, owing to rise in prevalence of chronic diseases in both developed as well as developing countries, rise in demand of medical imaging, increase in government initiatives, and surge in geriatric population facing chronic respiratory problems.

On the basis of end user, the specialty PACS market is segregated into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment accounts for majority of the market share, owing to rise in number of hospitals in both developed as well as developing countries, rise in number of hospital visits for diagnosis and treatment of diseases, rise in healthcare infrastructure and healthcare facility and surge in number of hospitals adopting PACS systems.

North America accounted for major share with the growth rate of 4.3% of the global specialty PACS market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of chronic disease patients, rise in spread of hospitals awareness towards adoption of PACS systems, surge in demand for PACS systems, availability of advanced healthcare facilities with trained medical professionals, presence of most of the key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.

Key Findings Of The Study

• On the basis of type, the radiology PACS segment held majority share, growing with a rate of 6.0% share in the global specialty PACS market in 2020.
• On the basis of deployment model, the on-premises specialty PACS segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the hospitals & clinics segment held largest specialty PACS market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 4.3% during the forecast period.