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Specialty PACS Market: Growing Government Initiatives to Increase the Adoption of Healthcare It Solutions

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kriti singh
Specialty PACS Market: Growing Government Initiatives to Increase the Adoption of Healthcare It Solutions

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 specialty PACS market

How much is the Specialty PACS Market worth?

The Specialty PACS Market to reach $3.5 billion in 2024 from $2.6 billion in 2019, at a CAGR of 6.0%. The growth in this 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, increasing investments in medical imaging, growing adoption of medical imaging IT solutions, and increasing use of imaging equipment. North America is expected to register the highest growth rate during the forecast period mainly 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.

The Ophthalmology PACS segment is projected to grow at the highest CAGR during the forecast period.

Based on the type, the specialty PACS market is segmented into radiology PACS, cardiology PACS, pathology PACS, ophthalmology PACS, orthopedics PACS, oncology PACS, dermatology PACS, neurology PACS, endoscopy PACS, women’s health PACS, and other specialty PACS. The ophthalmology PACS segment is expected to register the highest CAGR of during the forecast period. The increasing prevalence of eye diseases and disorders, the growing number of ophthalmic surgeries performed, and technological advancements in ophthalmology devices are some of the factors driving the growth of this segment.

The on-premise model segment accounted for the largest share of the specialty PACS market in 2018

Based on the deployment model, the 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 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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https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=66166054

Based on the component, the services segment is projected to grow at the highest CAGR during the forecast period.

Based on the component, the specialty PACS market is segmented into software, services, and hardware. In 2018, the software segment accounted for the largest specialty PACS market share. With the consistent increase in the healthcare imaging volumes, there is a growing demand for PACS software. However, services are expected to register the highest CAGR of during the forecast period primarily due to the recurring need for services such as software upgrades and maintenance.

The hospital segment is expected to dominate the specialty PACS market in 2018.

Based on end-user, the specialty PACS market is segmented into hospitals, ambulatory surgery centers (ASCs) & clinics, diagnostic imaging centers, and other end-users.  In 2018, the hospital segment accounted for the largest share of the global specialty PACS market. The large share of this segment is attributed to factors such as 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.

North America dominated the market in 2018

This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period mainly 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.

Geographically, the specialty PACS market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2018, North America commanded the largest share of the market. 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 market in this region.

Leading Companies       

The major players in the market include IBM Corporation (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).

For more information @ https://www.marketsandmarkets.com/PressReleases/specialty-pacs.asp

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