- The global specialty PACS market size is projected to reach USD 3.5 billion in 2024 from USD 2.6 billion in 2019, at a CAGR of 6.0%.
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, growing investments in medical imaging, rising adoption of medical imaging IT solutions, and increasing use of imaging equipment are driving the growth of specialty PACS market. On the other hand, budgetary constraints are expected to limit market growth during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.0% during the forecast period, the global specialty PACS market is estimated to reach USD 3.5 billion by the end of 2024. North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over 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 radiology PACS segment accounted for the largest share of the market in 2018; however, 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.
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What Drives the Market?
The growth of the global market for specialty PACS is primarily influenced by the following factors:
- Growing Government Initiatives to Increase the Adoption of Healthcare It Solutions
- Growing Investments in Medical Imaging
- Growing Adoption of Medical Imaging It Solutions
- Increasing Use of Imaging Equipment
- Increasing Geriatric Population and the Subsequent Growth in the Incidence of Various Diseases
- Advantages Associated With Specialty PACS
Moreover, increasing medical imaging volumes and several diagnostic imaging centers, growing geriatric population, and the fast adoption of technologically advanced imaging systems.
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