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, growing investments in medical imaging, rising adoption of medical imaging IT solutions, and increasing use of imaging equipment.
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%
What drives the market?
- 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
On the other hand, budgetary constraints are expected to limit market growth during the forecast period.
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North America dominated the Orthopedics PACS market in 2018
In 2018, North America commanded the largest share of the Orthopedics PACS market 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. 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 Orthopedics PACS market in this region.
Key Players in the Global Orthopedics PACS Market
IBM Corporation (Merge Healthcare Incorporated) (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).
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IBM Corporation (Merge Healthcare Incorporated)
Merge Healthcare is one of the leading providers of innovative solutions for specialty PACS. The company’s leading position can be attributed to its robust product portfolio of technologically advanced and innovative software products, strong geographical presence, expertise in specialty PACS solutions, and continued focus on research & development activities. The strategy of effectively utilizing R&D activities and its global onshore-offshore engineering services has enabled the company to expand and accelerate the innovation of new products and enter new markets. The company regularly participates in relevant conferences, exhibitions, seminars, trade fairs, and other related events to strengthen and widen its brand recognition. The company also pursues the strategy of partnerships, collaborations, and acquisitions. Merge entered into a partnership with several medical providers and imaging technology companies in June 2016. This is a benchmark event for the company’s imaging technologies business.
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Recent Developments in Orthopedics PACS Market
- In April 2019, Sectra and Deventer Hospital (Netherlands) signed a contract to install Sectra’s PACS solutions across the radiology and nuclear medicine departments at the Deventer Hospital. In February 2019, Agfa HealthCare and Noordwest Ziekenhuisgroep (Netherlands) entered into a collaboration, to optimize patient care by implementing Agfa’s enterprise imaging solutions
- In February 2018, Change Healthcare signed a contract with the United States Defense Logistics Agency, to provide more than 3,000 installations of enterprise imaging solutions, including diagnostic imaging and workflow products, picture archiving and communication systems (PACS), radiology solutions, and cardiovascular imaging systems.
- In February 2017, the company expanded its capabilities for the Watson Platform for Health Cloud and a specialized Watson Health Consulting Services at the Healthcare Information and Management Systems Society (HIMSS) Annual Conference & Exhibition.