The increasing usage of visualization and the consistent blend of imaging modalities and IT structures are proving to be strong pillars of growth for the specialty PACS market. The specialty picture archiving and communication system (PACS) is an electrical imaging system for medical imaging containing various applications that assist in archiving services, databases, viewing images, and frameworks, eventually offering the user with an integrated system. Based on product type, the specialty PACS market is classified into Other Specialty PACS, Pathology PACS, Cardiology PACS, Dermatology PACS, Women’s Health PACS, Pathology PACS, Endoscopy PACS, and Oncology PACS,
The rising demand from healthcare professionals, especially radiologists for improving the diagnostic quality as well as regulating the overall workflow has led various hospitals to switch from the traditional analogous film reporting to PACS. Hence, this aspect can propel the growth rate of the specialty PACS market.
COVID-19 Bringing Innovations to the Table
The novel coronavirus threat has made physical distancing an important part of everyone’s life across the globe. Keeping a skeleton staff and managing the threat of COVID-19 has become an important factor for preventing widespread transmission. Thus, the healthcare sector is coming up with different initiatives and innovations to breathe fresh air of growth in the specialty PACS market. For instance, Medanta, one of the largest hospital chains in the country uses PACS running on a virtual private network (VPN) for the convenience of radiologists.
The radiologists can access andt modalities scan on PACS sitting at home. With this integrated PACS system, the radiologists can review, prepare, and discuss the reports and the patients can also access the final report from the portal without risking a visit to the hospital. This is how PACS can be beneficial in these difficult times.
In another development, a group of researchers recently developed Cinebot for adding to the PACS. It can produce videos to be shared through email or presentation software for teaching during case conferences. It also removes patient-identification information automatically to stay in the line with regulatory and privacy guidelines. Therefore, with this aspect, the specialty PACS market can invite great growth opportunities during the forecast period.
New Launches CausingLetting Specialty PACS Market to Embrace Growth
Medical imaging services are seeing a paradigm shift in their applications with the help of enhanced technological improvements as well as new launches. For instance, Konica Minolta recently released specialty PACS solutions known as Rede PACS and Rede Mini PACS for specialty practices such as urgent care, family medicine clinics, and urgent care. This PACS is powered by the Exa platform and offers fast access to images from any compatible device. Such launches accelerate the growth rate of the specialty PACS market to a great extent.
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Mergers, Acquisition, Investments, and Collaborations Leave a Mark on Specialty PACS Market
Frequent mergers and acquisitions along with growing investments in companies dealing with manufacturing and distribution of PACS systems to strengthen the position in the specialty PACS market are also supporting the increase in the growth rate.
North America expects a smooth run with an exponential growth margin across the forecast period. New launches and the use of advanced imaging frameworks are expecting to boost the growth rate of the specialty PACS market. Europe may finish second in the race of acquiring the largest share of specialty PACS market.
A considerable rise in diagnostic imaging centers may serve as a prime factor for the specialty PACS market growth. Also, Asia Pacific expects to fare steadily across the growth rate due to growing awareness among people on the importance of early diagnosis. Modern health infrastructure will benefit the Middle East and Africa and Latin America regions.