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3. IBM Corporation (Merge Healthcare Incorporated) (US), McKesson Corporation (US) and Agfa Healthcare (Belgium) are leading players in Specialty PACS Market

The specialty PACS market is projected to reach USD 3.5 billion in 2024 from USD 2.6 billion in 2019, at a CAGR of 6.0%. The growth in this industry is driven mainly by the increasing geriatric population and subsequent growth in the incidences 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. On the other hand, budgetary constraints are expected to limit market growth during the forecast period.

The specialty PACS market is marked by the presence of several big and small players. Some of the prominent players  offering specialty PACS products include 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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These players have adopted various growth strategies, such as new product launches expansions; acquisitions; and partnerships, agreements, & contracts to further expand their presence in the global market. Most key players adopted expansions as their primary growth strategy between 2016 and 2019.

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.

• 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.

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.

McKesson Corporation

McKesson is one of the leading players in the medical specialty PACS market. Its prominent position can be attributed to its well-diversified and robust product portfolio. The company has significant customer loyalty owing to its unique offerings in the field of medical image management. The company’s unique image storage and management solutions store all diagnostic image data and allow healthcare providers to securely share patient information throughout their organizations to accelerate patient diagnosis. Its consolidated storage platform helps reduce the escalating costs of managing medical imaging data and simplifies the entire healthcare team’s access to the data with a single point of distribution. As a result, customer preference for their solutions is likely to be enhanced. An important element of the company’s strategy is to identify and pursue inorganic mergers and acquisitions that either expand or complement their business.

• In March 2017, the company formed a joint venture with Change Healthcare to create a new healthcare information technology company. This enabled the company to strengthen its product portfolio by adding Change Healthcare’s specialty PACS solutions.

Agfa HealthCare

Agfa HealthCare is among the leading players in the specialty PACS market. The company has a vast product portfolio and strong geographic presence across the globe. Its PACS solutions have witnessed wide adoption among end-users, which has enabled Agfa HealthCare to become a market leader. The company has a steady focus on R&D activities. There was a marked increase in its R&D expenditure from 5.4% in 2015 to 5.9% in 2017. One of the major reasons for customer preference is its sophisticated product offerings. The company’s image management solutions help streamline imaging workflow and deliver increased efficiency and productivity to hospitals. Additionally, when integrated with RIS and Reporting solutions, they provide a consolidated view and centralized management of patient images and information.

By enabling the digitization of workflows, streamlining study reviews, and improving reporting and result distribution, the company’s products have the ability to adapt to specific customer needs. Additionally, with its design, healthcare imaging stakeholders like PACS administrators, radiologists, clinicians, and referring physicians can quickly learn to use the company’s solutions to improve care delivery.

To strengthen its market presence, the company focuses on both organic as well as inorganic strategies, which is reflected in the series of partnerships, agreements, and collaborations undertaken by it. For instance, in February 2019, the company formed a collaboration with Noordwest Ziekenhuisgroep (Netherlands) to optimize patient care by implementing its enterprise imaging solutions within the hospital group.

Related Reports:

Specialty PACS Market by Type (Radiology, Orthopedics, Oncology, Pathology, Endoscopy, Women's Health), Deployment Model (On premise, Cloud), Component (Software, Service), End User (Hospital, Clinic, Diagnostic Centers, Research) - Global Forecast to 2024

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