The Global Market for PACS is Forecast to Reach US$7.1 Billion by 2020

Emphasis on Healthcare Digitization Drives the Picture Archiving and Communication Systems Market, According to a New Report by Global Industry Analysts, Inc.
                                                                                                
GIA announces the release of a comprehensive global report on Picture Archiving and Communication Systems (PACS). The global market for PACS is forecast to reach US$7.1 billion by 2020, driven by the acute need to effectively manage the growing volumes of imaging data and the ensuing emphasis on digitizing healthcare information.

Faced with the arduous task of addressing the healthcare needs of growing population while battling shrinking budgets, the global healthcare industry is increasingly shifting towards a digitized healthcare environment. Governments, compelled to adopt fiscal austerity measures in an uncertain macroeconomic environment, are encouraging hospitals to adopt healthcare digitization as a means to curtail costs and improve efficiencies in medical image management. Picture Archiving and Communication Systems (PACS) is one such image management solution supporting this trend. PACS enables centralized storage and access of digital images from diverse medical imaging modalities, thereby addressing the demand for digitization of medical information. Aging population and growing lifestyle-related health conditions are driving growth in volumes of diagnostic imaging procedures. Besides, the shift towards early disease detection, rising preference for preventive healthcare, and increasing use of technologically advanced medical imaging equipment are inundating providers with a deluge of medical imaging data, compelling providers to embrace advanced medical imaging information processing and management tools such as PACS.

Healthcare authorities in developed economies are contributing to replacement sales by upgrading legacy PACS as a part of compliance norms. Technological developments within PACS are also fostering growth in the market. Advances in computational technologies are leading to a shift in PACS technologies from thick client to thin client solutions. Web-deployed PACS is growing in popularity by combining the benefits of thin and thick client architectures while overcoming efficiency bottlenecks caused by incompatibilities between media drivers on PACS interface and PC. Vendor-Neutral Archiving (VNA) is rapidly taking over the archiving functions of PACS, spurred by the growing need for interoperability among various departmental PACS. A critical advantage of VNA is that it puts back healthcare facilities in charge of controlling PACS data, which was largely relinquished to vendors until now. The capability of VNA to address several DICOM related issues faced by PACS is also driving its adoption.
As stated by the new market research report on Picture Archiving and Communication Systems (PACS), the United States leads the global market. Developing economies are forecast to drive growth in the market, driven by aging population, growing volumes of diagnostic imaging procedures and increasing acceptance of PACS as a means to enhance healthcare services. Asia-Pacific, spearheaded by China, is forecast to register the fastest CAGR of 14.2% over the analysis period.
Major players covered in the report include Agfa Healthcare NV, Aspyra LLC, BRIT Systems Inc., Carestream Health Inc., Cerner Corporation, DR Systems Inc., Fujifilm Medical Systems U.S.A. Inc., GE Healthcare, INFINITT Healthcare Co. Ltd., Intelerad Medical Systems Inc., McKesson Corporation, Merge Healthcare Inc., Philips Healthcare, Rogan-delft B.V., Sectra AB, and Siemens Healthcare, among others.

The research report titled “Picture Archiving and Communication Systems (PACS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities. The report provides revenue estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America) and the Rest of World. The global and regional markets for PACS are analyzed, in dollar revenue terms, by the following segments:  Hardware, Software and Services. The global and regional PACs markets are further segmented by the product types - Full Scale/Enterprise-Wide PACS and Mini/Department-Wide PACS.

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