The Global Market for Picture Archiving and Communication Systems (PACS) is Projected to Reach US$7.3 Billion by 2024
Growing Need for Efficient & Productive Medical
Image Handling Drives the Picture Archiving and Communication Systems (PACS)
Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market size, share, and
demand forecasts on the global Picture Archiving and Communication Systems
(PACS) market. The global market for Picture Archiving and
Communication Systems (PACS) is projected to reach US$7.3 billion by 2024, driven by legislations favoring healthcare IT
adoption, growing advancements in medical imaging modalities, increasing
imaging procedure volume and cost concerns.
Picture Archiving and
Communication Systems (PACS) is a diagnostic and medical image processing
solution that is aiding the global trend towards digitization of medical
imaging. PACS has essentially transformed the practice of radiology by
eliminating the film completely. The market for PACS is on the rise, driven by
a host of factors including government legislations, growing drive to reduce
costs and medical errors, efforts to improve hospital efficiency and
productivity, growing imaging procedures and technological advancements.
Alongside other healthcare IT solutions such as RIS (Radiology Information
Systems), PACS contributes towards improved workflow efficiency and
productivity in individual departments such as radiology, and the healthcare
enterprise as a whole. PACS is evolving from a radiology-centric solution into
a multi-department image processing solution. Growing need for integration and
interoperability of the various components in the native healthcare IT
ecosystem is driving the demand for Enterprise-wide PACS, away from Department-wide PACS such as Radiology PACS and Cardiology PACS.
Vendor-Neutral Archiving (VNA) is quickly taking over the archiving functions
of PACS, spurred by the burden of ever-growing volumes of medical image and
related data on healthcare providers as well as growing need for interoperability
among different PACS and other healthcare IT systems.
Technology is also playing
a pivotal role in the healthcare digitization movement, catalyzing the
evolution of PACS from a mere medical image viewing, distribution and archiving
solution into a powerful instrument supporting clinical decision making. Some
of the other factors that stimulated the transformation of the global PACS
market include developments in medical networking coupled with accessory
storing, processing and transmitting large data files/images, facilitation of
remote diagnosis, advancements in the field of image capture, the rise in the
use of computerized diagnosis, image infusion, transmission, and connectivity,
and modifications of the images – electronically. Advanced visualization tools,
voice recognition solutions, customized worklists, teleradiology,
cloud-computing and mobile PACS are some of the latest technological
advancements taking PACS to the next level. Improvement in broadband
connectivity, introduction of subscription and pay-as-you-go solutions, and
emergence of cloud storage technologies, is driving adoption of SaaS-based and
hosted PACS. Recent technological advances and legislations are making way for
the entry of smartphones and tablets into the PACS market, thereby ushering in
a new age of Mobile PACS.
As stated by the new
market research report on Picture Archiving and Communication Systems (PACS), the United States represents the largest market
worldwide, with growth driven largely by replacement demand for Radiology PACS.
Asia-Pacific represents the fastest growing market with a CAGR of 12.8% through
the analysis period led by factors such as developing healthcare systems; corporatization
of hospitals; growing competition in the healthcare sector and the ensuing need
for efficiency and innovation in health service delivery; growing healthcare expenditure
per capita; and government focus on overall health system performance and resulting
funding support for healthcare IT.
Major players in the market
include Agfa Healthcare NV, Aspyra LLC, BRIT Systems Inc., Carestream Health
Inc., Cerner Corporation, DelftDI Healthcare IT, Fujifilm Medical Systems
U.S.A. Inc., GE Healthcare, INFINITT Healthcare Co. Ltd., Intelerad Medical
Systems Inc., McKesson Corporation, Merge Healthcare Inc., Novarad Corporation,
Philips Healthcare, Sectra AB and Siemens Healthineers 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, issues, drivers, mergers,
acquisitions and other strategic industry activities of global companies. The
report provides market estimates and projections for Picture Archiving and
Communication Systems (PACS) in revenue terms for all major geographic markets
such as United States, 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 Rest of
World. Global and regional market analytics are further analyzed by the
following segments: Hardware, Software and Services; and product types: Full
Scale/Enterprise Wide PACS and Mini/Department Wide PACS.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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