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.


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