Impact Analysis of Covid-19
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The Global Picture Archiving and Communication System (PACS) Market, by Deployment (Web-based, Cloud-based and On-Premise), By Product (Mid End PACS, Enterprise PACS, and Mini PACS), By End User (Hospitals, Clinics, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1.7 billion in 2017 and is estimated to exhibit a CAGR of 5.5% over the forecast period (2018-2026).
The picture archiving and communication system (PACS) market is expected to gain significant traction over the forecast period, owing to increasing demand for healthcare IT platforms.
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Increasing demand for healthcare IT is expected to drive growth of the market.
Rising improvements in the healthcare IT field such as introduction of PACS and cloud computing have provided a new prospect to the healthcare providers and hospital to improve patient centricity by boosting operational efficiencies, which is expected to fuel growth of the market over the forecast period. Moreover, various government initiatives to promote electronic data sharing and EHR adoption will allow healthcare providers to improve the clinical outcomes, with streamlining workflow. For instance, in 2009, Health Information Technology for Economic and Clinical Health (HITECH) Act, provided over US$ 35billion incentives to expand and encourage the adoption and use of EHRs by health care professionals and hospitals. Furthermore, increasing competition among hospitals has made it necessary for management to take appropriate measures increase their efficiency with the integration of these systems at all levels.
Additionally, growing geriatric population base is demanding healthcare information systems such as PACS to meet the medical requirements, which is further expected to drive the market growth. For instance, according to a NIH report, in 2015, 8.5% of people were aged 65 and over. This percentage is expected to reach around 17% of the world’s population by 2050. Moreover, healthcare IT companies are continuously funding the development of new and advanced solutions. The advent of these solutions is, thus, providing growth opportunities in PACS market.
Browse 39 Market Data Tables and 28 Figures spread through 180 Pages and in-depth TOC on “Picture Archiving and Communication System (PACS) Market, by Deployment (Web-Based, Cloud-Based and On-Premise), By Product (Mid End PACS, Enterprise PACS, and Mini PACS), By End User (Hospitals, Clinics, Diagnostics Imaging Centers and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026”
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In addition, key players are focusing on new product launches and improvements in existing ones, in order to fuel their business growth. For instance, in June, 2015, Ricoh India, a leader in the field of Imaging Solutions, launched its fully integrated cloud-enabled PACS solution ‘Picasso’. This new solution will provide access of medical images to clinicians and patients, along with reducing the cost of providing medical care. Similarly, in 2017, FUJIFILM Medical Systems U.S.A., Inc., a leading provider of diagnostic imaging and medical informatics products, launched version 5 of Synapse PACS in the U.S. Synapse 5 is one component of Fujifilm’s comprehensive enterprise imaging portfolio, which include RIS, 3D, Cardiovascular, Enterprise Viewer, Synapse VNA, and cloud services.
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Key Takeaways of the Picture Archiving and Communication System (PACS) Market:
- The global picture archiving and communication system (PACS) market is expected to exhibit a CAGR of 5.5% over the forecast period, attributed to increasing adoption of health IT among healthcare providers
- Among deployment, cloud-based segment is expected to hold a dominant position in the picture archiving and communication system (PACS) market, attributed to more imaging modalities demanding cloud-based PACS
- Among product, mid end PACS segment is expected to hold a dominant position in the market over the forecast period, owing to rising adoption rate, coupled with growing demand for integrated solutions
- Among end user, hospitals segment is expected to hold a dominant position in the market over the forecast period, owing to increased usage in hospitals for imaging
- Among regions, North America is expected to witness significant growth over the forecast, owing to large number of hospitals and imaging centers using imaging techniques in the region
- Major market players operating in the global picture archiving and communication system (PACS) market include Agfa-Gevaert Group, Carestream Health, FUJIFILM Medical Systems, INFINITT Healthcare Co. Ltd., GE Healthcare, Koninklijke Philips N.V., Merge Healthcare Solutions Inc., Mckesson Corp., Sectra AB, and Siemens Healthineers.
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