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Picture Archiving and Communication System (PACS) Market will reach at a CAGR of 6% by 2024

06-13-2018 01:52 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Research Report Insights

Picture Archiving and Communication System (PACS) Market will

According to a Research Report Insights (RRI) report, the global market for Picture Archiving and Communication System (PACS) is expected to witness an impressive CAGR of over 6% during 2016 to 2026 in terms of revenue.

Picture archiving and communication is an integrated system that is used for medical data analysis, storage and distribution by clinicians or other medical officials. The technology is a combination of software, hardware, archiving and image modalities that in used for image or data storing, distributing and capturing for medical analysis. The four major components of PACS that ensures accurate functioning of the system include, capability to review and interpret images, establishing secured networking for data transfer, images and report storage and lastly to archive data for short term and long term study purposes. Moreover, support from advanced imaging modalities such as CT and MRI add up to PACS’s impressive spectrum of utilities.

Demand for cloud-based PACS is expected to surge owing to the growing preference for such systems in various healthcare establishments such as in diagnostic centers, hospitals, clinics, imaging centers, and several other medical institutes. Moreover, most PAC systems are cost- effective and offer services at minimum rates for hospitals, clinics and imaging centers. Therefore, the aforementioned factors are expected to positively influence the global market for PACS over the forecast period. Healthcare providers are rapidly shifting toward cloud-based systems owing to the higher technological flexibility and cost-effective attributes as compared to traditional versions. Hence, growing usage of PACS application is anticipated to further fuel the global market growth of PACS over next ten years. In contrast, high initial operational and installation cost, the slow penetration rate of PACS, lack of management skills to operate PACS and technological sophistication may inhibit the market growth during the forecast period.

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Based on deployment, the global market for PACS has been segmented into on-premise, web-based PACS and cloud-based PACS. The cloud-based PACS is expected to be the dominant segment, reflecting a CAGR of over 7% in terms of market value during the next ten years. This is largely due to higher usage of PACS in an array of end-user application.

On the basis components, the market has been segmented into archives, imaging modalities, workstation and secured network. Based on business mode, the market has been bifurcated into departmental and enterprise. On the basis of end-users, the market has been categorized into clinic imaging, hospitals, imaging centers, dental practices, research & academic institutes, diagnostic centers, and ambulatory surgical centers

Based on regions, the market has been segmented into seven key regions namely North America, Asia-Pacific excluding Japan (APEJ), Western Europe, Japan, Eastern Europe, Latin America and the Middle East & Africa (MEA). North America is the most lucrative market for PACS and is anticipated to account for over 31% value share of the market by 2016 end. North America is expected to continue its dominance through 2026. The markets in Latin America, Western Europe APEJ and MEA are expected to contribute significantly to the global market for PACS. In terms of value, APEJ is anticipated to account for over 18% share of the global market and is estimated to reach US$ 674.9 Million by the end of 2026. Growing demand for PACS from diagnostic and imaging centers and hospitals in Western Europe, especially in countries such as Germany, France and Italy is expected to drive the market growth in Europe.  In addition, the PACS market in Europe is anticipated to witness 6% CAGR growth and is expected to surpass US$ 790 Million by 2026 end. Robust adoption of diagnostic imaging and increasing preference for healthcare IT are additional factors set to propel the global market for PACS in the near future.

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Key players identified in the global market for PACS include Mckesson Corp, Merge Healthcare Solutions Inc. (an IBM company), INFINITT Healthcare Co. Ltd., Agfa-Gevaert Group, Koninklijke Philips N.V.-(Philips Healthcare), GE Healthcare, Carestream Health, FUJIFILM Medical Systems, Siemens Healthineers, and Sectra AB.

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Research Report Insights (RRI) is a leading market intelligence and consulting firm. We deliver a host of services including custom research reports, syndicated research reports, and consulting services which are personalised in nature. RRI delivers a complete packaged solution to clients; this combines current market intelligence, technology inputs, statistical anecdotes, valuable growth insights, 360-degree view of the competitive framework, and anticipated market trends.

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