Global Picture Archiving and Communication System market to grow at a CAGR of 5.64% during the period 2017-2021

Summary

Orbis Research Present's Global Picture Archiving and Communication System Market 2017-2021 Major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.

Description

New Research Report – Global PACS Market 2017-2021

the following companies as the Key Players in the Global PACS Market: GE Healthcare, Philips, Agfa-Gevaert, McKesson, and Fujifilm.

Other Prominent Vendors in the market are: AltaPACS, Apollo Enterprise Imaging, Ashva Digital Healthcare, Carestream Health, CERNER, Dell, Esaote SpA, INFINITT Healthcare, Insignia Medical Systems, Intelerad Medical Systems, Laitek, Lexmark Healthcare, Mach7 Technologies, Meddiff Technologies, Merge Healthcare, Novarad, Nuvodia, Paxeramed, ScImage, Sectra, Siemens Healthineers, Velox RIS Solutions, VEPRO, and Voyager Imaging

Commenting on the report, an analyst from Technavio’s team said: “PACS systems are being connected through cloud-based systems that connect the healthcare system under a single network. PACS are now being integrated with cloud-based systems for efficient image sharing and patient care in medical facilities. Cloud-based PACS enables reduction in cost of films, storage, and archival of medical images. These systems help in connecting multi-modalities of imaging systems and increase physician access to patient databases.”

According to the report, medical imaging devices form a crucial part of the healthcare sector, which has undergone a transition over a period; film based x-ray systems are being replaced by digital radiography system for better image quality and faster diagnosis results. The changing healthcare scenario across the world has promoted the use of EHR systems for patient monitoring and data management. Developing countries such as the US, Germany, France has good medical infrastructure, along with reimbursement policies for medical examination. The market penetration of smartphones is increasing, which exerts a positive effect on the healthcare IT sector. About 70% of the world population uses iOS and Android application for healthcare consultation. This enables healthcare providers to reduce paperwork and time, enhance patient interaction, and provide efficient care. Government funding and other policies worldwide for networking systems in medicine helps in integrating the healthcare IT sector with the IT enabled world. Increasing government spending in the healthcare IT sector and advent of efficient data management solutions are the potent drivers of the market.

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Further, the report states that the adoption rate of PACS in increasing due to the migration of medical imaging modalities under cloud-based application systems. PACS installation requires high investment. In addition, cost for renovation incurs additional cost. This is a major adoption constraint for small medical facilities with limited budget. In emerging markets, there is inadequate hospital infrastructure, which increases cost of installation of PACS. Therefore, vendors are introducing cost-effective PACS such as mini-PACS in the market. Also, PACS is a long-term investment in the medical sector and requires periodical service for proper functioning, which involves additional costs. Therefore, the high cost becomes one of the challenge in the global PACS market, owing to which the medical facilities in emerging market suffers.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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