Picture Archiving And Communication Systems (PACS) Market Future Opportunities 2020
This research report comprises an in-depth study of the value chain of the global PACS market to identify potential opportunities, as well as areas where growth in anticipated to be sluggish over the forecast period. The report makes use of Porter’s five forces analysis model to create a vivid landscape of the future competitiveness of market participants, threats from new systems and technologies, as well as the bargaining power of players and consumers in the picture archiving and communications systems (PACS) market.
The PACS market research report also features a comprehensive Company Profiles section that gives users additional insights about the growth and development strategies of leading market participants, their financial standing, their pipeline products and technologies, and more.
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Overview of the picture archiving and communications systems (PACS) market
The picture archiving and communications systems (PACS) market has become integral to the overall medical imaging industry. ‘Picture archiving and communications systems’ (PACS) is a term used for medical or clinical imaging technologies that enable storage and exchange of images across multiple sources. PACS provides manageable, cost-effective access to stored images via different source modalities, which could include ultrasound, magnetic resonance imaging (MRI), X-ray plain film (PF), nuclear medicine, computed tomography (CT), as well as positron emission tomography (PET).
With the growing usage of PACS, medical centers and clinics have been able to bring down the retrieval time and physical storage space required for conventionally-used film-based image retrieval. PACS has made it faster and easier for clinicians and technicians to distribute and display images, besides reducing the margin for human error. Thus, it is not surprising that the picture archiving and communications systems (PACS) market has grown on account of growing investments in PACS. A number of medical centers no longer need to invest in building storage and retrieval mechanisms for maintaining hard copies of medical images. PACS allows for digital storage in an easy-to-retrieve format.
The deployment of PACS largely relies on the establishment of a secure transmission network for exchanging secure and confidential patient-related information, especially images. The establishment of an efficient PACS network also entails the installation of network-enabled computers for retrieving, interpreting and transmitting images. Another vital aspect that opens up several opportunities in the Picture archiving and communications systems market (PACS) market is the need for state-of-the-art digital archive solutions for secure storage and retrieval.
The picture archiving and communications systems (PACS) market contains numerous opportunities that continue to emerge with the modernization of healthcare practices. Thus, the development of interoperable and scalable PACS is a lucrative opportunity. Platforms that facilitate the integration of patients’ digital medical records with patient images, and relay this information to health information exchange platforms, as required, will witness higher demand in the near future.
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The cloud-based PACS market is a relatively new concept, and will continue to grow at a consistent rate over the next five years. However, given their many advantages, cloud-based picture archiving and communications systems will likely capture a large share of the global PACS market sooner than expected.
However, this market also features a few challenges pertaining to effective yet secure integration and transmission of medical images and patient data between radiologists and other medical specialists. The PACS market will also have to evolve rapidly to keep pace with the changing legislative and regulatory developments in both global and regional health sectors.
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