Picture Archiving And Communication System Market Expected to Witness a CAGR of 6.2%by 2026
Persistence Market Research delivers in-depth research on the global PACS market in its latest report titled “Global Market Study on Picture Archiving and Communication System (PACS): North America Likely to Remain Dominant Regional Market?”. According to the report, the global PACS market is projected to expand at a healthy CAGR of 6.2% during the forecast period in terms of revenue.
A PACS is a fully integrated system which is used for the data storage, distribution and analysis of medical images by doctors or by any other medical officials. PACS is termed as a picture archiving and communication system which is a combination of hardware, software, image modalities, and archiving that is used for data or image capturing, storing, distributing and then presenting these medical images.
A picture archiving and communication system comprises of four key components including the imaging modalities such as MRI and CT, a secure network to transfer patient data, PACSs for interpreting and reviewing images, and long term and short term archives to retrieve and store reports and images.
Demand for cloud-based PACS which are increasingly used in wide range of healthcare end-users such as hospitals, diagnostic centers, imaging centers, clinics, and many others is increasing significantly. PACS solutions are gaining traction due to an immediate reduction in the cost of archiving and storage for the clinics, hospitals, or imaging centers.
This is expected to bolster the global PACS market. Recently, healthcare and hospitals providers are moving towards an e cloud-based system due to low cost and flexibility in technology adoption as compared to traditional PACS.
Thus, increasing uses and applications of PACS are anticipated to increase the revenue growth of the global PACS market during the forecast period.
However, declining penetration rate of PACS, its high installation and operating cost, complexity of PACS technology and a lack of harmonization are the restraints hampering the growth of the global PACS market.
The global PACS market is segmented on the basis of deployment, components, business mode, end-use, and region. By deployment, PACS market is segmented into web-based PACS, cloud-based PACS and on-premise.
Moreover, by components market is categorized into imaging modalities, secured network, and workstation and archives. On the basis of business mode, PACS market is fragmented into enterprise and departmental.
Further PACS market end-users are hospitals, clinic imaging, dental practices, imaging centers, diagnostic centers, research & academic institutes, ambulatory surgical centers, and others. Key regions covered in the report are North America, Western Europe, Asia-Pacific excluding Japan, Eastern Europe, Middle East & Africa, Latin America and Japan.
The report analyzes the global PACS market in terms of value (US$ Mn) by deployment, components, business mode, end-use, and region; and provides insightful information regarding the value chain, market trends, competitive landscape, market dynamics and market estimations and forecast.
On the basis of regions, North America is estimated to be the largest market for PACS, accounting for 31.1% value share of the global PACS market in 2016. The region continues to dominate the market presently and is expected to continue to do so throughout the forecast period.
On the basis of deployment, cloud-based PACS segments are projected to exhibit CAGR of 7.1%, respectively, in terms of market value during the forecast period. This is attributed to increasing usage of PACS in wide range of end-user application.
The markets in APEJ, Western Europe, MEA and Latin America are anticipated to contribute majorly to the global PACS market. The market in APEJ is expected to account for 18.4% share in terms of value in the global PACS market and be valued at US$ 674.9 Mn by 2026 end.
The increasing demand for PACS from the hospitals, diagnostic centers, and Imaging centers in Western Europe, especially in EU5 is expected to fuel revenue growth of the market in the region. The market in Western Europe is estimated to be valued at US$ 790.7 Mn by 2026 end and projected to register a CAGR of 6.0% during the forecast period
Factors such as increasing demand for increasing use of diagnostic imaging, growing healthcare IT adoption, and increasing adoption of cloud-based PACS is set to drive revenue growth of the global PACS market.
Key market participants covered in this report include GE Healthcare, Koninklijke Philips N.V.-(Philips Healthcare), Carestream Health, Agfa-Gevaert Group, FUJIFILM Medical Systems, INFINITT Healthcare Co. Ltd., Siemens Healthineers, Merge Healthcare Solutions Inc.
(an IBM company), Sectra AB, and Mckesson Corp.
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