Picture Archiving and Communication System (PACS) Market Research Report: By Type (Oncology, PACS, Others), Component (Hardware, Software, Services), Imaging (MRI, Others), Delivery Mode (Cloud, Web, On-Premise Mode), End-User- Forecast Till 2027
The market for picture archiving and communications systems (PACS) has been growing pervasively, garnering colossal prominence. The rapidly increasing prevalence of many chronic diseases such as cardiovascular and neurological diseases that are augmenting the demand for diagnostic and imaging services are contributing to the growth of the market. Moreover, increasing investments from public-private organizations and the rising number of diagnostic imaging centers are escalating the market on the global platform.
Acknowledging the exponential traction that the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global picture archiving and communications systems market would create a substantial revenue pocket by 2023, registering approximately 7.0% CAGR throughout the forecast period (2017–2023).
The rising demand for the diagnostic process along with the increasing R&D activities in life sciences are boosting the growth of the market. Additional factors such as the spreading awareness towards picture archiving and communications systems and the vast uptake of PACS in the academic medical centers, by the surgeons and biomedical researchers, propel the market growth.
Conversely, factors such as the high investment required for the initial set up of these systems alongside the lack of healthcare insurance and awareness in poor healthcare system are impeding the growth of the PACS market, especially in underdeveloped and developing regions. On the other hand, the stringent regulatory approval procedures are obstructing the growth of the PACS market majorly in the developed regions.
Nevertheless, technological advancements in the medical imaging devices, improving regulatory framework, and unmet medical needs would support the global PACS market, creating significant growth opportunities for the players operating in the market.
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Global Picture Archiving and Communications Systems Market – Geographical Analysis
The North American region, heading with the increasing prevalence of cardiovascular, neurological, and ophthalmic disorders, accounts for the dominating market for picture archiving and communications systems market, globally. Factors like the rising demand for early diagnosis and high healthcare expenditure substantiate the growth of the market. Additionally, the presence of a number of key players and well-developed technology, and rising demand for imaging devices foster the growth of the regional market.
Furthermore, increasing government initiatives and funding programs for research in the diagnosis devices along with the rising demand for accurate diagnosis, and the well-spread awareness about the benefits of PAC systems are some of the significant driving forces behind the growth of the regional market.
The European picture archiving and communications systems market stands at the second position, globally. Factors such as the well-spread awareness about the benefits of PAC systems, availability of advanced treatment facilities alongside the increasing healthcare expenditure, are impacting the growth of the market, positively.
Furthermore, considerable technological advancements, increasing biomedical research initiatives, and the adoption of picture archiving and communications systems by imaging centers, diagnostic centers, and clinical research institutions fostering the growth of the market in the region.
The Asia Pacific picture archiving and communications systems market is rapidly emerging as a profitable market, globally. Factors such as the increasing uptake of this imaging technology for medical training and surgeries, increase in R&D activities, and new products launches are attributing to the market growth in the region. Furthermore, ever-increasing population, rapidly emerging countries such as Japan, China, and India, alongside the large manufacturing base and increase in demand for advanced diagnostic systems are propelling the growth of the market.
Picture Archiving and Communications Systems Market – Competitive Analysis
Highly competitive, the picture archiving and communications systems market appears to be fragmented with the presence of several matured & small key players. These players form a competitive landscape incorporating strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration.
Major Players:
Key players leading the global PACS market include Agfa-Gevaert N.V., Advanced Data Systems, Allscripts Healthcare Solutions, Inc., Argus Radiology, Alta Vista Teleradiology, Avreo, Inc., Comarch SA, Brit Systems, Cybernet Medical Corporation, GE Healthcare, FujiFilm Medical Systems, Global Diagnostics, Konica Minolta Healthcare Americas Inc., INFINITT Healthcare, McKesson Corporation, Inc., Pacshealth, LLC, ONRAD, Inc., Perfect Imaging, LLC, Radiology Imaging Solutions, RamSoft, Inc., Scimage, Inc., Sectra Imtec AB, Sectra Imtec AB, Siemens Healthineers, StatRad, LLC, Singular Medical Technologies, Telediagnostics Services Pvt. Ltd., Virtual Radiology (vRAD), and Telerad Tech Private Limited among others.
Industry/Innovation/Related News:
April 16, 2019 –--- DiA Imaging Analysis Ltd. (Israel), a leading provider of advanced AI-based ultrasound analysis technology for automatic diagnosis of cardiac function announced its partnership with Ebit (Italy), an Esaote Group company involved into diagnostic enterprise software for Cardiology to provide DiA’s Cardiac Toolbox - LVivo integrated with cardiovascular information system (CVIS) of Ebit's Suitestensa.
This will enable the support of DICOM clips from all ultrasound devices used at the lab, making LVivo AI analysis accessible to all lab users using the picture archiving and communication system (PACS) and ultimately improving patient care.
April 16, 2019 –--- Mach7 Technologies (the US), a leading global provider of innovative data management solutions for healthcare providers announced the signing of an agreement deed with Sentara Healthcare (the US), a not-for-profit health system for its Picture Archiving and Communication System (PACS) modernization project. Sentara Healthcare is looking to modernize its PACS through a reconstructed architecture that will utilize Mach7's Enterprise Imaging Platform.
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