Picture Archiving and Communications Systems (PACS): The increasing demand for diagnosis is projected to boost the market growth at a healthy CAGR of 5.80%

Pune, India, April 2022/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Picture Archiving and Communications Systems (PACS) market.

Market Highlights

The Picture Archiving and Communications Systems Market is expected to reach USD 4,885 Million by 2030 at 5.80% CAGR during the forecast period 2022-2030

Owing to the rising cases of chronic diseases, the demand for an effective diagnosis has also been escalating. In the recent years, various new and existing marketers have come up with effective drugs. For instance, Radiology Imaging Solutions has generated a significant return on its healthcare IT investment by implementing Exa’s Voice Recognition in place of traditional transcriptionists, and their productivity has increased by 400%.

A number of factors such as growing geriatric population, supportive investments and funds provided by government and private bodies, rising demand for early diagnosis, technological advancements advancement in the medical imaging devices, rising incidence of cancer, improving regulatory framework, growing research funding, unmet medical needs, and rising competition among market players are a few factors propelling the growth of the global Picture Archiving and Communications Systems (PACS) market.

However, the high cost associated with the technology, lack of healthcare insurance, lack of awareness, and poor healthcare system in low- and middle-income countries may hamper the growth of the market.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Picture Archiving Communications Systems market Research Report

Regional Analysis

The Americas dominates the Picture Archiving and Communications Systems (PACS) market owing to the rising demand for early diagnosis, rising prevalence of chronic diseases, well-developed technology, high healthcare expenditure, and the presence of leading players. Owing to the rising demand for imaging devices, various market players are coming up with advanced technology. For instance, on March 26, 2018, Singular Medical Technologies (SMT), the U.S. based technology company announced two new additions to its PACStation suite of products. The PACStation-GO is a fully functional reading workstation, with two full-size diagnostic monitors, and is completely portable.       

Europe holds the second position in the Picture Archiving and Communications Systems (PACS) market. It is expected that the funding towards research and development expenditure and increasing competition among marketers are likely to drive the European market.

Asia Pacific is the fastest growing Picture Archiving and Communications Systems (PACS) market owing to a huge patient pool, increasing demand for diagnosis, and development in the Healthcare IT sector. According to IBEF, the Healthcare Information Technology (IT) market was valued at USD 1 billion in 2016 which is estimated to grow 1.5 times by 2020.

The Middle East and Africa holds the lowest share of the global Picture Archiving and Communications Systems (PACS) market due to low development, lack of technical knowledge, and poor medical facilities.

Segmentation

The global Picture Archiving and Communications Systems (PACS) market is segmented on the basis of type, component, imaging type, delivery mode, and end-user.

On the basis of type, the market is classified as oncology PACS, cardiology PACS, dental PACS, orthopedics PACS, and others.

On the basis of components, the market is classified as hardware, software, and services. The hardware segment is further classified as access devices, peripherals, servers, storage devices, and networking devices. The services segment is further classified as consulting, implementation services, post-sales and maintenance services, and training services.

On the basis of types of imaging type, the market is classified as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), nuclear imaging, X-ray, and ultrasound.

On the basis of delivery mode, the market is classified as cloud-based (SAAS) delivery mode, web-hosted (On-Demand) delivery mode, and on-premise mode.

On the basis of end-user, the market is classified as hospitals and clinics, healthcare centers, imaging centers, diagnostic centers, clinical research institutions, and others.

Key Players

Some of the key players in the global Picture Archiving and Communications Systems (PACS) market are Advanced Data Systems, Agfa-Gevaert N.V., Allscripts Healthcare Solutions, Inc., ALTA VISTA TELERADIOLOGY, Argus Radiology, Avreo, Inc., Brit Systems, Comarch SA, Cybernet Medical Corporation, FujiFilm Medical Systems, GE Healthcare, Global Diagnostics, INFINITT Healthcare, Konica Minolta Healthcare Americas Inc., McKesson Corporation,Inc., ONRAD, Inc., Pacshealth, LLC, PERFECT IMAGING, LLC, RamSoft, Inc., Radiology Imaging Solutions, Scimage, Inc., Sectra Imtec AB, Sectra Imtec AB, Siemens Healthineers, Singular Medical Technologies, StatRad, LLC, Telediagnostics Services Pvt. Ltd., Telerad Tech Private Limited, Virtual Radiology (vRAD), and others.