Global picture archiving and communication systems (PACS) market is projected to surpass $3 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on Deployment, Product, end user and region.
The findings of the report suggest that in the year 2017, the cloud-based segment garnered maximum revenue in the global market. That same year, North America was expected to make the highest contribution to the global market.
For the uninitiated, picture archiving and communications systems is a term that defines clinical or medical imaging technologies that enable storage and exchange of images from multiple sources. Such a system is known for offering economical and manageable accessibility to stored images through numerous source modalities like X-ray plain film, PET (positron emission tomography), ultrasound, nuclear medicine, CT (computed tomography), and MRI (magnetic resonance imaging).
As per the report, the PACS market encompasses several prospects that continue to progress with the development of healthcare practices. Thus, the advancement of interoperable and scalable PACS is a major opportunity for the PACS market. The factors that are estimated to boost market growth over the coming years include high demand for digital medical records with patient images and systems that can communicate data to health exchange platforms.
Meanwhile, the concept of a cloud-based system is comparatively new and is projected to witness steady growth at a constant rate over the forecast period. The worldwide picture archiving and communication systems market encounters multiple challenges concerning the effective yet secure incorporation and transmission of patient data and medical images among radiologists and other medical specialists.
In terms of geographical growth, the report states that the presence of numerous well-known PACS manufacturers in North America is expected to significantly support cloud based PACS segment in the regional market. Additionally, cloud-based PACS segment is predicted to observe substantial growth in the Asia Pacific as well as Europe market on account of the upturn in the usage of cloud-based PACS especially in large hospitals and diagnostic centers of these regions, cites the report.
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The competitive landscape of picture archiving and communication systems market comprises of eminent market players such as Carestream Health, FUJIFILM Medical Systems, INFINITT Healthcare Co. Ltd., Agfa-Gevaert Group, Mckesson Corp., Merge Healthcare Solutions Inc., Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, and Sectra AB. The growth strategies employed by these companies include new product launch and collaborations with other market leaders in order to innovate and introduce new products to suffice the evolving end-user demands.
The report also delivers a comprehensive analysis of the picture archiving and communication systems (PACS) market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of deployment, product, end-user spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.