Global Picture Archiving and Communication Systems (PACS) Market to Reach US$4.45 Billion by 2017, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Picture Archiving and Communication Systems (PACS) market. The PACS market rebounded strongly from the recessionary lows, and is set to reach US$4.45 billion by the year 2017. Rapid improvement in healthcare standards, growing number of hospitals, technological innovations, fall in equipment prices and government initiatives are propelling the fast paced growth of the market. The opening up of hitherto untapped consumer segments and markets in developed economies, and increasing penetration in Asia Pacific and other emerging regions, spells a bright future for the global PACS industry.

Picture Archiving and Communication Systems (PACS): A Global Strategic Business Report

Follow us on LinkedIn – The advent of Picture Archiving and Communication Systems (PACS) heralded the digital era into the medical imaging sector, providing a strong foundation for advanced medical therapies including telehealth and telemedicine. With digital imaging becoming a core aspect of modern day disease treatment, more and more healthcare institutions and professionals are showing interest in PACS technology. Besides minimizing risk of losing medical records, PACS is enhancing the efficiency of workflow and productivity in large and small hospitals alike. With the integration of intuitive workflow management, advanced protocols and other sophisticated clinical tools, PACS is fast becoming a vital tool aiding healthcare providers in making critical treatment decisions. PACS systems equipped with sophisticated diagnosis and visualization systems are also being developed for more branches of medicine including surgery, oncology, mammography, dentistry and cardiology.

While the global economic downslide did not affect the fortunes of larger healthcare institutions, the consumer segment is largely saturated, particularly in US, Japan and Europe. However, community hospitals and data imaging centers were strapped for cash due to the financial turmoil, and thereby forced to postpone planned PACS purchases for some time, primarily due to the high cost of infrastructure. This scene is changing, with the economic recovery stimulating large hospitals to invest in upgrades, as well as replacements for their legacy PACS systems. Government initiatives in US, Canada and China promoting healthcare IT adoption in public hospitals and community healthcare centers, are having a complementary effect on the private healthcare industry.

Technological innovations are improving the affordability of PACS solutions for small hospitals and medical imaging centers, as well as offering greater accessibility of data to doctors through iPads and smartphones. Cutting-edge features such as Thin-client 3D image rendering and accurate voice recognition systems are attracting interest from major healthcare establishments worldwide. With Electronic Health Records (EHR) and industry standards such as DICOM being enforced strictly, the global demand for PACS equipment and software is expected to steadily increase over the next few years.

The United States account for a lion’s share of the global market for Picture Archiving and Communication Systems (PACS), as stated by the new market research report. With technological advancements and the evolution of digital imaging from a radiology-centric solution to an enterprise-wide solution, demand for replacement systems is expected to drive continued growth in the US PACS market for the near term. While the digital imaging markets in Europe and US are saturated, the potential for integrated RIS/PACS systems is huge. In developing countries, particularly Korea, China and Hong Kong, private medical practices represent an untapped segment in the healthcare vertical, while rural and community hospitals offer ample scope for expansion. The Asia-Pacific PACS market is slated to expand over the near term at the fastest CAGR of over 11% for the analysis period. By product segment, PACS Services constitutes the largest and the fastest expanding segment in the global PACS market. The end-use consumer segment of Full Scale/Enterprise Wide PACS holds vast potential for robust growth in the future, with markets such as US, Europe and Asia taking the lead.

The global PACS marketplace is dominated by global giants including McKesson Medical Imaging, GE Healthcare, Siemens Healthcare, Agfa-Gaevert NV, Philips Medical Systems and Fujifilm Medical Systems. Other key market participants profiled in the report include Aspyra Inc., BRIT Systems Inc., DR Systems Inc., Carestream Health Inc., Hitachi Medical Systems America Inc., IMCO Technologies Corporation, Infinitt Company Ltd, Intelerad Medical Systems Inc and Sectra.

The research report titled “Picture Archiving and Communication Systems (PACS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., offers a wealth of relevant market trends, backed by categorical market and product tables, and sheds light on the current competitive landscape in the PACS industry. The research report also offers a macro view of the industry, as well as coverage of recent corporate activity and product introductions. Analytics are presented in dollar value for major geographic markets such as United States, Canada, Japan, Europe, Asia-Pacific and Rest of World. Major product segments analyzed include, PACS Hardware, Software and Services. Analytics for the end-use categories include, Full Scale/Enterprise Wide PACS and Mini/Department Wide PACS. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.

For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Picture_Archiving_and_Communication_Systems_PACS_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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