Rising Demand for Medical Imaging Procedures Drives the Picture Archiving and Communication Systems Market, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 25, 2013 -- Follow us on LinkedIn – The healthcare industry is experiencing a digital revolution driven largely by strong government programs and continuous technological advancements. The prolonged bout of uncertainty in the global economy is driving governments in several key geographic markets to enact legislation to boost healthcare IT implementation in order to balance fiscal austerity measures with rising healthcare requirements of the growing population. Healthcare digitization is also assuming increasing importance in China, India, Brazil and other emerging economies which are stepping up their healthcare spending in order to meet patient care quality levels in developed countries. Diagnostic and medical image processing solutions such as picture archiving and communication systems (PACS) and radiology information systems (RIS) are supporting the digitization trend by enhancing the effectiveness of image storage, viewing, sharing and retrieval. In a bid to curtail costs without compromising quality of care, both public and private sector healthcare institutions around the world are increasingly adopting healthcare IT solutions. Today, PACS and RIS are among the most sought-after healthcare IT solutions among healthcare providers seeking an improvement in workflow efficiency and productivity.
The rapidly aging population and increasing incidence and prevalence of co-morbid conditions such as obesity and diabetes are driving demand for medical imaging. The proliferation of sophisticated medical imaging tools in the healthcare sector is generating huge volumes of medical images and related data and documentation, thereby creating a dire need for advanced medical imaging information processing and management tools such as PACS. Technology is also playing a pivotal role in the healthcare digitization movement, catalyzing the evolution of PACS from a mere medical image viewing, distribution and archiving solution into a powerful instrument supporting clinical decision making. Advanced visualization tools, voice recognition solutions, customized worklists, teleradiology, cloud-based PACS, zero-footprint viewers, and mobile PACS are some of the latest technologies taking the PACS to the next level. Increasing number of PACS vendors are integrating 3D visualization, maximum intensity projections (MIP) and multiplanar reformations (MPR) tools into their PACS offerings.
Vendor-Neutral Archiving (VNA) is rapidly taking over the archiving functions of PACS, spurred by the growing need for interoperability among various departmental PACS and averting the costs of transferring medical data during a changeover of PACS vendors. Radiology PACS and Cardiology PACS are the major revenue generators in the global PACS market. However, as the radiology PACS market fast approaches maturity, and nears saturation among large scale healthcare institutions in North American, the focus is moving to non-radiology departments, particularly cardiology. Orthopedics and dental PACS are also expected to gain ground in the near term.
As stated by the new market research report on Picture Archiving and Communication Systems (PACS), the United States leads the global market owing to the higher acceptance of PACS in diagnostic imaging. North America, Europe and Japan account for the bulk of global market revenues and are driven largely by replacement demand, and maintenance and support services. Developing economies are forecast to power future growth driven by increasing acceptance of PACS in healthcare, and increasing government investments in healthcare IT. Asia-Pacific, spearheaded by China, is forecast to register the fastest CAGR of 15.8% over the analysis period.
Major players covered in the report include Agfa Healthcare NV, Aspyra LLC, BRIT Systems Inc., Carestream Health Inc., Cerner Corporation, DR Systems Inc., Fujifilm Medical Systems U.S.A. Inc., GE Healthcare, INFINITT Healthcare Co. Ltd., Intelerad Medical Systems Inc., McKesson Corporation, Merge Healthcare Inc., Philips Healthcare, Rogan-delft B.V., Sectra AB, and Siemens Healthcare, among others.
The research report titled “Picture Archiving and Communication Systems (PACS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities. The report provides revenue estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America) and the Rest of World. The global and regional markets for PACS are analyzed, in dollar revenue terms, by the following segments: Hardware, Software and Services. The global and regional PACs markets are further segmented by the product types - Full Scale/Enterprise-Wide PACS and Mini/Department-Wide PACS.
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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