Global PACS Market: A picture archiving and communication system (PACS) is an imaging technology used in medical sector which provides effective storage and easy access to images from various modalities such as ultrasound, X-ray plain film (PF), magnetic resonance imaging (MRI), nuclear medicine, computed tomography (CT),) etc. PACS allows hospitals, medical centers, clinics etc. to capture, view, store, and share all types of images externally and internally.
Increasing use of diagnostics imaging and increasing adoption of healthcare IT are major factors driving growth of the global picture archiving and communication system market. In addition, increasing adoption of PACS in medical centers and clinics has led in bringing down the retrieval time and physical storage space as compared to traditionally used systems. Integration of radiology information system (RIS) and PACS is helping hospitals to store, manage, and retrieve huge volume of medical image data. Which is another major factor fueling growth of the global PACS market.
High installation and operating costs, complexity of PACS technology, and lack of standardized procedures are major factors hampering growth of the global PACS market. In addition, integration and transmission of medical images and patient data is not yet secure and effective which is further hampering growth of the global PACS market.
Rising medical standards and government initiatives to encourage IT adoption in healthcare are current trends in the market. Furthermore, increasing investments by key players for R&D activities and product innovation are expected to create lucrative opportunities.
On the basis of deployment type, the global picture archiving and communication system market is segmented on the basis of deployment, components, end-user, and region.
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North America dominates the global PACS market and is expected to register a CAGR of X.X% during the forecast period. This growth is attributed to presence of major manufactures and increasing adoption of cloud-based solutions and services. The market is Asia Pacific is expected to witness significant growth during the forecast period.
Key players in the global picture archiving and communication system market are GE Healthcare, Koninklijke Philips N.V., FUJIFILM Medical Systems, Mckesson Corp., Carestream Health, Agfa-Gevaert Group, INFINITT Healthcare Co. Ltd., Siemens Healthineers, Merge Healthcare Solutions Inc., and Sectra AB.