Persistence Market Research analyzes the global PACS market over a ten year period from 2016 to 2026 in a newly published report. The study demonstrates market dynamics and trends across regions that are expected to influence the current status and future prospects of the global PACS market over the forecast period (2016 - 2026). The primary objective of the report is to offer information on market drivers, restraints, trends, opportunities, and value chain analysis; and updates on developments in the global PACS market.
The report is categorically divided into five sections namely, by deployment type, by component, by business mode, end users and region, to understand and offer insights on the global PACS market. The report provides analysis of the global PACS market in terms of market value (US$ Mn).
The report starts with an overview of the global PACS market. This section includes PMR’s analyses of key trends, drivers and restraints from the supply and demand perspectives. Impact analysis of key growth drivers and restraints based on the weighted average model are included in the report to better equip and arm clients with crystal-clear and decision-making insights.
The section that follows analyses the market on the basis of deployment type and presents the forecast in terms of volume and value for the next 10 years. On the basis of deployment type, the global PACS market has been segmented into:
Further, next section included in the report is on the basis of components that analyses the market and presents the forecast in terms of volume and value for the next 10 years. On the basis of components, the global PACS market has been segmented into:
Another section included in the report is on the basis of business mode that analyses the market and presents the forecast in terms of volume and value for the next 10 years. On the basis of business mode, the global PACS market has been segmented into:
Furthermore, there is a section included in the report is on the basis of end-users that analyses the market and presents the forecast in terms of volume and value for the next 10 years. On the basis of end-users, the global PACS market has been segmented into:
The following section of the report includes analysis of the global PACS market on the basis of region. The global PACS market is segmented into seven key regions:
The report covers an in-depth analysis of all components in the global PACS market. In the final section of the report on the global PACS market, a competitive landscape is included to provide a dashboard view of global PACS manufacturers, retailers, and distributors. The report contains company profiles of some key players in the market. Some market players featured in this report are Carestream Health, Koninklijke Philips N.V.-(Philips Healthcare), Agfa-Gevaert Group, FUJIFILM Medical Systems, INFINITT Healthcare Co. Ltd., Siemens Healthineers, GE Healthcare, Merge Healthcare Solutions Inc. (an IBM company), Sectra AB, and Mckesson Corp.
To deduce market size, the report considered the average selling price of various types of PACS across geographies. Furthermore, data points such as regional split and market split by end-users and process and qualitative inputs from primary respondents have been incorporated to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated across the global PACS market over forecast period (2016–2026). When developing the market forecast, the starting point involved sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the characteristics of the market, PMR triangulated the data on the basis of various analysis based on both supply side and demand side.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyses the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities in the global PACS market.
As previously highlighted, the market for PACS is split into various sub-segments or categories, on the basis of by deployment type, by component, by business mode, end users, and region. All these sub-segments or categories have been analyzed in terms of Basis Point Share (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identification of many key trends in the global PACS market.
Another key feature of this report is the analysis of the PACS market by region, by deployment type, by component, by business mode, end users and its revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global PACS market.
In order to understand key growth segments in terms of growth and performance of the global PACS market, PMR has developed a market attractiveness index. The resulting index should help providers identify real market opportunities.
A cloud-based PACS solution is an online process to store patient data and digital images. In a cloud-based PACS, patient data files are automatically transferred and stored in the cloud at the time of their creation. Users can access the patient data anywhere, and anytime. The cloud based PACS is made from a model which uses house data for virtual storage. PAC system vendor keeps all of the software and hardware at an offsite cloud location. Cloud-based PACS use dynamic provisioning which permits it to grow with the organization (hospitals, clinics, diagnostic centers, and others). Technicians, Physicians, and administrators can access a cloud-based PACS by simply logging in a protected PACS application over the internet. This allows healthcare officials and physicians to work distantly and permits for the easy and quick relocation of patient data during referrals.
Factors such as increasing use of diagnostic imaging, and growing healthcare IT adoption are expected to fuel revenue growth of the cloud-based PACS segment. Further, diagnostic medical imaging use in a large integrated health system is growing at a faster pace. The factors responsible for this rise include rising demand by physicians and patients, favorable reimbursement, wider availability of technology, and improvements in the technology resulting in a lower threshold for using it. Moreover, due to a rising awareness and concern for diseases among consumers, the adoption of diagnostic imaging is rapidly increasing, ensuing a generation of amplified imaging data for picture archiving and thus increasing the demand for PACS. This phenomenon is increasing the demand for storage of all formats of medical data and universalization of medical image archiving market.
Currently, diagnostic centers, small hospitals, and clinics are increasingly focusing on their purchases of specialized PACS tools because of the more common use of advanced scanners and CT. New PACS products are now specially designed to keep in mind the changing requirements of small hospitals. Small hospitals are now increasingly adopting PACS as an advanced imaging technology and thus demand for PACS is growing in small hospitals. Moreover, government initiatives encourage healthcare IT adoption. The benefits and importance of healthcare IT have been recognized with various governments across the globe and this is also driving technological advancements in the healthcare sector. The usage of PACS for a detailed and accurate evaluation of patient's health has improved as a result of these initiatives. With increasing government initiatives, the acceptance of connected healthcare solutions, such as PACS, electronic health record, PHR and RIS, have risen with the increase in requirements to improve the overall quality of healthcare services.
However, declining penetration rate of PACS, high installation and operating cost for PACS, complexity of PACS technology and a lack of harmonization are the restraints hampering the growth of the global PACS market.
Cloud-based PACS segment is expected to be valued at US$ 1090.9 Mn by 2026 and is projected to register a CAGR of 7.1% over the forecast period. Imaging modalities is most demanding component for cloud-based PACS segment across the globe.
Hospitals segment is estimated to account for 28.9% value share of the global PACS market by 2016 end and is expected to register a CAGR of 6.3% over the forecast period. Cloud-based PACS segment finds its end-users in hospitals, clinic practices, diagnostic imaging, imaging centers and others primarily for storing, transferring and archiving patient data and images. Approximately 60% of the cloud-based PACS are used by large hospitals and diagnostic centers and organizations.
On the basis of region, North America is projected to remain dominant throughout the forecast period. Cloud-based PACS segment is estimated to account for a significant market share of 32.1% in the North America market by 2016 end. The presence of several PACS manufacturing companies in North America is expected to play an important role in revenue growth of the cloud-based PACS segment in the North America market. Cloud-based PACS segment is expected to witness robust growth in Western Europe and APEJ markets driven by increasing cloud based solutions demand in the region, as cloud-based PACS are mainly used by large hospitals and diagnostic centers in these regions.
Key market players
Some of the key market players covered in this report include GE Healthcare, Koninklijke Philips N.V.-(Philips Healthcare), Carestream Health, Agfa-Gevaert Group, FUJIFILM Medical Systems, INFINITT Healthcare Co. Ltd., Siemens Healthineers, Merge Healthcare Solutions Inc. (an IBM company), Sectra AB, and Mckesson Corp.