Picture Archiving and Communication System Market
Global Market Study on Picture Archiving and Communication Systems (PACS): North America to Remain Leading Regional Market
Picture Archiving and Communication System Market Segmented By Web Based PACS, Cloud-Based PACS, On-premise Deployment Type in X-ray, Computed Tomography, Magnetic Resonance Imaging modalities, Secured Network, Workstations and Archives Components with Enterprise, Departmental Business Mode
In 2021, revenue for picture archiving and communication systems (PACS) amounted to US$ 2.8 Bn, while the market progressed at a steady CAGR over the past 5 years. According to PACS industry insights by Persistence Market Research, the market is expected to accelerate at a robust CAGR of 6.5% over the next ten years. Industry valuation is anticipated to top US$ 4.5 Bn by the end of 2031.
Find Out More about the Report Coverage
- GE Healthcare
- Siemens Healthineers
- Agfa-Gevaert Group
- Carestream Health
- Koninklijke Philips N.V.-(Philips Healthcare)
- FUJIFILM Medical Systems
- INFINITT Healthcare Co. Ltd.
- Merge Healthcare Solutions Inc. (an IBM company)
- Mckesson Corp
- Sectra AB
Key Points Covered in Picture Archiving and Communication System (PACS) Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on picture archiving and communication system sales and how to navigate
- Recommendation on key winning strategies
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Picture Archiving and Communication System Market Developments
PACS has proved to be a game-changing technological advancement in the healthcare industry, and has completely changed the way imaging and data is managed. In this age of cloud technology, picture archiving and communication systems have also utilized the technology and become cloud-based.
In this digital age, cybersecurity is also a major concern as the frequency of cybercrimes has increased drastically.
A similar issue regarding security has come up in recent times with the Vue PACS software by Philips healthcare. The U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) and Philips Healthcare, in July 2021, issued advisories for the Vue PACS as Philips identified as many as 15 vulnerabilities.
Vulnerabilities could compromise patient confidentiality, system integrity, and/or system availability. Exploitation of these flaws can compromise the data of thousands of patients, and hence, the cybersecurity aspect of these systems needs to be evaluated and modified.
Radsource, a provider of PACS, has completed the installation of 15 ProtonPACS in the second quarter of 2021. California Cancer Associates for Research and Excellence selected Radsource as its provider for PACS among various vendors and proceeded with installation in 2021. Growing requirement to manage imaging workflow and multiple systems and processes will now be met by ProtonPACS.
PACS, while being extremely helpful and proven to be very efficient, still has some security flaws that need to be addressed to make it a completely flawless system. Adoption of picture archiving and communication system is expected to increase steadily soon.
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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 picture archiving and communication system 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.
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Factors such as increasing use of diagnostic imaging device demand, 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.
Imaging modalities is most demanding component for cloud-based PACS segment across the globe. Hospitals segment is estimated to account for around 3/10 value share of the global picture archiving and communication system market by 2021 end.
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 3/5 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 nearly 3/10 in the North America market by 2031 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.
- FAQs -
The U.S., China, and Japan are leading the exports of picture archiving and communication systems (PACS).
Rising adoption of cloud-based PACS due to low cost and flexibility in technology as compared to traditional PACS is a major trend in the PACS market.
In 2021, PACS industry revenue totaled a valuation of US$ 2.8 Bn.
The market for PACS displayed expansion at a CAGR of 5.2% over the past 5 years.
Top 5 players GE Healthcare, Koninklijke Philips N.V., Carestream Health, Agfa-Gevaert Group, and FUJIFILM Medical Systems, collectively account for 38.4% of the global market share.
The picture archiving and communication system market is expected to expand at a healthy CAGR of 6.5% over the next ten years.
The picture archiving and communication system industry is set to amount to US$ 4.5 Bn by 2031.
The North American region is expected to account for more than 31% of the global market share by the end of 2031.
The U.S., Japan, South Korea, BENELUX, and Germany are leading countries in terms of production of PACS.
The market in the U.K. is expected to progress at a robust CAGR of 6%.
The U.S., Germany, U.K., India, China, and Japan are majorly leading the PACS market in terms of demand.
The Japanese market is anticipated to progress at a CAGR of 6.7%, and the South Korean market a CAGR of 5.3%.