Picture archiving and communication systems (PACSs) has been widely
used medical imaging technology for enabling the storing, retrieving,
presenting, and the sharing of images produced by a wide variety of
hardware medical modalities. Frequently used with radiology
information systems (RIS), they have gained traction across hospitals
and healthcare systems. Equipped with the capability of managing vast
amounts of healthcare data, PACS and RIS technologies, have gained
popularity in healthcare IT systems. The market is anticipated to be
on the trajectory of exciting growth, fueled by the growing
digitalization of healthcare systems world over. The increasing
integration of PACS and RIS with ambulatory surgical centers and the
development of better, interoperable systems are prominent trends
that augur favorably for the market in the coming years.
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The advent of scalable cloud-based healthcare IT systems have further
opened up promising avenues for market players. The global market for
PACS and RIS is projected to rise at a CAGR of 7.0% from 2016 to
2024. The market is anticipated to reach US$3.9 bn by the end of
2024.
The report provides details insights into the key drivers and
restraints, the factors driving the prominent segments, regulatory
landscape in major regions, recent technological insights, and
imminent investment pockets. The research presents an in-depth
analysis of market attractiveness to assess competitive rivalry, and
uses industry tools such as Porter’s five forces analysis to
evaluate the bargaining power of suppliers and vendors.
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The intensifying demand for a robust medical imagining technologies
for the management of images gathered from various diagnostic imaging
devices such as X-ray, CT scan, MRI, and ultrasound is a key factor
propelling demand for PACS and RIS. The growing adoption of picture
archiving and communication systems in a number of medical
specialties, including cardiology and oncology, is a prominent trend
boosting the market. The increasing prevalence of various cancer
types is a key factor stimulating the demand for PACS in oncology to
facilitate diagnostics and treatments. In addition, the rising
popularity of multi-modality support for streamlining medical image
practice workflows in several hospitals and healthcare systems is a
crucial factor catalyzing the market growth.
The rising initiatives by several governments in various developing
and developed regions for the adoption of electronic health records
(EHRs) is a key trend accentuating the demand for PACS and RIS.
Constant advances made in hospital information systems and the
intensifying demand for a consolidated platform in emerging
economies are key factors expected to unlock exciting opportunities
in the coming years. Furthermore, a number of healthcare providers
are actively upgrading EHR to make the system more patient-centric.
The development of a flexible cloud-based PACS is a key factor
boosting the market. In addition, recent advances made in cloud
cybersecurity has progressively improved the uptake of PACS and RIS
technologies among caregivers.
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Geographically, North America led the global market in 2015. This is
primarily attributed to the presence of a robust healthcare systems
to tackle a rising incidence and prevalence of chronic diseases. The
vast rise in government spending in various developed nations in the
adoption of an integrated PACS systems has catalyzed the growth.
Furthermore, extensive applications of PACS technologies in oncology
and cardiology have helped the regional market to emerge as dominant
in recent years.
On the other hand, Asia Pacific presents lucrative growth avenues for
numerous market players and is predicted to rise at the leading CAGR
during the forecast period. The growth of the regional market is
anticipated to be fueled by rapid advances in healthcare IT systems
toward digitization and the proliferation of images from various
medical specialties.
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Some of the prominent players in the PACS and RIS market are Siemens
Healthineers, McKesson Corporation, Allscripts Healthcare Solutions,
Inc., Philips Healthcare, Agfa Healthcare, GE Healthcare, and
Fujifilm Holdings Corporation. The market is to a large extent
competitive and consolidated, with the probable exception being the
landscape in developed countries, which is characterized by a high
degree of fragmentation.
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