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The picture archiving and communication system market share is expected to increase by USD 1.34 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.89%.
This picture archiving and communication system market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers picture archiving and communication system market segmentations by product (mid-end PACS, enterprise PACS, and mini PACS), application (radiology PACS, cardiology PACS, and apthology PACS), and geography (North America, Europe, Asia, and Rest of World (ROW)). The picture archiving and communication system market report also offers information on several market vendors, including 314e Corp., Agfa Gevaert NV, Apollo Enterprise Imaging Corp., Ashva Technologies Pvt. Ltd., Carestream Health Inc., Cerner Corp., Dell Inc., Esaote Spa, FUJIFILM Holdings Corp., General Electric Co, Intelerad Medical Systems Inc., International Business Machines Corp., Koninklijke Philips NV, Laitek Inc., Lexmark International Inc., McKesson Corp., Novarad Corp., PaxeraHealth, Sectra AB, and Siemens AG among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The government initiatives encouraging IT adoption in healthcare is notably driving the picture archiving and communication system market growth, although factors such as high equipment cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the picture archiving and communication system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Picture Archiving and Communication System Market Driver
The government initiatives encouraging IT adoption in healthcare is one of the key drivers supporting the picture archiving and communication system (PACS) market growth. About 70% of the world's population uses iOS and Android applications for healthcare consultation. This enables healthcare providers to reduce paperwork and time, enhance patient interaction, and provide efficient care. Government funding and other policies worldwide for networking systems in medicine help in integrating the healthcare IT sector with the IT-enabled world. Hence, government initiatives encouraging IT adoption in healthcare are expected to drive the market during the forecast period.
Key Picture Archiving and Communication System Market Trend
The emergence of cloud-based PACS is one of the key picture archiving and communication system (PACS) market trends contributing to market growth. PACS are now being integrated with cloud-based systems for efficient image sharing and patient care in healthcare facilities. Cloud-based PACS enables a reduction in the cost of films, storage, and archival of medical images. Additionally, the advent of digital imaging has increased the adoption of iPad usage by healthcare practitioners for medical imaging applications and analysis. Thus, the emergence of cloud-based PACS is expected to positively impact the market during the forecast period.
Key Picture Archiving and Communication System Market Challenge
High equipment cost is one of the factors hampering the picture archiving and communication system (PACS) market growth. The cost of renovation incurs additional costs. This is a major adoption constraint for small medical facilities with a limited budget. In developing markets, there is inadequate hospital infrastructure, which increases the cost of the installation of PACS. Therefore, vendors are introducing cost-effective PACS such as mini-PACS in the market. Also, PACS is a long-term investment in the healthcare sector and requires periodical service for proper functioning, which involves additional costs. Therefore, the high cost becomes one of the challenges in the global PACS market, owing to which the healthcare facilities in the developing markets suffer.
This picture archiving and communication system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global picture archiving and communication system (PACS) market as a part of the global healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the picture archiving and communication system market (PACS) during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the PACS market encompasses successful business strategies deployed by the key vendors. The PACS market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The picture archiving and communication system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the PACS market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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50% of the market’s growth will originate from North America during the forecast period. The US is the key market for the picture archiving and communication system market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The use of cloud computing in the healthcare sector will facilitate the picture archiving and communication system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The regional market witnessed slow growth, especially in 2020, due to the outbreak of COVID-19. However, in 2021, the initiation of mass COVID-19 vaccination drives by the governments led to a decline in the number of COVID-19 cases. Hence, such factors are expected to fuel the growth of the regional market during the forecast period.
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The picture archiving and communication system market share growth by the mid-end PACS segment will be significant during the forecast period. Mid-end PACS helps connect small hospitals and medical centers with multi-modality medical imaging systems. The cost-effectiveness of these PACS facilitates their adoption. Cloud-based applications are beneficial for collating medical imaging data. Moreover, the market penetration of mid-end PACS is high because of the growing need for integrated teleradiology networks.
This report provides an accurate prediction of the contribution of all the segments to the growth of the PACS market size and actionable market insights on the post-COVID-19 impact on each segment.
Picture Archiving and Communication System Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.89% |
Market growth 2022-2026 |
$1.34 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.75 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 50% |
Key consumer countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
314e Corp., Agfa Gevaert NV, Apollo Enterprise Imaging Corp., Ashva Technologies Pvt. Ltd., Carestream Health Inc., Cerner Corp., Dell Inc., Esaote Spa, FUJIFILM Holdings Corp., General Electric Co, Intelerad Medical Systems Inc., International Business Machines Corp., Koninklijke Philips NV, Laitek Inc., Lexmark International Inc., McKesson Corp., Novarad Corp., PaxeraHealth, Sectra AB, and Siemens AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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