Picture archiving and communication system (PACS) is a type of imaging technology that helps send images from the place where they were taken to multiple places that are physically far apart. This technology is not only cost-effective (the department doesn't use film), but it also makes it easy to access multiple modalities (radiographs, CT, MR, ultrasound, etc.) at the same time in different parts of a hospital or around the world.
Over the forecast period of 2023–2032, the Picture Archiving and Communication System (PACS) Market is expected to grow at a 5.9% CAGR to reach USD 5.1 billion by 2032.
The COVID-19 epidemic had a significant impact on the expansion of the market in the sense that there is a high need for quicker and simpler access to patient pictures and medical records, particularly from departments that use CT and MRI. As a result of its superiority to on-premise systems in terms of data resiliency, seamless scalability, cost-effectiveness, and real-time backup, cloud-based PACS is the option that is most highly recommended for use by enterprises of a medium size.
North America will dominate the Picture Archiving and Communication Systems Market
In 2021, the revenue generated in North America accounted for the highest part of the total worldwide revenue at 39.5%. The expansion of the market may be due to a number of different factors, including the presence of important competitors in the region and increasing investment in health care expenditure. Additionally, market expansion is anticipated to be fueled by a number of variables over the projected period. These aspects include technological improvements and growing levels of disposable income. A significant factor that contributes to the widespread implementation of cutting-edge medical technology in the United States is the country's well-developed healthcare infrastructure as well as its high healthcare spending on an individual basis.
Europe will see a stable growth rate in the period of interest
Over the course of the time covered by this forecast, it is anticipated that Europe's market would maintain a healthy growth rate. The contribution of developed economies like Germany and the United Kingdom to the size of this market can be traced to the fact that it is so large. The high prevalence of a variety of chronic diseases like as cancer and cardiovascular disorders in Europe, in addition to the region's significant number of diagnostic imaging centers, are among the factors that are driving the market. Because of the persistent improvements made to the healthcare infrastructure, it is anticipated that the market in Asia Pacific will expand at a CAGR that is the highest during the duration of the forecast. In addition, the expanding use of PACS in hospitals and other healthcare facilities, in conjunction with the swift rise of manufacturing facilities in developing nations like China and India, will further contribute to the expansion of the market.
The hospital segment will dominate the Picture Archiving and Communication Systems Market
In 2021, the hospital segment controlled the lion's share of the revenue pie, which amounted to 37.9%. In terms of their utilization of technology, these health organizations are currently making strides forward. As a result of an increase in the complexity of patients' conditions, healthcare cloud PACS systems are seeing increased adoption in hospital settings. The number of hospitals in the United States is projected to rise from 6,146 in 2018 to 6,210 in 2019, as stated in an article that was recently released by the American Hospital Association (AHA). In order to provide patients with superior care, many hospitals are now making widespread use of technologically advanced medical gadgets. These devices not only make the treatment processes easier to complete, but they also contribute to the production of outcomes that are better, faster, and more accurate.
In 2022, the market for picture archiving and communications systems was valued at USD 4,885 million. It is anticipated that this market would reach USD 7669.19 million by the end of the forecast period.
Cloud-based PACS provides a safe and secure method for storing data. This is because modern PACSs are less susceptible to harm brought on by hardware, and as a result, patient data is kept safe. In addition, the rising need for universalizing clinical and medical picture storage in all formats, coupled with the increased utilization of image archiving, is anticipated to drive market growth. This trend is likely to be a primary driver of market expansion.
It is generally agreed that becoming older is the most critical factor in developing chronic diseases. The elderly population is more vulnerable to the development of chronic illnesses. As a result, it is anticipated that the growing population of elderly people around the globe, in both developed and emerging nations, will drive market expansion. There has been an increase in the number of patients who test positive for coronavirus, and at the same time, there has been a lack of medical experts as a result of the mandatory lockdowns. This has raised the requirement for enhanced medical solutions.
PACS has proven to be a game-changing technical innovation in the healthcare business, and it has radically revolutionized the way imaging and data are managed. This is because PACS can store and retrieve images and data in a much more efficient manner. In this day and age of cloud computing, picture archiving and communication systems have also adapted to take advantage of the technology and moved to a cloud-based model. Because of the dramatic rise in the number of cybercrimes that have occurred in this digital age, cybersecurity has also emerged as a serious problem.
The confidentiality of patient information, the system's integrity, and/or the system's availability could all be jeopardized by vulnerabilities. Because the exploitation of these defects has the potential to compromise the data of thousands of patients, the cybersecurity component of these systems has to be assessed and changed.
The leading participants in the worldwide Picture Archiving and Communication System market include companies such as Agfa-Gevaert Group, Koninklijke Philips, INFINITT Healthcare, Siemens Healthineers, GE Healthcare, Carestream Health, and Merge Healthcare (PACS).
- In recent years, a security concern of a similar nature has been brought to light in connection with the Vue PACS software developed by Philips Healthcare. This was done because Philips detected as many as 15 vulnerabilities in the system.
- The second quarter of 2021 saw Radsource, a provider of PACS, bring the installation of 15 ProtonPACS to a successful conclusion. After considering a number of different providers, the California Cancer Associates for Research and Excellence decided to go with Radsource as its provider for PACS and began the installation process in 2021.
- ProtonPACS will now be able to fulfill the ever-increasing need for the management of imaging workflow as well as different systems and procedures.
Picture Archiving and Communication Systems (PACS) Market Scope
|Revenue forecast in 2032
|USD 5.1 billion
|CAGR of 5.9 % during 2022-2032
|By Type, By End- User, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Agfa-Gevaert Group, Koninklijke Philips, INFINITT Healthcare, Siemens Healthineers, GE Healthcare, Carestream Health, and Merge Healthcare (PACS)
Key segments in ‘Global Picture Archiving and Communication Systems Market’
- Web Based Picture Archiving and Communication Systems
- Cloud Based Picture Archiving and Communication Systems
- Diagnostic Centers
- Dental Care
- Ambulatory Services
- North America
- The United States of America
- The United Kingdom
- South Korea
- South America