DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/9jcl6b/picture_archiving) has announced the addition of the "Picture Archiving and Communication Systems Market to 2020" report to their offering.
The global PACS market was valued at $2.9 billion in 2013 and is forecast to exceed $1 billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of 9%
Government initiatives will continue to encourage the digitization of healthcare systems and promote technical advances in imaging informatics. Moreover, the awareness of the importance of digitizing image storage, retrieval and sharing has led to expansion of the use of PACS to other medical specialties such as oncology and endoscopy. This expansion will further result in increased usage of PACS in cardiology imaging, which will in turn drive revenue growth during the forecast period.
An increasing need for upgrades to conventional PACS systems to new, feature-rich PACS that enable interoperability and flexibility in image viewing will drive future growth in the developed world. Developed economies such as the US and Europe will primarily be replacement markets for PACS systems as penetration is already high. However, companies are shifting their focus to developing economies, where penetration is low. A lack of reimbursement and affordability, however, means that countries such as India and China will require low-cost PACS units. There is therefore an urgent need for companies to develop affordable PACS systems that do not compromise on features such as integration with Electronic Medical Records (EMR) and Radiology Information Systems (RIS). This will allow them to sustain revenue growth during the forecast period, as intense competition will continue to drive down the prices of PACS systems.
Government Efforts towards Healthcare IT Implementation and Technical Advances will Continue to Drive Future Growth
Technical advances in PACS in combination with initiatives from both the public and private sector have contributed to the increasing adoption of PACS by healthcare providers. Rising healthcare cost burdens and demographic changes have forced governments worldwide to improve healthcare delivery services while also reducing costs. This has placed increasing pressure on governments to address financial constraints and improve efficiency and affordability in healthcare.
Key Topics Covered:
1 Tables & Figures
3 Global Picture Archiving and Communication Systems Market: Definitions
4 Picture Archiving and Communication Systems: Global Market Characterization
5 Global Picture Archiving and Communication Systems Market: Country Analysis and Forecasts
6 Global Picture Archiving and Communication Systems Market: Competitive Landscape
7 Global Picture Archiving and Communication Systems Market: Product Pipeline Analysis
8 Global Picture Archiving and Communication Systems Market: Consolidation Landscape
- Carestream Health
- Cerner Corporation
- Fujifilm Holdings Corporation
- GE Healthcare
- McKesson Corporation
- Merge Healthcare
- Philips Healthcare
- Sectra AB
- Siemens Healthcare
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