PACS Market to Reach Beyond USD 3 Billion by 2025

The global picture archiving and communication system (PACS) market was valued at USD 1.7 billion in 2017 and is projected to exhibit a CAGR of 5.5 percent from 2018 – 2026. The PACS market is expected to gain significant traction, due to increasing demand for healthcare IT platforms. Improvements in the healthcare IT field, such as the introduction of PACS and cloud computing have provided a new prospect to the healthcare providers and hospital to improve patient centricity by boosting operational efficiencies. Various government initiatives to promote electronic data sharing and EHR adoption will allow healthcare providers to improve the clinical outcomes, with streamlining workflow. In 2009, Health Information Technology for Economic and Clinical Health (HITECH) Act has provided over USD 35 billion incentives to expand and encourage the adoption and use of EHRs by healthcare professionals and hospitals.

Moreover, increase in the competition among hospitals has made it necessary for management to take appropriate measures increase their efficiency with the integration of these systems at all levels. Furthermore, the rapidly mounting geriatric population base is demanding healthcare information systems such as PACS to meet the medical requirements. According to a NIH report, in 2015, 8.5 percent of people were aged 65 and over. This percentage is expected to reach around 17 percent of the world’s population by 2050. Moreover, healthcare IT companies are continuously funding the development of new and advanced solutions. The advent of these solutions is, thus, providing growth opportunities in PACS market.

Key players are focusing on new product launches and improvements in existing ones in order to accelerate business growth. For instance, in June, 2015, Ricoh India, a leader in the field of Imaging Solutions, launched its fully integrated cloud-enabled PACS solution Picasso. This new solution will provide access of medical images to clinicians and patients, along with reducing the cost of providing medical care. In 2017, Fujifilm Medical Systems U.S.A., Inc., a leading provider of diagnostic imaging and medical informatics products, launched version 5 of Synapse PACS in the US. Synapse 5 is one component of Fujifilm’s comprehensive enterprise imaging portfolio which includes RIS, 3D, cardiovascular, enterprise viewer, synapse VNA, and cloud services. – Coherent Market Insights