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Global Picture Archiving and Communications System (PACS) Market to Grow at a CAGR of 5.8% During 2021-2026, Driven by the Growing Technological Advancements in the Field of Healthcare

According to a new report by EMR titled, ‘Global Picture Archiving and Communications System (PACS) Market Report and Forecast 2021-2026’, the global market for picture archiving and communication system (PACS) is expected to grow at a CAGR 5.8% in the forecast period of 2021-2026.

The global picture archiving and communications system (PACS) industry is anticipated to grow at a significant pace, owing to the penetration of information technology in the field of healthcare. The growing adoption of IT has enabled the healthcare sector in utilising diagnostic imaging to detect various disorders. The growing popularity of cloud-based technology is further bolstering the market growth. Growing government investments to improve healthcare infrastructure, growing demand for patient-centric approach, favourable reimbursement policies, and growing demand for hospitals and diagnostic centres are the factors bolstering the market growth.

Among the regions, North America is projected to accounts for a significant share in the industry growth in the forecast period. This growth of the market in the region is attributed to the availability of advanced healthcare infrastructures and the presence of the latest technology. The Asia Pacific is likely to provide fresh opportunities for the market growth as it is developing at a rapid pace. Developing economies like India and China have invested heavily on healthcare facilities and are encouraging healthcare IT adoption, which are expected to catalyse the growth of the picture archiving and communications system (PACS) industry.

GE Healthcare (NYSE:GE), Siemens Healthcare, and Fujifilm Corporation, among others, are some of the key players in the industry. The growing R&D activities and improved product launches by these manufacturers are expected to bolster the market growth. There is an increased penetration of these key players in the North America. Fujifilm has a significant presence in the United States surgical C-arm and radiographic fluoroscopy markets, which is strengthening the company’s position in the picture archiving and communications system (PACS) industry.

Market Breakup by Component, Development Type, Imaging Type, Type, End Use, and Region:

  • On the basis of component, the market is segmented into hardware, software, and services.
  • Based on development type, the market is divided into on-premise, on-demand, and SAAS.
  • By imaging type, the market is divided into X-ray, MRI, CT, ultrasound, nuclear imaging, and others.
  • Based on type, the industry is segmented into cardiology PACS, dental PACS, and oncology PACS, among others.
  • Region-wise, the market is categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for picture archiving and communications system is driven by the rapid IT adoption and technological advancements.
  • The market is further propelled by the growing R&D activities and improved launches by the key manufacturers.
  • The market is further aided by the growing innovation and efforts in order to improve healthcare facilities.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for picture archiving and communications system for the periods 2016-2020 and 2021-2026.
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, development types, imaging types, types, end uses, and major regions of picture archiving and communications system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global picture archiving and communications system (PACS) market are GE Healthcare, Siemens Healthcare GmbH, Fujifilm Corporation, Sectra AB, Infinitt Healthcare Co. Ltd., and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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