Global Picture Archiving and Communication Systems (PACS) Market to See Significant Growth - MarketInfoResearch.com Research Report
New York, NY, October 06, 2014 --(PR.com)-- Marketinforesearch.com released a market report "Picture Archiving and Communication Systems Market to 2020 - Digitization of Healthcare Systems and Evolution of PACS as a Decision Support Tool Drive Growth." According to the report, 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.
The US is the Largest Market for Picture Archiving and Communication Systems
The US market for PACS was valued at $1.7 billion in 2013 and is forecast to reach $3.3 billion by 2020, growing at a CAGR of 8%. It is the largest market for PACS and accounts for 58% of global revenue. The US is followed by Japan, which accounted for 23% of the global market. Europe and Asia-Pacific contributed the remaining shares of the global market. The penetration of radiology PACS is already high in US hospitals, and therefore future growth is expected to be subdued. However, the penetration of PACS in other major applications such as cardiology and oncology is significantly lower. This provides an opportunity for the leading companies in this market to develop feature-rich PACS products that can not only store and retrieve diagnostic images but also help as part of the clinical decision support system.
Top Four Companies Account for More than 50% of the Global Market
In 2013, the top four companies accounted for more than 50% of the global PACS market. The global market is a fragmented one with no company having a dominant position in 2013. GE Healthcare (16.4%), Fujifilm (14.1%) and Philips Healthcare (12.4%) were the leaders in the PACS market in 2013. Agfa Healthcare (10.2%), McKesson (9%), Merge Healthcare (7.1%), Carestream Health (6.5%) and Siemens Healthcare (5.6%) also had significant presence in this market. Fujitsu (3.5%) had a minor presence in the global PACS market. GE Healthcare dominates the global market due to its widespread geographical presence. GE Healthcare is the leader in the North American region and has the second largest presence in terms of revenue in the Asia-Pacific region. GE Healthcare’s presence in the Asia-Pacific region is expected to benefit the company as it stands to gain from the rapidly growing economies of countries such as India and China in the Asia-Pacific region. GE Healthcare has a strong portfolio of PACS systems with specifications catering to imaging centers of all sizes.
Find the complete details of this report at http://www.marketinforesearch.com/picture-archiving-communication-systems-market-2020.html
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.
The US is the Largest Market for Picture Archiving and Communication Systems
The US market for PACS was valued at $1.7 billion in 2013 and is forecast to reach $3.3 billion by 2020, growing at a CAGR of 8%. It is the largest market for PACS and accounts for 58% of global revenue. The US is followed by Japan, which accounted for 23% of the global market. Europe and Asia-Pacific contributed the remaining shares of the global market. The penetration of radiology PACS is already high in US hospitals, and therefore future growth is expected to be subdued. However, the penetration of PACS in other major applications such as cardiology and oncology is significantly lower. This provides an opportunity for the leading companies in this market to develop feature-rich PACS products that can not only store and retrieve diagnostic images but also help as part of the clinical decision support system.
Top Four Companies Account for More than 50% of the Global Market
In 2013, the top four companies accounted for more than 50% of the global PACS market. The global market is a fragmented one with no company having a dominant position in 2013. GE Healthcare (16.4%), Fujifilm (14.1%) and Philips Healthcare (12.4%) were the leaders in the PACS market in 2013. Agfa Healthcare (10.2%), McKesson (9%), Merge Healthcare (7.1%), Carestream Health (6.5%) and Siemens Healthcare (5.6%) also had significant presence in this market. Fujitsu (3.5%) had a minor presence in the global PACS market. GE Healthcare dominates the global market due to its widespread geographical presence. GE Healthcare is the leader in the North American region and has the second largest presence in terms of revenue in the Asia-Pacific region. GE Healthcare’s presence in the Asia-Pacific region is expected to benefit the company as it stands to gain from the rapidly growing economies of countries such as India and China in the Asia-Pacific region. GE Healthcare has a strong portfolio of PACS systems with specifications catering to imaging centers of all sizes.
Find the complete details of this report at http://www.marketinforesearch.com/picture-archiving-communication-systems-market-2020.html
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Neelima Waugh
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http://www.marketinforesearch.com
91 8691 9691 31
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