Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "U.S. Picture Archiving & Communication System (PACS) Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The U.S. picture archiving & communication system (PACS) market is expected to grow at a CAGR of 4.5% reaching $1.27 billion by 2029, from $981 million in 2023. Key questions answered in this research report include:
1. How big is the U.S. picture archiving & communication system (PACS) market?
2. What are market drivers of the U.S. picture archiving & communication system (PACS)?
3. What is the growth rate of the U.S. picture archiving & communication system (PACS) market?
4. Who are the major players in the U.S. picture archiving & communication system (PACS) market?
Increasing use of Cloud and Artificial Intelligence
Cloud solutions in healthcare image management are rapidly increasing as providers seek more efficient data management methods. Providers now offer cloud-hosted, hybrid-cloud, and cloud-adjacent solutions, which provide benefits like scalable resources on demand and cost-effective service models. Cloud solutions can easily adjust to changing needs, unlike traditional on-premise PACS deployments. Nevertheless, hospitals face challenges with cost, security, and performance expectations. In the end, hybrid solutions are expected to dominate as they combine the strengths of cloud and on-premise systems, delivering crucial advantages for this essential technology.
Other market dynamics:
- Increasing Prevalence of Brain Cancer
- Presence of PACS Alternatives
INSIGHT BY DEVELOPMENT TYPE
The U.S. picture archiving & communication system (PACS) market by development type is segmented into cloud-based PACS and on-premises PACS. The cloud-based PACS segment dominated the market in 2023 with over 65% of market share. The growth is attributed to the rising popularity of cloud-based technology in an integrated healthcare system to improve digital workflows. By switching to an entirely operated cloud-native SaaS model, practices can save money on overhead and upkeep, offer dependable remote reading access, and take advantage of best cybersecurity practices.
INSIGHT BY APPLICATION TYPE
The U.S. picture archiving & communication system (PACS) market by application type is categorized into radiology PACS, cardiology PACS, and others. The radiology PACS segment holds the largest share in 2023. The rising volume of radiology and cardiology procedures due to higher incidences of chronic illness is supporting the market for radiology PACS. The rise in the usage of AI in radiology is a clear indicator of the rapid changes that can be expected in the years to come. According to the American College of Radiology, the clinical adoption of AI has rapidly increased. It is observed that the usage of AI had grown to 30% in 2020, compared with virtually non-existent use in 2015.
INSIGHT BY END-USER TYPE
The other end-user segment, which includes educational and research medical institutions, showcases significant growth, with the highest CAGR of over 5% during the forecast period. Academic and research institutes have increasingly adopted PACS for their medical imaging needs. These institutions leverage PACS to streamline image storage, retrieval, and sharing processes, enhancing collaboration among researchers and clinicians. The increasing adoption of cloud-based picture archiving and communications systems in research labs due to its growing application scope across medical specialties, such as orthopedics, neurosurgery, oncology, & cardiology, fuels market growth.
COMPETITIVE LANDSCAPE
The U.S. picture archiving & communication system (PACS) market contains exclusive data on 27 vendors. Market players are involved in business activities such as strategic collaborations, new service launches, and regional expansion, as emerging countries are still in the loop of adopting Healthcare Cloud PACS. Leading companies continuously invest in research and development to innovate and improve their systems. This includes enhancements in image resolution, processing speed, data storage, and security features. Sectra, Fujifilm, Change Healthcare, Philips, Agfa, Intelerad, GE Healthcare, Carestream, and IBM are the top-performing vendors in the picture archiving & communication system (PACS) market.
VENDOR LISTS
Key Vendors
- Sectra
- Fujifilm
- Change Healthcare
- Philips Healthcare
- Agfa
- Intelerad
- GE HealthCare
- IBM
- Carestream
Other Prominent Vendors
- Novarad
- PaxeraHealth
- Canon Medical Systems
- Avreo
- Konica Minolta
- Merative
- Oracle
- RadNet
- RamSoft
- Siemens Healthineers
- Vepro
- PostDICOM
- OmniPACS
- QUICKPACS
- McKesson
- Sonomed Escalon
- Topcon
- INFINITT
SEGMENTATION & FORECAST
- Deployment
- Cloud-based PACS
- On-Premises PACS
- Application
- Radiology PACS
- Cardiology PACS
- Others
- End-user
- Hospitals
- Clinics & Physician Offices
- Diagnostic Imaging Centers
- Others
Key Attributes
| Report Attribute | Details |
| No. of Pages | 76 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $981.08 Million |
| Forecasted Market Value (USD) by 2029 | $1277.33 Million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | United States |
For more information about this report visit https://www.researchandmarkets.com/r/rcuqos
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