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. The global population is forecast
to reach 9.1 billion by 2050 and the population aged 65 years and above is
expected to double by 2050 (United Nations News Centre, 2013). Aging
populations will result in an increase in the prevalence of chronic diseases
worldwide, which will be accompanied by growing image volumes for diagnosis.
These trends have forced governments to initiate efforts in increasing the
adoption of PACS to improve hospital productivity and clinical outcomes.
Governments in the developed world have
announced several economic and legislative incentives to promote the adoption
of healthcare Information Technology (IT) in their countries. The Chinese
government has spent close to $500 billion since the launch of its healthcare
reforms in 2009, with a significant portion of this investment being made on
the adoption of healthcare IT in China (gbtimes, 2014).
Supply-side initiatives to improve PACS systems
have spurred technical advances in the recent past. Cloud-based PACS and
web-based PACS solutions are some of the examples of advancements that have led
to increasing adoption of PACS in recent years. These Software-as-a Service
(SaaS) models have expanded the use of PACS in small- and medium-sized
hospitals. Other technical advances such as speech recognition capabilities and
decision support systems will continue to drive the demand for PACS.
Technical advances have transformed PACS
from being a mere storage and viewing tool to being a decision support system
that helps in accurate diagnosis of chronic diseases. The ability to integrate
EMR and other information systems to PACS has led to companies developing
one-stop PACS solutions that can store, retrieve and share images within
various hospital departments such as cardiology, oncology and mammography. This
is another factor that will help companies to exploit the market potential for
PACS over the forecast period.
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. Many hospitals in the US are also considering upgrading their
conventional PACS systems with new systems that are web-enabled and support
interoperability with different vendors for integration with EMR and other
information systems. The Health Information Technology for Economic and
Clinical Health (HITECH) Act, with its three staged meaningful adoption
mandates and significant financial incentives, will continue to increase the
adoption of PACS in the US. Increasing preference for mobile IT applications,
SaaS based services and standardization of data archiving will further drive
the growth of PACS during the forecast period.
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.
Spanning over 68 pages, 33 tables and 33 figure
“Picture Archiving and Communication Systems Market to 2020 - Digitization of
Healthcare Systems and Evolution of PACS as a Decision Support Tool Drive
Growth” report covering the Global Picture Archiving
and Communication Systems Market: Definitions; Picture Archiving and
Communication Systems: Global Market Characterization; Global Picture Archiving
and Communication Systems Market: Country Analysis and Forecasts; Global
Picture Archiving and Communication Systems Market: Competitive Landscape;
Global Picture Archiving and Communication Systems Market: Product Pipeline
Analysis; Global Picture Archiving and Communication Systems Market:
Consolidation Landscape. Company covered in this report are: GE Healthcare,
Fujifilm Holdings Corporation, Philips Healthcare, Agfa-Gevaert , McKesson
Corporation, Carestream Health, Siemens Healthcare, Sectra AB , Cerner
Corporation, Merge Healthcare.
Know
more about this report at: http://mrr.cm/ZRS
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