SOURCE: MarketResearch.com

MarketResearch.com

January 18, 2012 06:08 ET

Market Research Projects PACS Market Growth at 10% CAGR by 2017

ROCKVILLE, MD--(Marketwire - Jan 18, 2012) - MarketResearch.com has announced the addition of the new report "Picture Archiving and Communication Systems (PACS) - Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2017" to their collection of Medical Imaging market reports. For more information, visit http://www.marketresearch.com/GlobalData-v3648/Picture-Archiving-Communication-Systems-PACS-6748845/

The global Picture Archiving and Communication Systems (PACS) market, valued at approximately $2.8 billion in 2010, is expected to grow at a Compound Annual Growth Rate (CAGR) of 10% to reach about $5.4 billion by 2017.

This double digit growth can be attributed to significant government initiatives to encourage the digitalization of healthcare systems as well as substantial technological advancements in imaging Information Technology (IT). Moreover, the drive for digitalization of image storage, retrieval and exchange has rapidly expanded the PACS market to other medical specialties such as oncology and endoscopy. This expansion will result in further applications for PACS systems, which will necessarily translate to higher demand among providers. This can be expected to be complemented by an improved focus on PACS by vendors, health systems and regulatory agencies.

Initiatives from the private and public sector around the world, along with significant technological advancements, are boosting the adoption of PACS by provider organizations. Rising healthcare costs and rapid demographic changes have forced governments to enhance the quality and outreach of healthcare while simultaneously reducing the related expenses. Consequently, governments face increasing pressure to address financial restraints as well as meet efficiency and affordability needs in healthcare. The world population is expected to exceed 9.1 billion by 2050, and the proportion of this population aged 65 years or older is forecast to more than double during this period (2010-2050). These demographic trends have compelled governments to expand their efforts in pushing the adoption of PACS in order to increase hospital productivity and clinical outcomes. Significant economic and legislative incentives have been approved by governments in North America, several countries in Europe, and in China and India, to promote the digitalization of healthcare workflow. These incentives have been instrumental in accelerating the adoption of PACS.

Government funding and the rising demand for better productivity and fewer errors have spurred technological advancements in the healthcare IT industry. Among the prominent technologies which have significantly contributed to positive adoption trends in this market are web-based and cloud-based PACS solutions. These Software-as-a-Service (SaaS) models have eliminated the large upfront costs associated with the uptake of IT infrastructure, thereby expanding the penetration of PACS into small and medium scale practices and independent physicians. Other technological improvements, such as integrated speech recognition capabilities and advanced clinical decision support systems, will continue to contribute significantly to expanding the customer pool for PACS.

A number of technological advances in both clinical applications and workflow management tools have also emerged in the recent past. These enhancements are rapidly transforming the functionality of PACS from a viewing and storage solution for images to a crucial decision support system. The need for integrated advanced diagnostic and visualization tools for non-radiology departments, such as cardiology, oncology, anatomic pathology and mammography, will also contribute to expanding the market potential for PACS.

For more information, visit http://www.marketresearch.com/GlobalData-v3648/Picture-Archiving-Communication-Systems-PACS-6748845/

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