USA - Global Picture Archiving and Communication Systems (PACS) Market to Reach US$4.45 Billion by 2017

GIA announces the release of a comprehensive global report on Picture Archiving and Communication Systems (PACS) market.

The PACS market rebounded strongly from the recessionary lows, and is set to reach US$4.45 billion by the year 2017. Rapid improvement in healthcare standards, growing number of hospitals, technological innovations, fall in equipment prices and government initiatives are propelling the fast paced growth of the market. The opening up of hitherto untapped consumer segments and markets in developed economies, and increasing penetration in Asia Pacific and other emerging regions, spells a bright future for the global PACS industry.

The advent of Picture Archiving and Communication Systems (PACS) heralded the digital era into the medical imaging sector, providing a strong foundation for advanced medical therapies including telehealth and telemedicine. With digital imaging becoming a core aspect of modern day disease treatment, more and more healthcare institutions and professionals are showing interest in PACS technology.

Besides minimizing risk of losing medical records, PACS is enhancing the efficiency of workflow and productivity in large and small hospitals alike. With the integration of intuitive workflow management, advanced protocols and other sophisticated clinical tools, PACS is fast becoming a vital tool aiding healthcare providers in making critical treatment decisions. PACS systems equipped with sophisticated diagnosis and visualization systems are also being developed for more branches of medicine including surgery, oncology, mammography, dentistry and cardiology.

While the global economic downslide did not affect the fortunes of larger healthcare institutions, the consumer segment is largely saturated, particularly in US, Japan and Europe. However, community hospitals and data imaging centers were strapped for cash due to the financial turmoil, and thereby forced to postpone planned PACS purchases for some time, primarily due to the high cost of infrastructure.

This scene is changing, with the economic recovery stimulating large hospitals to invest in upgrades, as well as replacements for their legacy PACS systems. Government initiatives in US, Canada and China promoting healthcare IT adoption in public hospitals and community healthcare centers, are having a complementary effect on the private healthcare industry.

Technological innovations are improving the affordability of PACS solutions for small hospitals and medical imaging centers, as well as offering greater accessibility of data to doctors through iPads and smartphones. Cutting-edge features such as Thin-client 3D image rendering and accurate voice recognition systems are attracting interest from major healthcare establishments worldwide.

With Electronic Health Records (EHR) and industry standards such as DICOM being enforced strictly, the global demand for PACS equipment and software is expected to steadily increase over the next few years.

Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.