Industry Background:
PACS (picture archiving and communication system) is a medical imaging technology that is mostly used in hospitals to securely store and transmit electronic images and clinically relevant reports. The use of PACS minimizes the need to manually file, store, retrieve, and transfer sensitive information, films, and reports. Instead, medical records and images can be safely kept on off-site servers and accessed from nearly anywhere in the world via PACS software, computers, and mobile devices. As the volume of digital medical images expands throughout the healthcare business and data analytics of those images becomes more common, medical imaging storage systems such as PACS are becoming increasingly crucial.This growth is primarily driven by Rise in Need for Advanced Reporting and Management Capabilities Other than Radiology Department to Other modalities and Increase in Demand as the Digital Images Volume are Rising and Need for Data Storage.
Globally, a noticeable market trend is evident PACS Replaces the Traditional Hard Copy Films Used for Radiological Reports as in Benefits in Terms of Cost Savings and Quality Improvement. Major Players, such as Agfa Healthcare (Belgium), Fujifilm (Japan), Intelerad (Canada), Change Healthcare (United States), IBM Watson Health (United States), Philips Healthcare (Netherlands), Novarad (United States), GE Healthcare (United States), Siemens Healthineers (Germany) and McKesson Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2019 Fujifilm Released a Statement stating the Acquisition of Hitachi’s Diagnostic Imaging Business. Fujifilm will extend its Medical Systems business and create new value by integrating its patented image processing and AI technologies to Hitachi's vast product array, helping to improve the quality of medical treatment. Fujifilm will be able to build a solid business foundation to become the world's top healthcare company and play a key role in improving medical care quality as a result of this purchase.
The demand for Specialised PACS is increasing due to Advanced Technology in Diagnostic Imaging. The businesses in this industry facing major competition on a global scale with leading players of the market who hold a major market share. Leading Companies are differentiating their services from competition to maintain their market position.
Market Drivers
- Rise in Need for Advanced Reporting and Management Capabilities Other than Radiology Department to Other modalities
- Increase in Demand as the Digital Images Volume are Rising and Need for Data Storage
Market Trend
- PACS Replaces the Traditional Hard Copy Films Used for Radiological Reports as in Benefits in Terms of Cost Savings and Quality Improvement
Restraints
- Data Retrieval May be Slowed By Technical Failure or Inappropriate Backup Storage, Risking Major Data Loss
Opportunities
Increasing Adoption in Imaging Centres and Hospitals and Clinics
Challenges
The Image Quality could be Harmed by Low-Resolution Display Monitors in Various Locations and To Extend the Reach of the PACS Technology as Developing Regions are Very Cost-Sensitive
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Specialty PACS Study Sheds Light on
The Specialty PACS Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Specialty PACS industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Specialty PACS industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.