Picture Archiving and Communication System (PACS) Market: Overview
Picture archiving and communication system (PACS) has emerged as a crucial mechanism that enables clinicians and radiologists to transfer digital images and patient data throughout a healthcare system. The drive for improving digital workflows is a key driver for the popularity of PACS market. They find popular use in diagnostic imaging modalities, notably for magnetic resonance imaging (MRI) systems. In healthcare systems across the world they are fast replacing film-based processes, which has driven the evolution of PACS market. Advantages include: improving availability of images; increasing processing speed with zero loss of radiology images; inter-hospital image transfer; enable digitizing of old films; ease-of-use; and reliability.
Healthcare providers and other end users have reiterated the need for easy PACS implementation. To make the implementation successful, critical success factors and caveats have to be addressed.
Key end users in the PACS market are hospitals, clinics, and diagnostics imaging centers. Modes of deployment in PACS are on-premise, cloud-based, or web-based.
Picture Archiving and Communication System (PACS) Market: Competitive Analysis and Key Developments
The study offers a scrutiny of the various technological developments and their role in opening new clinical avenues for end users. The assessments also includes a deep-dive evaluation of opportunities in key product segments, and the strategies being formulated to tap these. It offers insights into the shares of top players, and helps readers to get a comprehensive idea about the intensity of competition.
Most equipment manufacturers in PACS market are setting their sights on opportunities in emerging economies in order to garner significant competitive gains. They are offering cost analysis to hospitals and clinics, and are working relentlessly to make the integration seamless. Top players are working continuously on improving the design and operational capabilities with the aim of addressing integration hassles for healthcare systems. New entrants have emphasized on expanding post-sale services. Several companies looking to gain a competitive edge over their peers are harping on flexibility in business models that can help hospitals and clinics make EMR/EHRs and health information exchanges
Some of the promising players in the PACS market are Carestream Health, FUJIFILM Medical Systems, Siemens Healthineers, Mckesson Corporation, Merge Healthcare Solutions Inc., GE Healthcare, and INFINITT Healthcare Co. Ltd.
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Picture Archiving and Communication System (PACS) Market: Key Trends
The drive for technological advances and product developments in the PACS market gathers impetus from the growing efforts for integrating EHR and other digital workflows. Proponents of healthcare systems around the world are considering PACS as a vital part of comprehensive health system necessary for patient-centered care. Integration of EHR with EMR has also fueled the prospects in the PACS market. Further, growing awareness of these in clinics in emerging economies of the world has expanded the avenue for new revenues in the PACS market.
Picture Archiving and Communication System (PACS) Market: Regional Analysis
Some of the key regions contributing to the expansion of opportunities in the PACS market are North America, the Middle East and Africa, Europe, and Asia Pacific. Of all, the developing world has presented manufacturers and developers of PACS sizable dollar opportunities in the developing world. A prominent example is Asia Pacific, where developing economies are witnessing substantial uptake of PACS in their health systems. This is to a great extent supported by various government initiatives to boost strides in healthcare IT for a cost-effective, accessible, and quality patient care. Also, growing awareness of the benefits of EHR/EMR in developing regions has bolstered the demand in the PACS market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.