SAN FRANCISCO, Jan. 27, 2021 /PRNewswire/ -- The global healthcare cloud picture archiving & communications system market size is expected to reach USD 1.06 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.1% from 2020 to 2027. The increased patient data storage capacity of cloud-based PACS (picture archiving & communications system) due to ample storage space is the key contributor to the market growth.
Key suggestions from the report:
- The cardiology application segment is expected to expand at a lucrative growth rate of 7.3% over the forecast period owing to the rising prevalence of cardiac disorders and associated mortality
- The hospital end-use segment dominated the market with a revenue share of 38.3% in 2019. This is because of the ability of PACS to deliver a comprehensive suite of clinical tools that have increased the workflow efficiency
- North America dominated the market as of 2019 with a revenue share of 40.4%. This can be attributed to the presence of established players, coupled with technologically advanced infrastructure
- Asia Pacific is anticipated to witness prominent growth over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China in this region
- Industry players are involved in strategies, including mergers & acquisitions, collaborative agreements, geographic expansion, and product launches, to gain a competitive edge. For instance, in April 2020, Konica Minolta Healthcare Americas launched a new medical image management solution for specialty clinics called Rede PACS and Rede Mini PACS. This enhanced the company's portfolio
Read 120 page research report with ToC on "Healthcare Cloud Picture Archiving & Communications System Market Size, Share & Trends Analysis Report By Application (Cardiology, Oncology), By End-use (Hospitals, Diagnostic Centers), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/healthcare-cloud-picture-archiving-communications-system-market
COVID-19 has put PACS into the spotlight owing to the rising need for faster, easily accessible patient images and medical records, especially from CT and MRI. Cloud PACS on account of data resiliency, seamless scalability, cost efficiency, and real-time backup had an upper hand over on-premise PACS solutions enabling faster adoption even by mid-size facilities. This adoption trend is anticipated to continue in the near future, thereby providing a lucrative growth platform to the market in the coming few years.
The increasing prevalence of chronic diseases, such as cancer, cardiac disorders, and bone-related disorders, has fueled the demand for medical imaging for early diagnosis. These medical images obtained from technologically advanced devices are made up of large file sizes leading to overloading of data in the system. This overloading also slows down the system. Thus, to reduce such issues, healthcare organizations have increased the adoption of cloud-based PACS, thereby driving the market.
Cloud PACS enables healthcare professionals to access patients' images directly from the cloud. This easy access has enhanced flexibility and efficiency leading to faster diagnosis and disease detection. Physicians and clinicians can review and analyze the stored images of the patients and transmit the related information by collaborating with the clinical staff. These associated benefits are further anticipated to expand the consumer base for the market in the near future.
Grand View Research has segmented the global healthcare cloud PACS market on the basis of application, end-use, and region:
- Healthcare Cloud PACS Application Outlook (Revenue, USD Million, 2016 - 2028)
- Veterinary Medicine
- Healthcare Cloud PACS End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Diagnostic Centers
- Healthcare Cloud PACS Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Healthcare Cloud Picture Archiving & Communications System Market
- Konica Minolta Healthcare Americas, Inc.
- Ambra Health
- Koninklijke Philips N.V.
- VEPRO AG
- Telemis S.A.
- RamSoft, Inc.
- INFINITT North America Inc.
- Core Sound Imaging, Inc.
Find more research reports on Healthcare IT Industry, by Grand View Research:
- Ophthalmology PACS Market – The global ophthalmology PACS market size was valued at USD 103.14 million in 2017 and is expected to witness a CAGR of 6.5% during the forecast period.
- Nuclear Medicine Market – The global nuclear medicine market size was valued at USD 6.1 billion in 2019 and is estimated to witness a CAGR of 9.5%during the forecast period.
- Electronic Health Records Market – The global electronic health records market size was valued at USD 27.67 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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