MarketResearch.com, a research firm based out of Rockville, Md., has released a report on the Picture Archiving and Communications Systems (PACS) Market, indicating it is expected to grow at a compound annual growth rate (CAGR) of 10 percent to reach about $5.4 billion by 2017. The market, the report states, was valued at approximately $2.8 billion in 2010.
This double digit growth can be attributed to significant government initiatives to encourage the digitalization of healthcare system, MarketResearch.com says, as well as technological advancements in imaging informatics. Moreover, the research firm says, 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.
Initiatives from the private and public sector around the world, along with significant technological advancements, are boosting the adoption of PACS by provider organizations, MarketResearch.com says. Rising healthcare costs and rapid demographic changes have forced governments to enhance the quality and outreach of healthcare while simultaneously reducing the related expenses.
Along with funding from the government, the advancement of certain technologies has significantly contributed to positive adoption trends in this market. This includes the development of web-based and cloud-based PACS solutions, as well as integrated speech recognition capabilities and advanced clinical decision support systems, says MarketResearch.com.