US Picture Archiving and Communication Systems (PACS) Market

Kent, United Kingdom (PressExposure) November 02, 2009 -- The US Picture Archiving and Communication System (PACS) market, valued at $1 billion in 2008, is forecast to grow by 13% annually for the next seven years to reach $2.5 billion in 2015. Growth in the market is being driven primarily by increasing adoption by small (less than 100 beds) and medium sized hospitals (100-300 beds) and by the replacement of legacy PACS by large hospitals. The need to cut costs and to increase efficiency is increasing uptake among the small and medium sized hospitals. Single desktop solutions, advanced clinical applications and integrated seamless Radiology Information Systems (RIS)/PACS functionality is leading to increased number of large hospitals looking for replacing their old PACS.

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The replacement market of large hospitals is the largest revenue contributing segment in the US PACS market, accounting for 60-75% of the revenues. The replacement of legacy PACS will be driven by the need for integrating different diagnostic applications into the PACS platform so as to have a single workstation access for everyone. Advanced Computer Aided Design (CAD) and visualization applications such as orthopedic templating, mammography, vessel and cardiac analysis, virtual colonoscopy, 3-D imaging will result in increased adoption of next generation PACS in hospitals due to increasing specialized needs. Most RIS/PACS vendors provide rich features such as customizable worklists and embedded tools, such as document management and dictation, to enhance user productivity and help imaging businesses reduce report turnaround times. This promise of cost-saving is expected to propel increased RIS/PACS investment in future.

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The Health Information Technology for Economic and Clinical Health Act (HITECH Act) is expected to stimulate increased spending towards healthcare IT infrastructure in the next two years. Small hospitals, which are currently not fully digitalized, will probably to do so in the next two years. This would in turn result in witnessing an increased adoption of PACS integrated with Electronic Medical Records (EMR) and RIS. On the other hand, institutions which already have a PACS are likely to divert their funds towards investing in a robust EMR system and in integrating it with the existing PACS.

GlobalData’s “US Picture Archiving and Communication Systems (PACS) Market: Increasing Adoption to Drive Growth” report is an essential source of data and analysis on the US PACS market. The report provides market landscape, competitive landscape and market trends information on the US PACS market. The report identifies the key trends shaping and driving the dynamism in the US PACS market. It also provides insight into the prevalent competitive landscape and on the emerging players that are expected to bring significant shift in the market standing of the existing leaders. In addition, the report analyses the M&A landscape with special focus on the market participants that have been the most M&A active. The report also provides valuable insight into pipeline products within the US PACS market.

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Press Release Submitted On: November 02, 2009 at 4:40 am
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