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.
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.
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Healthcare Cloud
Picture Archiving & Communications System Market Report Highlights
- 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
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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