Healthcare Cloud Picture Archiving & Communications System Market Size to Exceed USD 1.02 Bn by 2027

According to Nova one advisor, the global Healthcare Cloud Picture Archiving & Communications System market gathered revenue around USD 430.1 Million in 2020 and market is set to grow USD 1.02 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.9% during the prediction period 2021 to 2027.

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The increased patient data storage capacity of cloud-based PACS due to ample storage space is the key factor driving the market growth.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 of large file sizes leading to the 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.In addition, the rising number of corona-positive patients, along with a shortage of healthcare workers as a result of the imposed lockdowns, has heightened the need for better healthcare options.

During the pandemic, the need for enhanced capacity to analyze & further communicate healthcare data & information, study images, and collaborate with clinical staff & healthcare professionals to ensure quality clinical outcomes encouraged the adoption of cloud-based PACS in the healthcare industry. In addition, the increasing flexibility of clinicians for patient data access to diagnostic imaging anywhere during the pandemic fueled the demand further.To improve their market penetration, the leading companies are engaged in various initiatives, such as new product development, distribution agreements, etc. For instance, Konica Minolta Healthcare Americas announced Rede PACS and Rede Mini PACS, a new medical image management solution for specialized clinics, in April 2020. This helps the company in its product expansion strategy. Such initiatives implemented by market players are further projected to boost industry growth in the coming years.

Report Coverage

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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 over the forecast period due to the rising prevalence of cardiac disorders and associated mortality
• The hospital end-use segment dominated the market in 2021 due toextensive usage of PACS on account of its ability to deliver a comprehensive suite of clinical tools that increases the workflow efficiency
• North America dominated the market in 2021 owing to the presence of established players and technologically advanced infrastructure
• Asia Pacific is anticipated to witness the fastestCAGR over the forecast period due to the high potential and presence of rapidly growing markets like India, Japan, and China in the region
• Industry players are involved in strategies including M&As, collaborative agreements, geographic expansion, and product launches to gain a competitive edge

Regional Insights

North America accounted for the largest share of 39.5% of the global revenue in 2021.The market growth can be attributed to various factors, such as the presence of key players in the region and high investment in health care expenditure.In addition, technological advancements and high disposable income are some of the factors expected to fuel the market growth over the forecast period.The presence of well-established healthcare infrastructure & high per capita healthcare expenditure in the U.S is a major driver contributing to the high adoption of advanced healthcare technology.The U.S. healthcare expenditure increased by 9.7% in 2020 to USD 3.6 trillion, or USD 12,530 per person, and is expected to remain high in the near future.

The market in Europe is expected to witness a steady growth rate over the forecast period.The size of this market can be attributed to the contribution of developed economies, such as Germany and the U.K. High prevalence of various chronic diseases, such as cancer and cardiovascular conditions, along with a large number of diagnostic imaging centers in Europe, are also among the market drivers.The market in Asia Pacific is predicted to grow at the fastest CAGR over the forecast period due to the constant up-gradation of the healthcare infrastructure. Moreover, the rising adoption of PACS in healthcare facilities coupled with the rapid expansion of manufacturing facilities in emerging countries, such as China and India,will further boost the market growth.

Some of the prominent players in the Healthcare Cloud Picture Archiving & Communications System Market include: Konica Minolta Healthcare Americas, Inc.; Ambra Health; Koninklijke Philips N.V.; UltraLinq; VEPRO AG; Telemis S.A.; RamSoft, Inc.; INFINITT North America Inc.; Core Sound Imaging, Inc.; QUICKPACS; PostDICOM

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

• By Application
  • Cardiology
  • Orthopedics
  • Ophthalmology
  • Oncology
  • Veterinary Medicine
  • Others
• By End-use
  • Hospitals
  • Diagnostic Centers
  • Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Healthcare Cloud Picture Archiving & Communications System industry analysis from 2022 to 2030 to identify the prevailing Healthcare Cloud Picture Archiving & Communications System industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Healthcare Cloud Picture Archiving & Communications System industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Healthcare Cloud Picture Archiving & Communications System industry trends, key players, market segments, application areas, and market growth strategies.

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