VNA Market and PACS Market Is Expected To Grow At CAGR Of 7.2% From 2018 To Reach $3.87 Billion By 2023: Meticulous Research

Meticulous Research® – leading global market research company published a research report titled “ VNA Market & PACS Market By Department (Cardiology, Radiology, Pathology, Oncology, Ortho), Enterprise, Delivery (On Premise, Hybrid, Cloud), Vendor (PACS, ISV, Infrastructure), End User (Hospitals, Diagnostic Imaging Center) – Global Forecast To 2023 ”.

According to this latest publication from Meticulous Research®, Vendor Neutral Archive (VNA) market & Picture Archiving and Communication System (PACS) market is expected to grow at a CAGR of 7.2% from 2018 to reach $3.87 billion by 2023, driven by growing investments in the medical imaging market, technological advancements in diagnostic imaging modalities, rapid growth in geriatric imaging volumes, growing adoption of health IT and EHR, and rapid growth in big data in healthcare. Moreover, rising integration of PACS/VNA with EHRs to get 360-degree patient view, penetration of artificial intelligence (AI) in the field of medical imaging, and growing acceptance of cloud-based and hybrid deployments offer significant growth opportunities for the market players during the forecast period. However, longer product lifecycle of VNA and budgetary constraints may hinder the growth of VNA & PACS market in many countries to some extent.

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Key questions answered in the report-
1. Which are the high growth market segments in terms of procurement, delivery model, vendor type, end-user,and region/countries?
2. What was the historical market for VNA market & PACS market across the globe?
3. What are the market forecasts and estimates for the period 2018-2023?
4. What are the major drivers, restraints, opportunities, and challenges in the global VNA market & PACS market?
5. Who are the major players in the VNA market & PACS market?
6. How is the competitive landscape and who are the market leaders in the global VNA market & PACS market?
7. What are the recent developments in the global VNA market & PACS market?
8. What are the different strategies adopted by the major players in the global VNA market & PACS market?
9. What are the geographical trends and high growth regions/ countries in VNA market & PACS market?
10. Who are the local emerging players in the global VNA market & PACS market and how do they compete with the global players?

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The global VNA market and PACS market study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2023-by procurement model (departmental PACS, enterprise PACS), delivery mode (on-premise VNA, hybrid VNA, fully cloud-based VNA), VNA vendor type (PACS vendors, independent software vendors, infrastructure vendors), and end user (hospitals, diagnostic imaging centers, and other end-users). The study also evaluates industry competitors and analyzes the market at a regional and country level.

Departmental PACS commanded the largest share of PACS market in 2017, owing to significant adoption of PACS in radiology department where majority of the imaging studies are handled, managed, and stored; and rising incorporation of PACS into other specialties such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry. However, increasing incidence of departmental silos which result in fragmented data is difficult to use for effective patient care. This, in turn, is leading to a greater adoption of enterprise PACS which is expected to grow at the fastest CAGR during the forecast period.

In 2017, on-premise VNA captured a major market share owing to the perception of healthcare systems that it provides greater security, control over images, and lower latency than cloud storage. However, hybrid VNA models are rapidly gaining traction as this type of deployment is cost-effective and keeps the most urgent images on premises while storing backups in leased cloud space.

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Enterprise VNAs dominated the global VNA market in 2017. Multi-departmental VNAs showcase significant adoption while multi-site VNAs are expected to witness stable growth. Factors such as growing emphasis on collaborative care; patient-centered approach and industry consolidation; move towards enterprise imaging; and the ability of VNA to share data among multiple PACS within the same organization and allow organizations to integrate the viewing and storage of different health IT systems regardless of vendor restrictions makes enterprise VNA a preferred option for several large healthcare organizations.

The VNA market is currently led by big traditional PACS companies offering VNA as an extension to their imaging portfolio to leverage growth opportunities offered by this segment. However, independent software vendors are expected to witness highest growth during the forecast period.

Hospitals are the leading adopters of PACS and VNA and are also expected to witness fastest CAGR during the forecast period, owing to significant population treated in hospitals, growing number of hospitals especially in developing countries, greater budget to implement advanced solutions such as VNA in hospitals, rising aging population and burden of chronic diseases, increasing adoption of medical imaging equipment leading to rising volume of images to be managed efficiently, growing demand for enterprise-wide image data management in hospitals, and growing emphasis on value-based care.

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Geographic Review:

This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America commanded the largest share of the global VNA & PACS market in 2017, followed by Europe and Asia-Pacific. The largest share of this region is primarily attributed to the presence of major health IT and VNA & PACS companies in the U.S., implementation of HITECH (Healthcare Insurance Portability and Accountability) and ACA (Affordable Care) in the U.S. which is expected to witness growing adoption of EHRs and VNAs and hospital consolidations in the region, advanced healthcare and health IT infrastructure, increasing demand for standard-based medical image archiving and non-DICOM content management, technological advancements in diagnostic imaging modalities, emergence of AI in medical imaging, and rapidly growing field of telehealth and big data in healthcare. However, Asia-Pacific is expected to witness significant growth, mainly due to increasing amount of patient data and information that would require storage and image management tools, emerging economies and rising healthcare expenditure, increasing government initiatives to improve healthcare and IT infrastructure, rising adoption of EHRs, and growing implementation of advanced imaging modalities.

Key players:

The major players operating in the global VNA and PACS market are Agfa HealthCare, BridgeHead Software Limited, Carestream Health, Inc., FUJIFILM Medical Systems U.S.A., GE Healthcare, Hyland Software, Inc., Merge Healthcare Inc. (IBM Corporation), Mach 7 Technologies, McKesson Corporation (Change Healthcare), Novarad Corporation, Koninklijke Philips N.V., and Siemens Healthineers, Sectra AB, and INFINITT Healthcare CO., among several others.

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(Get key industry insights spread across 203 pages with 185 market data tables & 48 figures & charts from the report)

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicated market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research® produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.

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