China VNA and PACS Market by 2023 , it’s expected to have grown at a CAGR of 14.2%: Meticulous Research
A report into the projected growth of the China VNA & PACS market by Meticulous Research® has produced lucrative forecasts for the industry. By 2023, it’s expected to have grown at a CAGR of 14.2%.
Future Outlook: China VNA & PACS market to witness lucrative growth during the forecast period (2018-2023)
The researchers suggest that the growth of China VNA & PACS market will be driven by favorable healthcare reforms, growing economy and disposable income, rising geriatric imaging volumes, growing adoption of advanced medical technologies and health IT, and increasing installation of diagnostic imaging modalities. Moreover, penetration of artificial intelligence in medical imaging, rapidly growing field of telehealth, and adoption of advanced modalities especially in Level III hospitals offer significant growth opportunities for the market players during the forecast period.
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The report states that Departmental PACS currently account for the largest share of the total market and is expected to grow at a CAGR of 12.4% from 2018 to 2023. Meticulous Research® identified as to why this segment will continue dominating over enterprise PACS: “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.”
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Based on delivery mode, on premise PACS commanded the largest share. Meticulous Research® identified as to why this segment will continue dominating web/cloud PACS models: “perception of health systems that it provides greater security, control over images and lower latency than cloud storage”. On the other hand, web/cloud PACS models are rapidly gaining traction owing to its low cost of storage and archiving, and offsite data center that manages data backup, disaster protection and recovery.
Hospitals were the leading adopters of PACS and VNA in China and are also expected to register fastest growth during the forecast period. Hospitals are further segmented in to public hospitals and private hospitals. Public hospitals are further segmented into tier I, tier II, and tier III hospitals. Tier III hospitals commanded the largest share of VNA & PACS market in China. Meticulous Research® identified as to why this segment will continue dominating this market: “changing economy and increasing middle class population, advanced specialists and equipment, increasing prevalence of cancer, demand of better healthcare services, public trust towards Level III Hospitals, and access to state-of-the-art technology”.
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