The global VNA Market & PACS Market Worth $3.87 Billion by 2023 - Exclusive Report by Meticulous Research®

LONDON, Oct. 16, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global VNA market & PACS market is expected to grow at a CAGR of 7.2% from 2018 to reach $3.87 billion by 2023, driven by the growing investments in medical imaging market, technological advancements in diagnostic imaging modalities, rising geriatric imaging volumes, rapidly growing big data in healthcare, and growing health IT and EHR adoption. However, longer product lifecycle of VNA and budgetary constraints may hinder the growth of VNA & PACS market to some extent.

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On-premise VNAs captured a major market share owing to full control over images and lower latency than cloud storage, better data security and privacy, and offline access to data. However, hybrid and cloud-based VNAs are rapidly gaining traction as there is no setup costs and ongoing maintenance costs; documents are easy to access from anywhere; and most leading players guarantee reliability. Moreover, cost-effectiveness of hybrid models and ability to keep the most urgent images on premises while storing backups in leased cloud space is expected to bring rapid surge in the demand of hybrid VNAs in the coming years.

The global VNA and PACS market is segmented based on procurement model, mode of delivery, and end user. Hospitals are currently the leading adopters of PACS and VNA and are also expected to witness highest CAGR, owing to significant patient population treated in hospitals, growing number of hospitals, greater budgets, rising volume of images to be managed efficiently, growing demand for enterprise-wide imaging, and growing emphasis on value-based care.

Geographically, North America commanded the largest share of the global VNA and PACS market, mainly attributed to presence of major health IT and VNA and PACS companies in the U.S., implementation of HITECH and ACA in the U.S., advanced health IT infrastructure, emergence of AI in medical imaging, and rapidly growing field of telehealth.

Major players operating in the global VNA and PACS market are Agfa HealthCare, BridgeHead Software, Carestream Health, FUJIFILM, GE Healthcare, Hyland Software, Merge Healthcare Inc. (IBM), Mach7 Technologies, McKesson Corporation (Change Healthcare), Novarad, Philips Healthcare, and Siemens Healthineers, Sectra AB, and INFINITT Healthcare CO., among others.

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