VNA and PCAS Market to Reach Valuation of 4728.19 USD Million by 2028; Rising Government Regulations and Positive Guidelines is Impacting the Growth of VNA and PCAS Market

Vantage Market Research

Mar 16, 2022

In terms of revenue, the Global VNA and PACS Market is expected to reach 4728.19 USD Million by 2028, growing at a CAGR of 5.50% from 2022 to 2028.

The major driving factor is the presence of favorable government regulations for VNA and PACS Markets and the increasing demand for standard-based storage, disaster recovery, and lifecycle management solutions are fueling the growth of the market for VNAs. Consolidation of patient information by integrating VNAs with electronic health records (EHR) is one of the important trends witnessed in the VNA and PACS Market. VNA provides the healthcare sector to migrate from one vendor to another without worrying about imaging data loss. PACS is more focused on improving the workflow with an emphasis on the storage and retrieval of healthcare data.

Key Findings:

  • The hospitals and diagnostic sub-segment from the end-user segment are anticipated to dominate for VNA and PACS Market. The rise in this segment is owing to rising VNA and PACS demand in the imaging sector and the ongoing expansion of healthcare infrastructure across emerging countries.
  • The radiology PACS segment is accounted for the largest market share in 2021. This segment is growing as the majority of the imaging studies are carried out, and stored. With the ever-rising pressure of medical image volumes, the growth of this segment will continuously increase.
  • North America is the largest regional segment. This surge is attributed to the rising demand for VNA & PACS in developed economies such as the U.S. and Canada.

Some of key players in VNA and PACS Market include, Novarad Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), INFINITT Healthcare Co., Ltd. (South Korea), Siemens Healthineers AG (Germany), Hyland Software, Inc. (U.S.), Agfa-Gevaert Group (U.S.), GE Company (U.S.), Mach7 Technologies (U.S.), FUJIFILM Holdings Corporation (Japan), BridgeHead Software Ltd. (U.K.), IBM Corporation (U.S.), Sectra AB (Sweden), ASPYRA, LLC (U.S.), and Change Healthcare Inc. (U.S.),.

Vendor Neutral Archive (VNA) allows planning and managing the lifecycle of the medical stored files efficiently. PACS electronically stores images in the form of data in the files. With increasing cases of diseases, diagnostics in the healthcare sector is growing rapidly. The use of digital platforms for analyzing diseases is generating huge potential for diagnosing viruses and novel diseases. The growing number of medical imaging technologies along with geriatric imaging volumes is expected to generate revenue for the VNA and PACS Market. However, the huge cost of diagnostics is one of the hindering factors for the growth of the market in the forecast period.

North America is expected to dominate the global VNA and PACS Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in the healthcare industry is likely to generate demand in this region for this market in near future. An increase in R&D for developing new techniques in VNA and PACS in the healthcare industry in countries such as U.S. & Canada are further adding spotlight. Significant improvements in the clinical infrastructure, especially in the developing economies, are providing a thrust to the VNA and PACS Market growth.