Market Trends of Teleradiology Software Industry
Picture Archiving and Communication Systems (PACS) is Expected to Have a Significant Share in the Market Over the Forecast Period
- PACS, which stands for picture archiving and communication system, is a technology used in healthcare organizations to securely store and transmit electronic images and clinically-relevant reports. By providing timely and effective access to images, interpretations, and related data, PACS is able to overcome the physical and time barriers associated with traditional film-based image recovery, circulation, and display.
- The PACS segment is expected to see significant growth in the near future, driven by several factors. Firstly, the prevalence of chronic diseases that require imaging is increasing, creating a greater need for PACS technology. Secondly, the adoption of PACS in clinics and hospitals is on the rise as healthcare providers seek to improve patient outcomes and streamline diagnostic and treatment workflows. Finally, technological advancements in PACS are enabling more accurate and efficient diagnoses, further driving market growth.
- One notable application of PACS is in tumor diagnosis, where it offers high spatial and density resolution. A July 2022 article published in PubMed highlighted the importance of PACS in tumor diagnosis, underscoring its potential to contribute to improved patient outcomes.
- Breast cancer screening is another area where PACS technologies are widely utilized, and this is expected to drive market growth. In March 2022, for example, Philips PACS interoperability helped Scotland's National Health Service to deliver breast cancer screening more effectively. By allowing breast screening centers and mobile units to interoperate with the national PACS system, the technology increased access to breast screening for rural communities, enhanced patient choice, and streamlined workflows.
- In summary, the rise in chronic diseases requiring medical imaging, the increase in product launches, and technological advancements are all contributing to the growth of the PACS segment over the forecast period.
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North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
- The teleradiology software market in North America is expected to experience substantial growth due to various factors, including a high prevalence of cancer and cardiovascular disease patients in the region, an increase in the adoption of teleradiology, and the presence of key players.
- According to the American Cancer Society 2023 Cancer Statistics, there is an estimated 1.9 million new cancer cases expected in the United States in 2023, with 1.01 million cases in males and 948 thousand cases in females. This high burden of cancer is driving the demand for medical imaging and teleradiology, which is expected to boost market growth over the forecast period.
- In March 2022, Royal Philips launched the Ultrasound Workspace at the American College of Cardiology's Annual Scientific Session & Expo (ACC 2022). This vendor-neutral echocardiography image analysis and reporting solution can be accessed remotely via a browser, enabling clinicians to utilize seamless diagnostic workflows from the ultrasound exam room to the reporting room and beyond, wherever echocardiography data needs to be reviewed and analyzed. Technological advancements like this by key players in the teleradiology software market are expected to drive market growth further.
- Additionally, strategic activities by major players in the region, such as Leveljump Healthcare Corp, a Canadian company specializing in B2B telehealth solutions, are expected to fuel growth. In November 2022, Leveljump Healthcare Corp's subsidiary, Canadian Teleradiology Services, signed definitive agreements to acquire four diagnostic imaging clinics, also known as independent healthcare facilities (IHFs), from private Alberta vendors. These IHFs offer medical imaging, including x-ray, ultrasound, fluoroscopy, and bone mineral density scans, and are all located in Calgary, Alberta, and surrounding areas.
- Thus, with the rise in chronic diseases that require medical imaging, the increase in product launches, and technological advancements, North America is likely to hold a significant market share in the teleradiology software market over the forecast period.
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