Growing trend of electronic health records (EHR) is expected to expand the market growth

calendar_today 01 December, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global vendor neutral archive & PACS market was pegged at ~US$ 0.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~5.4% from 2022 to 2030.

Information-based decision-making is now essential for maintaining effective healthcare management and delivering high-quality treatment. For critical decision-making, the availability of patient health-related data is necessary. Despite the fact that the data or patient's information is present in the various systems of numerous healthcare providers, the doctor or clinician cannot easily access it. The majority of the time, departmental file systems and silos are where the patients' data is stored. In the end, decisions will be made based on inaccurate information. In order to avoid such situations or decisions, electronic health records are becoming as a trend.
A system for electronic health records and the collection of patient data are integrated by the vendor-neutral archive. This enables medical professionals to make smart decisions, such as clinicians. Electronic medical records are becoming more and more popular. Government initiatives to expand its reach through the implementation of numerous programmes have sped up its global expansion in both developing and developed countries. However, industrialised countries have a larger acceptance of the EHR system due to their early adoption of cutting-edge technologies.

Along with the VNA market, picture archiving and communication systems are anticipated to expand. These systems share characteristics with vendor-neutral archive systems. Many hospitals in developed countries have adopted these technologies due to the growing knowledge of vendor-neutral archive, photo archiving, and communication systems, and a similar scope is anticipated in developing countries as well. The growing importance of the healthcare industry and rising healthcare costs are additional factors influencing the development of the VNA system. Radiology is where the Vendor Neutral Archive is most frequently used. Furthermore, it is used in MRI and ultrasound devices to record and preserve patient data. However, given that this approach does not offer long-term data, users avoid the vendor-neutral archive. The vendor-neutral archive product is not an independent entity with a brief existence. These factors put a barrier in the way of the VNA market's progress. Many underdeveloped countary have yet to adopt this technology in their hospitals because of its high cost and uncertainties regarding its effectiveness in storing big volumes of data.

Throughout the forecast period, North America is anticipated to maintain its dominance in the vendor-neutral archive & PACS market. Information systems have the capacity to lower this cost and enhance the results. Additionally, this system raises the standard of care provided. North America is promoting the growth and adoption of VNA in its countries in light of the system's many benefits.

Due to the existence of sizable NHS trusts that buy VNAs on a very large scale, the U.K. is expected to represent the largest market in Europe and is expected to experience high CAGR during forecast period. Australia, China, and Japan are the following promising regions for the adoption of this technology because of the extensive healthcare reforms being done in these countries.

The market in the Asia Pacific is anticipated to experience the fastest growth in terms of revenue due to the rising adoption of imaging in a number of specialties, including dermatology, oncology, cardiology, and pathology, as well as rising government initiatives to develop the healthcare sector in this region's emerging economies.

Some of prominent market players of the global vendor neutral archive & PACS market include Acuo Technologies, Agfa HealthCare, BridgeHead Software, EMC Corporation, Carestream Health, Dell, Inc., GE Healthcar, Fujifilm Corporation, Merge Health, BridgeHead Software Inc., McKesson Corporation, Philips Healthcare, Siemens Healthcare, TeraMedica, Inc. and others. The experienced players in the global vendor-neutral archive and PACS market report intense rivalry. In an attempt to strengthen their market position, the companies in the global vendor-neutral archive and PACS market are implementing a variety of cutting-edge techniques, such as alliances with other businesses or technology suppliers.

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