Vendor Neutral Archive Market Outlook 2031
The global vendor neutral archive market size was USD 3.33 Billion in 2022 and is projected to reach USD 5.22 Billion by 2031 register a substantial CAGR 5.13% during the forecast period, 2023–2031. The growth of the market is attributed to flexible and easy accessible of clinical imaging system.
Vendor neutral archive (VNA) is referred to as a clinical imaging system in which documents and images are stored in a format and can be accessed in a vendor-neutral system through other systems. This term is used as discrete from a conventional picture archiving and communications systems (PACS).
The vendor-neutral archive market is estimated to witness a positive influence during the forecast period as it offers some inherent benefits over the PACS for vendor flexibility and accessibility. Recent development in the market include cloud-based PACS solution is estimated to be an important factor to cater the growth of the market. Vendor-neutral archive enables the management, acquisition, and storage of images while smooth-running communication between multiple vendor PACS.
The market is classified by several inter-firm collaborations in order to provide best-in-class resolution across the healthcare segment. The product life cycle of each of these systems differ to a very large extent. It is trusted that the vendor neutral archives market is placed in a phase where the PACS market was about 10 to 15 years ago. The PACS market is a mature market that is classified by the market players who are trying to invest in product array and looking for new targeted customer.
Vendor Neutral Archive Market Trends, Drivers, Restraints, and Opportunities
- Storage of patient records by integrating VNA with electronic health records (EHR) and their ensuing launch is expected to offer avenues for market growth.
- Emerging inter-firm collaborations to develop advanced devices and products are expected to accelerate the market expansion in the coming years.
- Supportive government initiatives encouraging the usage of advanced imaging information systems to provide cost benefits are further expected to positively cater market growth.
- Emerging demand for disaster recovery, lifecycle management, and standard-based storage solutions are some of the major factors to boost the market growth.
- Technology complexities, lack of awareness, lack of harmonization, and issues concerning to data breach incidences are expected to hinder the market growth during the forecast period.
Scope of the Vendor Neutral Archive Market Report
The report on the global vendor neutral archive market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Vendor Neutral Archive Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Picture Archiving & Communication System and Electronic Health Records)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Philips Healthcare; Siemens Healthcare; McKesson Corporation; Merge Healthcare Inc.; Fujifilm Corporation; GE Healthcare; Dell Inc.; EMC Corporation; BridgeHead Software Inc.; Carestream Health Inc.; TeraMedica Inc.; and Agfa HealthCare.
Vendor Neutral Archive Market Segment Insights
Picture archiving and communication system segment is expected to grow at a rapid pace
Based on applications, the global vendor neutral archive market is bifurcated into picture archiving & communication system (PACS) and electronic health records. The PACS segment is expected to grow at a rapid pace during the projected period owing to storage of patient records by integrating VNA and their subsequent launch.
On the other hand, the electronic health records segment is anticipated to account for a key share of the market during the forecast period due to several inter-firm collaborations in order to provide best-in-class resolutions covering the healthcare sector.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to constitute a key share of the market during the forecast period owing to supportive government initiatives for promoting the use of advanced imaging information systems.
The market of Asia Pacific, however, is anticipated to expand at a rapid pace during the forecast period due to growing healthcare infrastructure and large investments by governments in the region along with the presence of key market players.
The global vendor neutral archive market has been segmented on the basis of
- Picture Archiving & Communication System (PACS)
- Electronic Health Records (EHR)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Philips Healthcare
- Siemens Healthcare
- McKesson Corporation
- Merge Healthcare Inc.
- Fujifilm Corporation
- GE Healthcare
- Dell Inc.
- EMC Corporation
- BridgeHead Software Inc.
- Carestream Health Inc.
- TeraMedica Inc.
- Agfa HealthCare
Key players competing in the global vendor neutral archive market are Philips Healthcare; Siemens Healthcare; McKesson Corporation; Merge Healthcare Inc.; Fujifilm Corporation; GE Healthcare; Dell Inc.; EMC Corporation; BridgeHead Software Inc.; Carestream Health Inc.; TeraMedica Inc.; and Agfa HealthCare.
The main market players are continuously engaged in several business development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations to ensure competitive edge in the global market.