Report: EU PACS market to reach $848M by 2015
The European PACS market will grow by about 5.9 percent annually through 2015, according to a report published by GlobalData, a market research firm.
According to GlobalData, the European PACS market was valued at $568.7 million in 2008 and will reach $848 million by 2015. The radiology PACS market in Europe was valued at $384 million in 2008 and is projected to reach $557 million by 2015—-an annual growth rate of 5.5 percent. The European radiology market was the largest segment-–67 percent--of the total PACS market in 2008, while cardiology PACS made up 9 percent.
The cardiology PACS segment is projected to be the fastest growing segment in the entire European PACS market over the seven years, with an expected annual growth rate of 9 percent, the firm said. Other market segments, such as mammography PACS and orthopedics PACS, are also expected to have growth rates exceeding 6 percent annually through 2015.
According to GlobalData, over the next several years the PACS market will be driven by late adoption of PACS by countries such as Spain and Italy, as well as Wales and Northern Ireland. This is due, according to GlobalData, to regional government intitatives, increased adoption amongst private practitioners and the replacement market.
Non-radiology PACS segments such as cardiology are expected to be driven by integration of computer-aided detection software with PACS. GlobalData adds that technological advancements for clinical applications such as oncology and surgical PACS will lead to greater adoption of PACS outside of radiology over the next seven years.
According to GlobalData, the European PACS market was valued at $568.7 million in 2008 and will reach $848 million by 2015. The radiology PACS market in Europe was valued at $384 million in 2008 and is projected to reach $557 million by 2015—-an annual growth rate of 5.5 percent. The European radiology market was the largest segment-–67 percent--of the total PACS market in 2008, while cardiology PACS made up 9 percent.
The cardiology PACS segment is projected to be the fastest growing segment in the entire European PACS market over the seven years, with an expected annual growth rate of 9 percent, the firm said. Other market segments, such as mammography PACS and orthopedics PACS, are also expected to have growth rates exceeding 6 percent annually through 2015.
According to GlobalData, over the next several years the PACS market will be driven by late adoption of PACS by countries such as Spain and Italy, as well as Wales and Northern Ireland. This is due, according to GlobalData, to regional government intitatives, increased adoption amongst private practitioners and the replacement market.
Non-radiology PACS segments such as cardiology are expected to be driven by integration of computer-aided detection software with PACS. GlobalData adds that technological advancements for clinical applications such as oncology and surgical PACS will lead to greater adoption of PACS outside of radiology over the next seven years.