Global PACS market to top $5.3B by 2020
With a compound annual growth rate (CAGR) of 9 percent, the global PACS market will surpass $5.3 billion in value by 2020, up from a current $2.9 billion, according to market analysts with GBI Research.
According to GBI’s latest PACS report, the U.S. is and will remain the largest PACS market. Starting from a value of $1.4 billion as of 2013, the U.S. PACS market will feature a CAGR of 8 percent and reach $2.4 billion by 2020.
Radiology PACS penetration already is high in U.S. hospitals, notes GBI Research, which will limit growth in that segment, while the penetration of PACS for use in cardiology, oncology and other applications is significantly lower. Srikanth Venkataraman, senior analyst for GBI Research, noted that many U.S. hospitals are considering upgrading their conventional PACS and are seeking interoperability with different vendors of EMRs and other information systems.
“This provides an opportunity for the leading companies to develop feature-rich PACS products that can both store and retrieve diagnostic images and also help as part of the clinical decision support system,” said Venkataraman in a press release.
PACS penetration in developing economies is low, according to GBI Research, but a lack of reimbursement in countries such as India and China mean that vendors will have to offer low-cost PACS in these markets.
Evan joined TriMed in 2011, writing primarily for Health Imaging. Prior to diving into medical journalism, Evan worked for the Nine Network of Public Media in St. Louis. He also has worked in public relations and education. Evan studied journalism at the University of Missouri, with an emphasis on broadcast media.