Global Picture Archiving and Communication Systems Market Value to Exceed $5.3 Billion by 2020, According to a New Study on ASDReports

Wednesday 26 November 2014, Amsterdam

The global Picture Archiving and Communications System (PACS) market value will increase from $2.9 billion in 2013 to exceed $5.3 billion by 2020, expanding at a Compound Annual Growth Rate (CAGR) of 9%, according to the new report.

The company’s latest report* states that the US will remain the largest PACS market, increasing in value from $1.4 billion in 2013 at a CAGR of 8% to reach $2.4 billion by 2020.

Srikanth Venkataraman, Senior Analyst for the new report, says: “The penetration of radiology PACS is already high in US hospitals, and future growth in this segment will therefore be subdued. However, the penetration of PACS in other major applications, such as cardiology and oncology, is significantly lower.

“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.”

The analyst adds that many US hospitals are also considering upgrading their conventional PACS technology with new systems, which are web-enabled and support interoperability with different vendors for integration with Electronic Medical Records (EMR) and other information systems.

Despite the continued dominance of the US market, the new report has identified that many companies are shifting their focus to developing economies, where PACS penetration is low. However, a lack of reimbursement and affordability means that countries, such as India and China, will require low-cost PACS units.

Venkataraman explains: “There is an urgent need for companies to develop affordable PACS systems that do not compromise on features, such as integration with EMR and radiology information systems.

“This will allow for sustained revenue growth during the forecast period, as intense competition will continue to drive down the price of PACS systems globally.”