The global market for PACS and teleradiology systems is projected to reach $4.4 billion by 2010, despite the fact that the transition to a digital information environment is fraught with challenges, such as the high cost of purchasing, installing and implementing a PACS and uncertainty over security of patient data, according to a report from Global Industry Analysts (GIA), a market research firm.
The United States, Europe, and Japan dominate the global PACS and teleradiology systems market, having captured more than 88 percent share of sales in 2006, according to GIA. PACS represents the leading segment, accounting for about 64 percent share of the worldwide sales in 2007.
The computed radiography (CR) market is projected to reach $153 million by 2010, with an increasing number of hospitals yielding to the benefits of CR, GIA said.
In Japan, the radiology information systems market is estimated at $98 million for 2007. Market penetration of PACS technology although gaining momentum, is less robust in Europe as compared to the United States, according to the research firm.
GIA said that PACS and teleradiology in Europe presents strong potential opportunities as the region, which is driven by the European healthcare community's dire need to reduce healthcare costs while simultaneously provide quality patient care and services.
Europe is expected to register a CAGR (compound annual growth rate) of 13 percent over the analysis period. The teleradiology market in the region is estimated at $143 million in 2007. Germany and United Kingdom represent key markets with significant share in Europe. In Asia-Pacific, growth in demand for PACS is likely to be driven by the cost-efficient initiatives being implemented by the hospitals in the region, the firm reported.
Key market participants profiled in the report include: Agfa-Gevaert Group, BRIT Systems, Canon Medical Systems, DR Systems, Carestream Health, FUJIFILM Medical Systems USA, General Electric Medical Systems, Hitachi Medical Systems America, IBM, IMCO Technologies, Intelerad Medical Systems Inc, McKesson's Medical Imaging Group, Philips Medical Systems, and Siemens Medical Solutions.