As government incentives and an aging population drive growth in imaging and health IT, the market for CPACS is expected to reach $891 million by 2017, according to a report published by market research firm Global Industry Analysts.
Citing an aging population, rising incidences of cardiovascular diseases and increasing cardiovascular imaging volumes, the report forecasts a compound annual growth rate of 9 percent for CPACS over the next six years.
The focus on government incentives and adoption of EMRs has subdued demand to a degree; however, the implementation of these and other IT products in cardiology is expected to boost purchases of CPACS in the medium-term, as physicians move from adoption of the technology to cross-specialty integration, the report offered.
The report also pointed to U.S. providers as the largest market for CPACS, with echocardiography comprising the largest end-use. However, with CPACS entrenched in U.S. and European hospitals, the report predicted that the majority of growth in the system’s revenue will emanate from outside these regions.
“Cardiovascular Picture Archiving and Communication Systems (CV-PACS): A Global Strategic Business Report,” published this month by San Jose, Calif.-based Global Industry Analysts, can be found by clicking here.