Europe Picture Archiving and Communication Systems (PACS) Market: Market Analysis and Opportunity Assessment
GlobalData's "Europe Picture Archiving and Communication Systems (PACS) Market: Market Analysis and Opportunity Assessment" report is an essential source of data and analysis on the Europe PACS market. The report provides market landscape, competitive landscape and market trends information on the Europe PACS market. The report identifies the key trends shaping and driving the dynamism in the Europe PACS market. The report also provides insight on the prevalent competitive landscape and on the emerging players which are expected to bring significant shift in the market standing of the existing leaders. The report also provides valuable insight on the pipeline products within the Europe PACS market.
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Europe Picture Archiving and Communication Systems (PACS) Market Is Expected To Remain Stable Over the Next Seven Years
Europe PACS market, valued at $568.7m in 2008, is forecast to grow by 5.9% over the next seven years to reach $848m in 2015. The radiology PACS market in Europe was valued at $384m in 2008 and is projected to grow at 5.5% for the next seven years to reach $557m in 2015. The Europe radiology market was the largest segment with 67% contribution to the total PACS market, while cardio PACS market contributed 9% in 2008. Cardio PACS market will be the fastest growing segment in Europe at nearly 9% CAGR in 2008-2015 to reach $93m in 2015. Other PACS which includes mammography PACS, and orthopedics PACS is also expected to grow slightly faster as compared to radiology PACS at 6%, to reach $198m in 2015.
The market will be driven by the late adoption of PACS in countries such as Spain, Italy, Wales and Northern Ireland due to regional government initiatives, increased adoption amongst private practitioners and the replacement market. Non radiology PACS segments such as Cardio PACS are expected to be driven by integration of computer aided diagnosis/detection (CAD) with PACS. Advancements in technology for clinical applications such as oncology PACS and surgical PACS is going to lead to greater adoption of PACS outside the radiology department over the next seven years.
Enhanced Diagnostic Clinical Applications and Improved Workflow to Drive the Replacement Market in Europe
A number of technological advancements, in both, clinical applications and workflow management tools are being introduced which have transformed the functionality of PACS from a viewing and storage solution for images, to a crucial decision support system. The need for integrated advanced diagnostic and visualization tools for non - radiology departments such as orthopedics, cardiology, oncology, and mammography will drive technological innovation in the PACS market in Europe. Additionally, a wide array of automation solutions ranging from advanced hanging protocols, intuitive work list management, and advanced volume rendering solutions for Positron Emission Tomography (PET)/Magnetic Resonance Imaging (MRI) scans will significantly improve efficiency and thus save time and costs in a digital environment. New products featuring reporting applications are further going to enhance the functionality of PACS.
Growing Numbers of Successful PACS Implementations Are Creating Positive Perception about PACS in the Market
There is growing evidence of workflow efficiencies, improved quality of care and cost savings being realized in a number of hospitals which in turn, has generated interest in the adoption of PACS among general physicians and private practitioners. PACS has almost become indispensable in a digital radiology environment today, despite the many hiccups one may face during implementation. A number of regional PACS projects such as Hospital District of Helsinki and Uusimaa regional PACS project (HUSpacs) have shown that PACS when implemented correctly can be instrumental in not only providing superior quality of care, but also reduce costs and improve efficiency. Thus, the European healthcare provider's mindset is finally changing towards acceptance of PACS. The challenge of convincing private practitioners to invest in a good PACS is being met by vendors through customization, innovative pricing models and providing technical support for maintenance. This is increasingly eliminating the cultural, technical and economic difficulties faced by these healthcare providers in the past.
The Europe PACS market is expected to witness stable growth in 2008-2015 as a result of an increased focus on the use of IT in overall healthcare.
AGFA, Siemens and Philips dominate the Europe PACS market
Agfa-Gaevert N.V., Siemens Healthcare, and Philips Healthcare remain the leading competitors in Europe's PACS market. Together, these companies accounted for 46% of the market share in 2008. Other significant market players were Carestream, TietoEnator and GE Healthcare. Agfa and Philips were the market leaders and each accounted for approximately 16% of the market share in 2008. The market for PACS in Europe is quite fragmented due to the presence of local players such as Ferrania and Esaote in Italy, Vepro and GWI in Germany, Sectra in Scandinavia and the UK. The leading players have been offering competitively priced, feature rich products to lure more customers in a saturated market. Innovative solutions such as integrated Computer Aided Diagnosis (CAD) applications and reporting solutions provide effective ways for clinicians and radiologists to improve their workflow.
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