New analysis from Frost & Sullivan (medicalimaging.frost.com), European Markets for Picture Archiving and Communication Systems, estimates that the market was worth $590.3 million in 2007 and is set to reach $1,035.3 million in 2014.
"Robust PACS will drive the market by offering integration with electronic patient records (EPRs) and electronic medical records (EMRs)," notes Frost & Sullivan Research Analyst Ranjit Ravindranathan. "Europe is a growing market, especially because of the ongoing efforts to digitalise the European healthcare system."
The market for PACS, although mature in some parts of the region such as northern Europe, offers promising opportunities. Sizeable capital investment is being ploughed in and the advantages of having a good data management system are being recognised by healthcare authorities. This will propel the change from purchasing mini PACS to enterprise-wide deployments.
Customising PACS projects, though lucrative, is stretching vendors' capabilities. The provision of open architecture due to the growing sophistication and the increasing complexity of solutions also present a challenge to market participants.
"Enterprise-wide deployments are creating technical issues and political challenges within departments," adds Ravindranathan. "Decision making and project sign off time are, moreover, intensifying the pressure on vendors even as cost-effective, value-added features offered by smaller vendors pose a challenge to tier-one participants."
Customising PACS modules and providing a smooth integrated workflow environment are keys to the success of vendors. PACS providers capable of delivering solutions that offer these attributes will be able to leverage their expertise and win prized contracts. Consequently, remaining focused on product development is vital to securing the competitive edge.
"Specialist participants already possess the required expertise to carve niches for themselves," concludes Ravindranathan. "However, these firms will have to concentrate on building strategic alliances to boost their visibility in the industry and gain better access to decision makers."
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the European PACS markets, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Markets for Picture Archiving and Communication Systems is part of the Medical Imaging Growth Partnership Service Programme, which also includes research in the following markets: Eastern European Medical Imaging equipments market, European RIS market, European market for Ultrasound. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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European Markets for Picture Archiving and Communication Systems