The cardiology picture archiving and communication system (PACS) market is projected to grow at a robust rate in North America, Europe and Asia over the next five years, according to analyses.
MicroMarket Monitor released reports that assessed the major cardiology PACS markets. Analysts estimated the North American market will expand at a compound annual growth rate (CAGR) of 5.9 percent between 2014 and 2019. The European market is on pace to grow by 7.2 percent and the Asian market by 8.4 percent over five years.
With $206.7 million in 2013, the North American market is the global leader. North America holds 48 percent of market share, followed by Europe at 27 percent and Asia at 15 percent. The U.S. accounted for 90 percent of the North American market, according to the report.
The European cardiology PACS market totaled $118.1 million in 2013 and the Asian market reached $63.3 million in 2013. MicroMarket Monitor considered Asia to be one of the fastest growing markets, based on demand in India and China.
The North American report predicted that cloud-based PACS technologies will capture a significant market share in the next five years. The report identified GE Healthcare as the market leader, with McKesson, Philips Healthcare, Agfa HealthCare, Siemens Healthcare, Carestream Health and Fujifilm also being major players.