The European PACS market produced $568.7 million in revenues in 2008, and it's expected to grow 5.9% annually over the next seven years to reach $848 million in 2015, according to a report by U.K. market research firm GlobalData.
The European radiology PACS market produced $384 million in revenues in 2008 and will grow at 5.5% per year to reach $557 million in 2015, according to the firm. The cardiology PACS market will yield a compound annual growth rate of 9% to reach $93 million in 2015, GlobalData said.
The market is being driven by the late adoption of PACS in countries such as Spain, Italy, Wales, and Northern Ireland. This growth stems from regional government initiatives, increased adoption among private practitioners, and the replacement market, GlobalData said.
The company said that nonradiology PACS segments such as cardiology PACS are expected to be driven by integration with computer-aided detection (CAD) technology. Greater adoption of PACS outside of the radiology department is also projected over the next seven years, thanks to technology advances in areas such as oncology and surgical PACS, GlobalData said.
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