The PACS market in Eastern Europe lags behind that of Western European countries even though it is growing, according to a new report from market research firm Frost & Sullivan.
PACS market in Eastern Europe earned revenues of 10.18 million euros ($18 million U.S.) in 2010, the firm reported. The market will reach an estimated 27.66 million euros ($36.4 million U.S.) in 2017. The report recommends that vendors offer easier financing policies and be cognizant of sensitivity to high prices in this geographic market.
Trends observed in the market are "reminiscent" of the trends in Western Europe 10 to 15 years ago, according to the report. Eastern European governments have allocated only a small percentage of their gross domestic product (GDP) to healthcare, and in part, as a result, hospitals are sensitive to high-priced products and services, Frost & Sullivan stated.
The PACS market will get a boost when regional government mandate their healthcare service providers maintain archives of patient records for at least 30 years, according to research analyst Rohan Panda. Uncomplicated payback systems offer both vendors and customers a chance to develop long-term relationships with each other, he added. Simpler financing and payment policies, such as easy loan payments, be offered instead of leases, he suggested.
In addition, Panda recommended incorporating the local dialect spoken in a country into the user interface and also providing flexible hardware or software options at the time of replacement or upgrading systems.