The global PACS market is expected to increase in value this decade, but there are still challenges ahead, according to a new report from medical intelligence company GBI Research.
GBI projects that the worldwide PACS market will increase from $2.9 billion in 2013 to more than $5.3 billion by 2020, achieving a compound annual growth rate (CAGR) of 9%.
The U.S. is still the largest PACS market, and it's expected to expand from $1.4 billion in 2013 to $2.4 billion by 2020, with a CAGR of 8%. With PACS already well-established in U.S. hospitals, future growth in this segment will be subdued, GBI said.
GBI found that many companies are looking to other countries where PACS adoption has historically been lower. However, a lack of reimbursement and affordability means that countries such as India and China will require low-cost PACS units.