ARRA Funding Encourages EMR Purchases at the Expense of PACS, RIS and CVIS Systems
EMR and HIS Vendors Are Poised to Gain Share at the Expense of Diagnostic Imaging System Vendors, According to Millennium Research Group
TORONTO, Dec. 4, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the United States market for picture archiving and communication systems (PACS), radiology information systems (RIS) and cardiovascular information systems (CVIS) will be hindered by the shift in purchasing priorities in the US in favor of electronic medical records (EMRs). American Recovery and Reinvestment Act (ARRA) incentive funding for EMRs caused many facilities to prioritize implementing these systems over PACS, RIS or CVIS. Unit sales for these systems will pick up somewhat in 2014 and 2015, after most facilities have implemented EMRs and can direct funding to replace their aging PACS, RIS and CVIS.
"Traditionally, diagnostic imaging system vendors such as GE Healthcare and Philips Healthcare have led this market," said MRG Senior Analyst Mickel Phung. "However, we've seen a shift in recent years in favor of Healthcare IT vendors. In large community and academic/research hospitals, enterprise-wide IT selection is now primarily performed by CIOs and the board of directors, who base their purchasing decisions more heavily on the integration capabilities of PACS, RIS and CVIS rather than on their functionality and performance."
Wide adoption of EMR systems in these healthcare settings has further fueled this trend, as hospitals opt to obtain imaging informatics products from their EMR vendor. As a result, McKesson, a well-known EMR and health information system (HIS) vendor, led the overall market in 2013. Similarly, well-known EMR vendors Epic and Cerner dominated the US RIS market in 2013.
Overall, the market will grow at a compound annual growth rate of only approximately two percent through 2022. Despite growing data imaging volumes and an increasing need for advanced management and reporting capabilities, this market will be restrained by budgetary constraints in the US healthcare system.
Millennium Research Group's US Markets PACS, RIS, and CVIS 2014 report includes unit, installed base, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for radiology PACS, RIS and CVIS/CPACS in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
For more information, contact:
SOURCE Millennium Research Group
More by this Source
Global Markets for Spinal Nonfusion Technologies Will Almost Triple by 2022
Jan 16, 2014, 08:00 ET
Global Medical Device Outsourcing Market Will Grow to Over $12 billion by 2018
Jan 14, 2014, 08:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.