July 12, 2024
PACS and RIS Market

Global PACS and RIS Market Is Estimated To Witness High Growth Owing To Technological Advancements & Increasing Demand for Integrated Healthcare Systems

The global PACS and RIS market is estimated to be valued at US$3,657 Mn in 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) are advanced healthcare systems that are used for managing and storing diagnostic medical images and related patient information. PACS allows healthcare providers to digitally store, view, and share images and reports, thereby improving the efficiency and quality of patient care. RIS, on the other hand, is used for scheduling, tracking, and reporting of radiology tests.

B) Market Dynamics:
The PACS and RIS market is driven by technological advancements in medical imaging and the increasing adoption of integrated healthcare systems. One of the key drivers is the growing demand for efficient and cost-effective diagnostic solutions. Healthcare providers are increasingly investing in PACS and RIS systems to improve workflow efficiency, reduce costs, and enhance patient care. Additionally, the integration of PACS and RIS with other healthcare information systems such as Electronic Health Records (EHR) further enhances the value proposition for healthcare providers.

Another driver of market growth is the increasing prevalence of chronic diseases and the rising geriatric population. These factors have led to a significant increase in the number of medical imaging procedures, thereby driving the demand for PACS and RIS systems.

C) Segment Analysis:
The PACS segment dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of digitalization in healthcare, as well as the advantages offered by PACS, such as improved storage and retrieval of medical images, enhanced collaboration among healthcare professionals, and the ability to integrate with other healthcare systems. Among the sub-segments of PACS, the cloud-based PACS sub-segment is expected to witness the highest growth, due to its cost-effectiveness and scalability.

D) PEST Analysis:
– Political: The political landscape plays a crucial role in the adoption and implementation of healthcare IT systems. Government regulations and policies can either promote or hinder the growth of the PACS and RIS market.
– Economic: The growing healthcare expenditure, especially in developing economies, is expected to drive market growth. Additionally, the need for cost-effective and efficient healthcare solutions is further fueling the adoption of PACS and RIS systems.
– Social: The increasing awareness among patients about the importance of accurate diagnosis and timely treatment is driving the demand for PACS and RIS systems. Additionally, the adoption of telemedicine and remote healthcare services is also contributing to market growth.
– Technological: Technological advancements, such as the transition from analog to digital imaging, the development of AI-powered imaging solutions, and the integration of PACS and RIS with EHR systems, are driving the growth of the market.

E) Key Takeaways:
– The global PACS and RIS Market Size is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing technological advancements and the growing demand for integrated healthcare systems.
– North America is the fastest-growing and dominating region in the market, owing to the presence of advanced healthcare infrastructure, high healthcare expenditure, and favorable government initiatives.
– Key players operating in the global PACS and RIS market include Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc. These players are focusing on strategic collaborations, partnerships, and product innovations to strengthen their market position.