Picture Archiving and Communication System (PACS) and Radiology Information System (RIS) are medical imaging software that store, retrieve, manage, and transmit patient medical images and related information. PACS and RIS has numerous advantages like improved access to medical images, efficient storage of medical records, better diagnostic abilities, and streamlined workflow for radiologists. The rising workload in radiology departments and need to improve productivity has increased demand for PACS and RIS.
The global PACS and RIS Market is estimated to be valued at US$ 3,657 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of cloud-based PACS and RIS solutions is one of the major trends witnessed in the market. Cloud deployment model provides improved storage capacity, better accessibility along with reduced infrastructure and maintenance costs. Vendors are focusing on leveraging cloud technology to develop AI-integrated cloud solutions with improved data analytics capabilities. For example, Agfa HealthCare recently launched its NVUA radiology AI assistant - an AI-powered cloud platform to streamline workflows, prioritize critical exams and enhance diagnosis consistency for radiologists. Growing adoption of such advanced cloud-based solutions is expected to propel the market growth over the forecast period.
Segment Analysis
The global PACS and RIS market is dominated by the on-premises segment which held around 70% market share in 2023. The on-premise deployment is preferred by organizations due to benefits like high security & privacy control, ability to customize according to needs and low dependency. However, the cloud-based segment is expected to witness highest growth during the forecast period owing to benefits like cost-effectiveness, ease of deployment, scalability and mobility.
Key Takeaways
The Global PACS And RIS Market Demand is expected to witness high growth during 2023-2030. The global PACS and RIS Market is estimated to be valued at US$ 3,657 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
North America dominates the market and is expected to continue its dominance during the forecast period. This is owing to the high healthcare expenditure, presence of advanced healthcare infrastructure and stringent regulations regarding implementation of healthcare IT solutions in the region. Asia Pacific region is expected to grow at the fastest rate during the forecast period. Growing medical tourism across Asian countries like India, China and Singapore coupled with rising healthcare expenditure is driving the growth of PACS and RIS market in the region.
Key players
Key players operating in the PACS and RIS market are 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.
Explorer more information on this topic, Please visit -
Transparency Market Research (TMR) has published a new report titled, PACS and RIS Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global PACS and RIS market was valued at US$ 2,633.4 Mn in 2018 and is projected to expand at a CAGR of above 5.3% from 2019 to 2027.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1232OverviewA picture archiving and communication system (PACS) is a medical imaging technology which provides economical storage of, and convenient access to, images from multiple modalities.RIS (radiology information system) is a computerized database used by radiology departments to store, manipulate, and distribute patient radiological data and imagery.PACS and RIS are being utilized more than conventional systems for medical imaging.
Adoption of PACS and RIS is increasing in a number of health care facilities and high-value products, such as cardiology PACS, orthopedic PACS, and oncology PACS.North America dominated the global PACS and RIS market in 2018 and the trend is anticipated to continue during the forecast period.
Rising health care demand and substantial government interventions for research and development are the major factors supporting market growth of the market.Request COVID Analysis on PACS and RIS Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1232 Increase in number of cardiology procedures Globally To Drive PACS and RIS MarketCardiology imaging vendors have adopted digital imaging and communications in medicine (DICOM) standard to develop commercial PACS specifically designed for cardiology.
Since cardiology studies are dynamic, large number of images and a vast amount of data are generated per study.
This is because cloud-based systems provide increased cyber security and additional storage, which is essential due to increased number of health care procedures etc.Hospital to be Highly Lucrative SegmentBased on end-user, the PACS and RIS market has been segmented into hospitals, diagnostic centers, research & academic institutes, and ambulatory diagnostic centers.
