PACS and RIS Market Forecast to Reach $4.6 Billion by 2027
Transparency Market Research (TMR) has published a new report titled, PACS and RIS Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global PACS and RIS market was valued at US$ 2,633.4 Mn in 2018 and is projected to expand at a CAGR of above 5.3% from 2019 to 2027.
Overview
- A 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. PACS and RIS are the right choices for a sustainable future. 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.
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Increase in number of cardiology procedures Globally To Drive PACS and RIS Market
- Cardiology 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. Also, the number of cardiology studies performed is increasing by 20% per year. Considering the large records, cardiology can expect to benefit substantially from the electronic management of images. This drive the demand for the PACS and RIS
PACS Segment to Capture Largest Market Share
- Based on product type, the market has been segmented into PACS and RIS. PACS emerged as the leading segment in terms of revenue in 2018, attributed to high demand and widespread use of PACS such as cardiology PACS and orthopedic PACS. Among various types of PACS products, the oncology PACS segment is likely to record the highest growth rate from 2019 to 2027. This is attributed to increase in prevalence of cancer. In addition, increase in demand for complete diagnosis is likely to fuel the growth of this segment.
Web-based Deployment to Dominate Market in Term of Method of Deployment
- In terms of deployment, the market segmented as web-based, cloud-based, and on-premise. Web-based dominates the global PACS AND RIS market and this is attributed to high demand for multi-modality support for efficient workflow management of medical imaging practices at number of locations. The cloud-based segment is likely to record the highest growth rate from 2019 to 2027. 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 Segment
- Based on end-user, the PACS and RIS market has been segmented into hospitals, diagnostic centers, research & academic institutes, and ambulatory diagnostic centers. Hospitals is the major end-user of PACS and RIS due to high number of medical examinations in terms of medical images, which require large storage and accessibility to physicians.
North America to Dominate Global Market
- In terms of region, the global PACS and RIS market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global PACS and RIS market in 2019, followed by Europe.
- The growth of the PACS and RIS market in North America is drive owing to its increasing technological advancements Demand for PACS in North America is high due to increasing prevalence of diseases and the need for data management.
Competitive Landscape
- Key players in the global market include GE Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, McKesson Corporation, Siemens Healthineers, Agfa Healthcare, and Allscripts Healthcare Solutions, Inc. GE Healthcare, Philips Healthcare, and Fujifilm Holdings Corporation exhibit the largest geographical outreach, with presence in multiple PACS and RIS product categories others among others.
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