by Market Overview:
The global PACS and RIS market is estimated to reach a value of US$ 6,810 million in 2023, with a CAGR of 6.8% during the forecast period 2023-2030. Picture Archiving and Communication System (PACS) and Radiology Information System (RIS) are essential components in the healthcare industry, facilitating efficient storage, management, and retrieval of medical images and patient information. These systems offer several advantages such as reduced data duplication, improved accessibility, enhanced productivity, and accurate diagnosis, thus leading to better patient care. The increasing need for digitization of medical records, rising demand for improved healthcare infrastructure, and growing adoption of telemedicine are driving the market growth of PACS and RIS systems.
Market Key Trends:
One key trend in the PACS and RIS market is the integration of artificial intelligence (AI) for advanced image analysis and interpretation. AI algorithms are being implemented in PACS and RIS systems to improve the accuracy and speed of image processing, detection of abnormalities, and generation of diagnostic reports. This integration enables radiologists and other healthcare professionals to make more accurate diagnoses and treatment decisions. Additionally, AI-based automation in PACS and RIS systems reduces the workload for healthcare staff, leading to increased efficiency and cost savings. The growing advancements in AI technology and the potential for improving patient outcomes are driving the adoption of AI-enabled PACS and RIS systems in the market.
Segment Analysis:
The PACS and RIS market can be segmented based on component, deployment mode, end-user, and region. In terms of component, the software segment dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of advanced software solutions for better management and sharing of medical images and patient information. Moreover, software-based PACS and RIS systems offer various features such as centralized storage, quick retrieval of images, and seamless integration with other healthcare IT systems, increasing their popularity among end-users.
Based on deployment mode, the cloud-based segment is expected to witness significant growth during the forecast period. The advantages of cloud-based PACS and RIS systems, such as cost-effectiveness, scalability, and remote accessibility, are driving their adoption among healthcare providers. Additionally, the cloud-based model eliminates the need for on-premise infrastructure and allows seamless data sharing and collaboration among multiple healthcare facilities, making it an attractive option for end-users.
Key Takeaways:
The Global PACS And RIS Market Demand is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing demand for efficient healthcare information management and rapid digitization of healthcare systems are driving the adoption of PACS and RIS solutions. These solutions offer benefits such as improved workflow efficiency, reduced operational costs, and enhanced patient care, thereby fueling market growth.
Regionally, North America dominates the PACS and RIS market and is expected to maintain its dominance during the forecast period. The region has a well-established healthcare infrastructure, high adoption of advanced technologies, and supportive government initiatives for the implementation of healthcare IT solutions. Additionally, the presence of major market players in the region further contributes to its dominance.
Key players operating in the PACS and RIS market include Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., and more. These players undertake strategic initiatives such as partnerships, mergers and acquisitions, and product launches to strengthen their market position and expand their product portfolio. For instance, in 2020, Agfa Healthcare launched a mobile viewing platform for its Enterprise Imaging solution, allowing users to securely access medical images and reports on portable devices. Such developments by key players contribute to the overall growth of the PACS and RIS market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
