by Picture Archiving and Communication Systems (PACS) are medical imaging technologies which store and quickly retrieve healthcare images from multiple modalities like CT, MRI, X-ray, and PET. PACS, along with Radiology Information Systems (RIS), help in managing medical imaging workflows efficiently. PACS and RIS help medical professionals enhance diagnostic and treatment processes by providing a centralized location for all radiology exams and relevant patient information.
The global PACS and RIS Market is estimated to be valued at US$ 3657 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for integrated healthcare IT solutions is a major trend fueling the growth of the PACS and RIS market. As healthcare organizations are focusing on improving clinical workflow efficiencies and reducing diagnostic costs, the adoption of integrated PACS and RIS solutions is growing. These integrated solutions enable sharing of radiology reports, images, and data across departments and healthcare facilities instantaneously. This facilitates improved collaborative diagnosis and treatment planning. Additionally, PACS and RIS integrated solutions allow easy access to patient records from anywhere, enabling tele-radiology practices. This is advantageous especially in rural areas where specialized healthcare services are limited. With growing focus on reducing healthcare costs, the capabilities of PACS and RIS to centralized medical imaging management will continue propelling their demand.
SWOT Analysis
Strength: The PACS and RIS market has witnessed increased adoption rate in hospitals as it helps store and manage medical images efficiently and securely.
Weakness: High costs associated with the implementation and maintenance of PACS and RIS solutions limits its adoption in small healthcare facilities.
Opportunity: Emerging markets in Asia Pacific provide significant growth opportunities due to increasing healthcare spending and developing healthcare infrastructure in countries.
Threats: Privacy and security concerns around storing sensitive patient data in these systems can hamper the demand.
Key Takeaways
Global PACS And RIS Market Demand is expected to witness high growth. The global PACS and RIS Market is estimated to be valued at US$ 3657 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the global market in 2023 and is expected to continue dominating during the forecast period owing to rapid technological advancements and growing healthcare expenditure in the US and Canada. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period due to rising medical tourism, growing demand for quality healthcare, and increasing investments by prominent market players in this region.
Key players: Key players operating in the PACS and RIS market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Epson America, Inc., Panasonic Corporation, Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. These players are focusing on new product launches and partnerships with healthcare providers to strengthen their market position. For instance, in March 2022, Fujifilm Corporation announced partnerships with diagnostic imaging centers in India to offer PACS and RIS solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
