Picture archiving and communication system (PACS) and radiology information system (RIS) are medical imaging technologies that are used to digitally manage medical images and associated reports. PACS solution allows storage, retrieval, distribution and presentation of medical images, while RIS acts as a data management system for radiology workflow and patient tracking. These integrated technologies are deployed in various medical imaging departments such as cardiology, endoscopy, oncology, orthopedics etc. to streamline clinical workflow as well as improve diagnostic and therapeutic decisions. Medical imaging centers are increasingly adopting PACS and RIS solutions to reduce storage costs, improve workflow efficiency and enhance collaboration between clinicians.
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 Dynamics:
Increased technological advancements is one of the key drivers expected to flourish the PACS and RIS market over the forecast period. Adoption of artificial intelligence, blockchain and cloud computing technologies are helping radiology departments to better manage medical images and reports. AI assist radiologists in analyzing images through automated detection of anomalies. Blockchain enhances security and clinical collaboration through decentralized data sharing platform. Cloud-based PACS and RIS solutions are gaining popularity due to improved accessibility and reduced operational costs. These advancements are not only improving diagnostic accuracy but also enhancing workflow efficiencies of healthcare providers. An increase in number of imaging procedures due to rising disease burden will also contribute towards the market growth over the stipulated time period.
Segment Analysis
The PACS and RIS market is dominated by enterprise PACS segment. Enterprise PACS are more complex systems that can store and manage imaging data from multiple modalities and sites. They offer advanced features for multi-site access, patient tracking, quality control, specialty specific software modules and integration with Hospital Information Systems (HIS). Most large hospitals and healthcare institutions deploy enterprise PACS to manage imaging data of large patient volumes across departments and sites in an efficient manner.
PEST Analysis
Political: Governments in various countries are undertaking initiatives to increase digitalization of healthcare systems and promote adoption of medical imaging IT solutions to improve patient care. For example, meaningful use programs in the US provide incentives for healthcare providers to adopt PACS and RIS.
Economic: Rising healthcare expenditure, increasing aging population, growing burden of chronic diseases and technological advancements are driving higher demand for medical imaging procedures. This is propelling growth of PACS and RIS market as these solutions help optimize workflow and maximize returns on imaging investments for healthcare providers.
Social: Higher awareness and acceptance of digital healthcare technologies among patients and healthcare professionals is favoring adoption of PACS and RIS. Their advantages such as easy access to images from any location and timely sharing with specialists for obtaining second opinion are appreciated.
Technological: Integration of AI/ML, cloud computing and blockchain distributed ledger technologies offer new opportunities for advanced applications of PACS and RIS solutions such as automated reporting and analytics. Vendors are launching new systems with upgraded features to handle large volumes of imaging data efficiently.
Key Takeaways
The Global PACS And RIS Market Growth is expected to witness high over the forecast period of 2023 to 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 region currently dominates the global PACS and RIS market. Widespread government initiatives to promote adoption of healthcare IT technologies and higher number of imaging procedures performed per capita are driving market growth in the region. For instance, under the CMS Inpatient Prospective Payment System in the US, appropriate use of diagnostic imaging procedures is linked to reimbursements, fueling installations of PACS and RIS.
Key players related content 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. These major players are focusing on new product launches, agreements, partnerships and expansion strategies to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
