Picture Archiving and Communication Systems (PACS) and Radiology Information Systems (RIS) provide digital management of medical imaging scans and related data, allowing better collaboration between departments and remote access for clinicians. PACS replace the need to manually file and retrieve films, facilitating efficient sharing of images. RIS manage workflow, scheduling, billing and reporting in radiology departments. Together, PACS and RIS create a completely digital imaging ecosystem that integrates all modalities into a single database. This centralized digital platform optimizes imaging processes, reduces labor costs and improves visualization of exams through advanced tools.
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:
Increasing investment in healthcare IT is a major trend fueling the adoption of PACS and RIS. Digital tools enables remote access to radiological data which is useful in pandemic situation and reduce costs associated with film and physical storage. Cloud-based PACS solutions are gaining traction as these offer flexibility, scalability and reliability compared to on-premise models. Vendors are also developing advanced AI and analytics capabilities within their PACS and RIS platforms to better integrate with precision medicine strategies.
Threat of new entrants: The PACS and RIS market requires high capital investments and established delivery networks, lowering the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized nature of PACS and RIS solutions and the availability of various providers.
Bargaining power of suppliers: A few major players dominate the supply market, giving them significant bargaining power over buyers.
Threat of new substitutes: No close substitutes currently exist for PACS and RIS.
Competitive rivalry: Competition is high among existing players due to technological advances and focus on product innovation.
The Global PACS And RIS Market Size 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 dominates the PACS and RIS market led by the U.S. owing to wide acceptance of digital medical imaging systems in hospitals and increasing investment in healthcare infrastructure. Asia Pacific is anticipated to grow rapidly in the coming years attributed to growing healthcare infrastructure development and rising disposable income in developing countries such as India and China.
Key players: Key players operating in the PACS and RIS market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., 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 strategic collaborations to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it