Picture archiving and communication systems (PACS) and radiology information systems (RIS) are used as the medical imaging technology involved in managing, storing and viewing electronic images and reports. It provides secured access to patient medical images and associated reports from multiple modalities. PACS and RIS are integrated platforms which provide a cost-effective and secured solution for healthcare organizations to manage medical images and associated data without time and location constraints. The PACS and RIS streamline workflow processes, reduce errors and improve productivity in radiology departments and clinics by enabling instant access to the patient’s medical history. Increasing image data volumes due to rising adoption of medical imaging equipment along with growing need for interoperable solutions that can integrate medical data from disparate systems are boosting demand for advanced PACS and RIS.
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 Dynamics:
Rising Demand for Integrated Healthcare Solutions
The growing demand for centralized medical data management and integrated healthcare solutions across various healthcare facilities are driving adoption of advanced PACS and RIS. These integrated systems streamline workflows and enable secure sharing of medical images and reports between radiology departments and healthcare providers. The need for interoperable solutions that facilitate easy transfer of patient data is fueling development of cloud-based RIS and PACS. Advancement in AI and machine learning technologies are enabling integration of predictive diagnostic tools with PACS and RIS, further augmenting their demand.
Increasing Volumes of Medical Images
Rising installation of medical imaging equipment such as MRI, CT, ultrasound and X-ray systems in hospitals and diagnostic centers has resulted in tremendous growth in volume of medical images. This is creating the need for efficient systems to archive, manage and exchange large volumes of medical images and associated reports. PACS and RIS provide a cost-effective solution for long-term storage and multidisciplinary access to massive image data archives while ensuring security and privacy of patient information. Therefore, increasing medical imaging rates are propelling the PACS and RIS market growth over the forecast period.
Segment Analysis
The global PACS and RIS market is dominated by the on premise sub segment. Most of the hospitals and diagnostic centers in developed economies still prefer on premise systems due to data safety and security concerns with cloud based systems. Though cloud based systems offer advantages such as scalability, lower upfront costs and remote access, healthcare providers are reluctant to move completely to the cloud due to stringent data privacy laws.
PEST Analysis
Political: Government initiatives promoting digital healthcare infrastructure are driving adoption of PACS and RIS solutions. Favorable regulations regarding use of electronic health records and medical imaging are boosting market growth.
Economic: Rising healthcare expenses coupled with need for optimized asset utilization is prompting hospitals to invest in PACS and RIS software. Cost benefits of cloud based systems is another factor fueling their adoption.
Social: Growing geriatric population and rising incidence of chronic diseases are increasing medical imaging procedures. This is increasing the need to integrate and manage burgeoning image archives using PACS and RIS platforms.
Technological: Integration of artificial intelligence and blockchain offers opportunities for players to develop advanced solutions. Deep learning based applications for medical imaging analysis are gaining popularity. Interoperability standards are supporting integration of PACS and RIS with other hospital IT systems.
Key Takeaways
Global PACS And RIS Market Demand is expected to witness high growth supported by increasing medical imaging tests, rising need for efficient management of radiology workflows and growing investments to upgrade aging imaging equipments.
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.
North America dominated the market in 2023 due to presence of advanced healthcare infrastructure and early technology adoption among healthcare facilities in the region. The Asia Pacific region is projected to exhibit fastest growth during the forecast period owing to rising healthcare expenditure, increasing number of hospitals equipped with diagnostic imaging facilities and growing medical tourism. Growing requirement for Digital Imaging and Communication in Medicine (DICOM) compliant systems at diagnostic centers in countries like India and China is fueling demand in the region.
Key players operating in the 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.
Key players operating in the PACS and RIS market are focusing on AI-enabled solutions and cloud-based offerings to leverage new growth opportunities. Partnerships with hospitals and imaging centers are helping them strengthen presence across major markets. Integration of PACS and RIS platforms with various surgical robots and precision surgical systems is another trend gaining traction in the industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
