The picture archiving and communication system (PACS) and radiology information system (RIS) help radiologists and medical professionals to efficiently store, manage and analyze digital medical images and streamline clinical workflows. Growing need to improve accessibility of medical images and reports and reduce healthcare costs is driving the demand for PACS and RIS solutions.
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 adoption of cloud-based PACS and RIS solutions is one of the key trends driving the market growth. Cloud-based PACS and RIS offers advanced features such as secure data storage and management in the cloud, easy accessibility from anywhere using internet, and reduced costs of hardware and maintenance. As healthcare organizations are under continuous pressure to reduce costs while improving patient outcomes, they are increasingly adopting cloud-based PACS and RIS solutions to lower expenses on internal infrastructure, hardware, and IT personnel. This is expected to boost the demand for cloud-based PACS and RIS solutions during the forecast period.
Segment Analysis
The global PACS and RIS market is segmented into department type and end-user. Based on department type, the radiology segment is expected to hold the largest market share during the forecast period. Radiology is dominating this segment as PACS and RIS solutions find major applications in radiology departments of hospitals and diagnostics centers for effective management of radiology workflows and images.
Key Takeaways
The Global PACS And RIS Market Size is expected to witness high growth during the forecast period of 2023 to 2030. 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 region is expected to dominate the global PACS and RIS market during the forecast period. Higher adoption of healthcare IT systems and presence of majority of key players in countries like the US is boosting the market growth in this region. Asia Pacific region is expected to witness fastest growth during the forecast period owing to increasing digitalization of healthcare systems and rising medical tourism in countries like China and India.
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. Rising investments by these players for new product launches and expansions are helping them to strengthen their presence in the market.
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Transparency Market Research (TMR) has published a new report titled, PACS and RIS Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global PACS and RIS market was valued at US$ 2,633.4 Mn in 2018 and is projected to expand at a CAGR of above 5.3% from 2019 to 2027.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1232OverviewA picture archiving and communication system (PACS) is a medical imaging technology which provides economical storage of, and convenient access to, images from multiple modalities.RIS (radiology information system) is a computerized database used by radiology departments to store, manipulate, and distribute patient radiological data and imagery.PACS and RIS are being utilized more than conventional systems for medical imaging.
Adoption of PACS and RIS is increasing in a number of health care facilities and high-value products, such as cardiology PACS, orthopedic PACS, and oncology PACS.North America dominated the global PACS and RIS market in 2018 and the trend is anticipated to continue during the forecast period.
Rising health care demand and substantial government interventions for research and development are the major factors supporting market growth of the market.Request COVID Analysis on PACS and RIS Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1232 Increase in number of cardiology procedures Globally To Drive PACS and RIS MarketCardiology imaging vendors have adopted digital imaging and communications in medicine (DICOM) standard to develop commercial PACS specifically designed for cardiology.
Since cardiology studies are dynamic, large number of images and a vast amount of data are generated per study.
This is because cloud-based systems provide increased cyber security and additional storage, which is essential due to increased number of health care procedures etc.Hospital to be Highly Lucrative SegmentBased on end-user, the PACS and RIS market has been segmented into hospitals, diagnostic centers, research & academic institutes, and ambulatory diagnostic centers.
