PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) are integrated software solutions that help to securely store, access, and exchange medical images and information across a hospital. PACS helps to securely store medical images that can be easily retrieved and assessed by radiologists and other clinicians from any connected device. RIS manages workflow, tracks radiology orders and results, and enhances productivity in radiology departments. The need for these systems is driven by the increasing adoption of digital imaging modalities such as MRI, CT scans, x-rays, and ultrasounds that generate a large volume of patient data daily.
The Global PACS and RIS Market Demand is estimated to be valued at US$ 4212.87 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the PACS and RIS market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, and Evonik Industries AG. 3A Composites GmbH is one of the leading providers of PACS and RIS solutions globally.
The major factor driving the demand in the PACS and RIS market is the rising adoption of digital radiology modalities and growing need to digitally store and share increasing volumes of patient medical images and related data. According to a study, the United States conducted approximately 42 million MRI exams and 130 million CT scans in 2020.
Technological advancements are also supporting the growth of this market. Vendors are focusing on integrating advanced features such as artificial intelligence, machine learning, and cloud computing into their PACS and RIS platforms. AI-powered solutions can automate routine diagnostic operations, enhance productivity, and support clinical decision making.
Market Trends
The cloud-based PACS and RIS solutions trend remains high in the market owing to advantages such as scalability, mobility, disaster recovery, and lower upfront costs. According to a third-party estimate, the cloud PACS market is projected to grow at 11% CAGR during 2023-2028.
Increasing consolidation in the market is another key trend as major players pursue acquisitions to expand their customer base and product portfolios. For example, in 2022, Change Healthcare acquired Intelerad Medical Systems, a major provider of PACS and RIS solutions.
Market Opportunities
The growing medical tourism industry in developing nations presents significant opportunities for PACS and RIS vendors. These countries are actively investing in healthcare infrastructure development.
Another key opportunity lies in offering comprehensive data analytics tools on top of the core PACS and RIS platforms. Aggregating and analyzing radiology data can generate actionable insights to optimize department workflows and improve treatment outcomes.
Impact of COVID-19 on PACS and RIS Market Growth
The COVID-19 pandemic has significantly impacted the growth of the PACS and RIS market globally. Due to the outbreak, majority of the hospitals and clinics experienced a dramatic increase in patient volume for imaging procedures like CT, MRI, ultrasound, etc. This exponential rise in imaging tests led to shortage of radiologists and burdened existing PACS and RIS systems with heavy data volumes. Many healthcare facilities struggled to efficiently store, exchange, retrieve and analyze such a massive amount of medical images and reports. This highlighted the immediate need to upgrade existing PACS and RIS infrastructure or implement new integrated systems with expanded storage capacity and faster data processing abilities. The demand for tele-radiology also surged as healthcare providers shifted to telemedicine and remote diagnosis to reduce physical contact amid social distancing restrictions. Vendors catering to PACS and RIS experienced a spike in their business during this period to help hospitals scale up their teleradiology capabilities. However, delayed elective surgeries and non-emergency care during peak pandemic times impacted the growth marginally. In the post-COVID era, the market is forecasted to grow steadily with continued investment in digitalization of radiology departments and long-term adaptation of hybrid virtual care models utilizing advanced medical imaging platforms like PACS and RIS.
Geographical Regions with Highest PACS and RIS Market Concentration
North America holds the largest share of the global PACS and RIS market in terms of value, attributed to factors like availability of advanced healthcare infrastructure, strict patient data management regulations and high adoption of digital technologies among medical facilities in the US and Canada. The Asia Pacific region is estimated to grow at the fastest rate during the forecast period. Countries like China, Japan and India are witnessing immense focus on modernizing their hospital radiology workflows with integrated PACS and RIS as part of large-scale healthcare reforms. Additionally, rapidly expanding medical tourism and private healthcare sectors and increasing healthcare expenditure in Asia Pacific economies are projected to drive the regional market growth of PACS and RIS.
Fastest Growing Region for PACS and RIS Market
The Asia Pacific region is poised to be the fastest growing market for PACS and RIS globally between 2024-2030. The growth can be ascribed to rising patient pool afflicted with diseases requiring diagnostic imaging, growing geriatric population, improving reimbursement scenarios, increasing investments by leading vendors and hospitals in medical infrastructure development, and expanding base of specialty radiology centers and private clinics. The presence of developing nations like India and China provides huge untapped market potential for PACS and RIS providers. Initiatives by governments in the Asia Pacific to reform public health systems and digitize medical records are also catalyzing the regional market expansion. With the rapid economic development and healthcare reforms, the Asia Pacific region is expected to stimulate significant demand for advanced PACS and RIS solutions during the forecast period.
Get more insights on this topic: PACS and RIS Market
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.
