PACS and RIS Market- Highlights By Type And End Users, Phenomenal Growth Forecast

The PACS and RIS Market was valued at US$ million 2,836.65 in 2019 and is projected to reach US$ 5,441.87 million by 2027; it is expected to grow at a CAGR of 8.4 % from 2020 to 2027.

The growth of the PACS and RIS market is mainly attributed to the factors such as developments in diagnostic imaging modalities coupled with rising number of diagnostic tests procedures and affordable price of new generation PACS software. However, the market is likely to get negatively impacted by the availability of better substitutes, and concerns regarding data privacy during the forecast period.

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Analysis of the Top Market Players:

1. Agfa-Gevaert Group
2. INFINITT Healthcare Co., Ltd.
3. McKesson Corporation
4. Cerner Corporation
5. General Electric Company
6. Koninklijke Philips N.V.
7. FUJIFILM Holdings Corporation
8. Siemens AG
9. IBM
10. Novarad

In this report, the market has been segmented on the basis of:

Product (PACS and RIS)
Component (Hardware, Software, and Services)
Deployment (Web-Based, On-Premise and Cloud-Based)

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The picture archiving and communication system (PACS) manages, retrieves, stores, and distributes the medical images. In the field of radiology, it is used for sharing and viewing diagnostic images. A radiology information system (RIS) is a software system used for handling medical images and other associated data. RIS retains track of radiology imaging orders and data of bills. It is used along with PACS and vendor-neutral archives (VNAs). RIS manages image archives, keeps records, and billing.

During recent years, there have been various developments in imaging modalities within healthcare for diagnostic purposes. Radiology has developed as a recent trend towards computerized management in the health service and has responded to the demand for cost-efficient and rapid communication between radiology departments and their users. The national rate for CT scans were 126 per 1,000 individuals around 2014 and 2015. Rates ranged from 209 (New Brunswick) and 170 (Newfoundland and Labrador) to 88 (Alberta) and 93 (Prince Edward Island). In addition, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests conducted in England in the 12 months from February 2017 to January 2017. Of these, 3.49 million imaging tests were reported to have taken place in January 2017. As per the World Health Organization (WHO), with improved health care policy and the guided protocol of medical imaging for COVID-19 diagnosis, there has been a rise in the number of global imaging-based procedures. Thus, the growing number of diagnostic imaging procedures performed across the globe resulting in the increasing requirement of consumables for tests are likely expected to drive the growth of the global PACS and RIS market over the coming years.

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