PACS & RIS Market
Number of pages: 100 | Report Format: PDF | Published date: February 17, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.29 billion |
|
Revenue Forecast in 2030 |
US$ 6.10 billion |
|
CAGR |
7.1% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Component, Deployment, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global PACS & RIS market was valued at US$ 3.29 billion in 2021 and is expected to register a revenue CAGR of 7.1% to reach US$ 6.10 billion by 2030.
PACS & RIS Market Fundamentals
RIS and picture archiving and communication systems (PACS) are integrated systems essential in modern healthcare facilities and are proven to improve treatment outcomes and reduce the overall burden on the healthcare system. The RIS and PACS collaborate to give the radiologist the information from the diagnostic image to interpret and transmit the report to the clinicians. PACS is a medical imaging system that allows data archiving and easy access to images from many modalities. RIS is a radiology-specific software system widely used in the healthcare industry for acquiring, storing, and distributing medical imaging data. A typical RIS’s core features are scheduling workflow and process management. RIS can also manage patient registration and scheduling, as well as patient management, patient tracking, image tracking, reporting, and invoicing. Images can be retrieved from a number of sources, including computed tomography (CT), ultrasonography, X-ray plain film (PF), and magnetic resonance imaging (MRI) using these technologies.
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PACS & RIS Market Dynamics
The growing prevalence of cardiovascular diseases (CVDs) across the globe is leading to a rise in the number of cardiology operations. Cardiac procedure providers are progressively implementing PACS and RIS to improve operational efficiency and save costs. Such factors contribute to the development of the PACS & RIS market. The increasing popularity of cloud-based PACS technology also drives the global PACS & RIS market. Cloud-based services provide stakeholders with low-cost, time-saving, and remote access, together with easy data sharing.
Telecommunications and IT infrastructure advancements are accelerating the wide usage of cloud-based PACS and RIS, likely to provide a great opportunity for overall market revenue growth. The increasing popularity of PACS due to their ability to eliminate physical and time barriers associated with traditional film-based image retrieval, distribution, and display, as well as an increase in the number of healthcare facilities and high-value products, such as cardiology, orthopedic, and oncology PACS, are driving the PACS & RIS market.
The high cost of PACS and RIS is a key impediment to market revenue growth. Moreover, there is a lack of awareness among healthcare professionals on the operation of the PACS/RIS hardware and software, as well as a big threat of cybersecurity and data breach concerns that may result in financial losses.
PACS & RIS Market Ecosystem
The global PACS & RIS market has been analyzed from five perspectives: product, component, deployment, end-user, and region.
PACS & RIS Market by Product
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Based on the product, the global PACS & RIS market can be segmented into PACS and RIS.
The PACS segment is further sub-segmented into cardiology PACS, dental PACS, oncology PACS, orthopedic PACS, and others. The PACS segment accounted for the largest global revenue share in 2021 and is expected to retain its dominance during the forecast period. The oncology PACS is one of the major segments among the various types of PACS products due to a rise in cancer cases. PACS radiation therapy for cancer provides a server-class system that allows access from all over the world and is a versatile solution for the increasing amounts of data and pictures readily available. It offers a deep archive to meet the data storage requirements in radiation oncology, as well as scalability to grow with rising needs and centralized processing to offer all users the capability of a robust server. Using both portal pictures and databases, oncologists can easily shuttle between image and case evaluation. The therapeutic advantage of web-based cardiology PACS is that the cardiologists and support personnel can easily execute their daily activities from a single system rather than numerous distinct systems requiring a separate computer.
PACS & RIS Market by Component
Based on the component, the global PACS & RIS market is segmented into hardware, software, and services.
The software segment dominates the global market with the largest revenue share. The leading position of the software segment can be attributed to the growing demand for software-based healthcare management, thus reducing healthcare expenditures and enhancing data management systems. Moreover, the rapidly increasing adoption of healthcare information systems, such as RIS and PACS, further drives the demand for healthcare information software.
PACS & RIS Market by Deployment
Based on the deployment, the global PACS & RIS market is segmented into web-based, cloud-based, and on-premises.
The web-based segment accounts for the largest revenue share in the global market. The web-based PACS and RIS have great significance on the global PACS & RIS market, and demand for multi-modality support for effective workflow management of medical imaging operations across several locations is expected to rise.
The cloud-based segment is expected to grow at a rapid pace due to the increase in the number of healthcare activities. Cloud-based solutions improve cyber security and storage capacity, making them more convenient.
PACS & RIS Market by End-user
Based on the end-user, the global PACS & RIS market has been segmented into hospitals, diagnostic centers, research & academic institutes, and ambulatory surgical centers.
The hospitals segment dominates the global PACS & RIS market with the largest revenue share. The rising number of hospital admissions leads to the development of massive digital diagnostics findings, which require efficient and thorough management. The growing number of private hospitals is likely to boost the segment revenue growth during the forecast period.
The diagnostic centers segment is predicted to show revenue growth at the fastest CAGR during the forecast period, due to the increasing need for diagnostic services considering the global increase in chronic diseases prevalence. Furthermore, the growing need for the automation and integration of healthcare information for effective patient care and the widespread deployment of PACS and RIS are likely to fuel the market revenue growth.
PACS & RIS Market by Region
Based on the region, the global PACS & RIS market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America leads the global market in terms of revenue share. North America is distinguished by the rising demand for and implementation of innovative healthcare technology. As a result, rising per capita healthcare expenditure drives revenue growth in the region’s PACS & RIS market. Furthermore, well-established IT and telecommunication infrastructure and the availability of sophisticated healthcare infrastructure enhance PACS and RIS adoption in hospitals and imaging centers.
Asia Pacific is estimated to show lucrative revenue growth during the forecast period. The rising government investments for the advancement in healthcare infrastructure and the increasing number of private clinics and diagnostic facilities are likely to boost the demand for PACS and RIS in Asia Pacific in the next few years.
PACS & RIS Market Competitive Landscape
The prominent players operating in the global PACS & RIS market are:
The global PACS & RIS market is expected to register growth at a revenue CAGR of 7.1% during the forecast period from 2022 to 2030.
The software segment dominates the global PACS & RIS market in terms of revenue share.
The global PACS & RIS market is estimated to reach US$ 6.10 billion by 2030.
Lack of technical knowledge and risk of the data breach are the major growth restraints in the global PACS & RIS market.
IBM, Koninklijke Philips N.V., McKesson Corporation, and MedInformatix Inc. are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain