The PACS and RIS market size is expected to worth around US$ 5.96 billion by 2029 and is growing at a CAGR of 7.6% over the forecast period 2021 to 2030.
The PACS and RIS market size is expected to worth around US$ 5.96 billion by 2029 and is growing at a CAGR of 7.6% over the forecast period 2021 to 2030.
PACS stands for picture archiving and communication system and RIS stands for radio information system. The picture archiving and communication system (PACS) and radio information system (RIS) are used in diagnostic centers, hospitals, and academic research institutes. One of the prominent factors driving the growth of the global picture archiving and communication system (PACS) and radio information system (RIS) market is growing number of cardiological disorders.
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In addition, the government of established and emerging nations is promoting the importance of information technology in the healthcare sector. This factor is paving way for the growth of the global picture archiving and communication system (PACS) and radio information system (RIS) market during the forecast period. Furthermore, the acceptance and adoption of electronic health records in healthcare clinics and hospitals is driving the expansion of the worldwide PACS and RIS market.
Moreover, the rising installation of cloud-based picture archiving and communication system (PACS) and radio information system (RIS) is offering wide opportunities for the market growth. The cloud-based picture archiving and communication system (PACS) and radio information system (RIS) helps to provide effective and efficient services. In addition, the picture archiving and communication system (PACS) and radio information system (RIS) market is growing due to rising adoption of smartphone applications.
Report Highlights:
- Based on the product, the picture archiving and communication system (PACS) segment dominated the global PACS and RIS market in 2020 with largest market share. The picture archiving and communication system (PACS) is widely used in the treatment and diagnosis of cancer. Thus, the rising prevalence of cancer is driving the segment growth.
- On the basis of component, the services segment holds the largest market share the global PACS and RIS market in 2020.The picture archiving and communication system (PACS) and radio information system (RIS) services are provided by third party service providers.
- Based on the end user, the hospitals segment dominated the global PACS and RIS market in 2020 with largest market share. The rising number of hospitals is driving the growth of the global picture archiving and communication system (PACS) and radio information system (RIS) market.
- North America is the largest segment for PACS and RIS market in terms of region.The factors such as growth in the information technology sector, expansion of healthcare industry, and existence of major market players are driving the growth of the picture archiving and communication system (PACS) and radio information system (RIS) market in North America.
- Asia-Pacific region is the fastest growing region in the PACS and RIS market.The growth of the picture archiving and communication system (PACS) and radio information system (RIS) market in Asia-Pacific region is being driven by the factors such as rising penetration of technology in the healthcare sector and growing government activities towards the development of the picture archiving and communication system (PACS) and radio information system (RIS) market.
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Future of PACS and RIS Market
The emerging trend of diagnostic imaging is driving the growth of the global picture archiving and communication system (PACS) and radio information system (RIS) market. The radiology technology used in these systems is creating growth prospects for the global picture archiving and communication system (PACS) and radio information system (RIS) market. Thus, the integration of these technologies is expected to expand the market for picture archiving and communication system (PACS) and radio information system (RIS) in the near future.
COVID-19 Impact Analysis:
- The impact of the COVID-19 on the growth of the global picture archiving and communication system (PACS) and radio information system (RIS) market was moderate.
- The supply chain disruption and shutdown of manufacturing units caused negative impact on the growth of the market.
- On the other hand, the rising number of COVID-19 patients had positive outlook on the expansion of the picture archiving and communication system (PACS) and radio information system (RIS) market.
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Key Developments in the Marketplace:
- Watson Health medical imaging and Agfa HealthCare formed cooperation in June 2016. This agreement may present an opportunity for the company’s radiology division.
- Behold.AI and Wellbeing Software partnered in April 2020 to integrate Behold’s AI based red dot algorithm with Wellbeing’s radio information system (RIS) for COVID-19 diagnosis in the U.K.
- MedInformatic released Wait in Car in April 2020, a mobile friendly application that allows patients to wait for assigned medical applications in the comfort of their own vehicles and it connects with radio information system (RIS) and electronic health records to deliver the service.
Some of the prominent players in the global PACS and RIS market include:
- Fujifilm Holdings Corporation
- Agfa Healthcare
- GE Healthcare
- Allscripts Healthcare Solutions, Inc.
- Philips Healthcare
- RamSoft Inc.
- Siemens Healthineers
- McKesson Corporation
- Medinformatix Inc.
- eRAD, Inc.
Segments Covered in the Report
By Product
- PACS
- RIS
By Component
- Software
- Hardware
- Services
By End User
- Hospitals
- Academic & Research
- Diagnostic Centers
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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