PACS AND RIS MARKET ANALYSIS

The global PACS and RIS market is estimated to be valued at US$ 3,657.0 Million in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).

Analysts’ Views on Global PACS and RIS Market:

The rising prevalence of chronic diseases, such as cancer which requires the use of radiological image tracking. This is expected to drive the market over the forecast period as RIS is useful for tracking radiology imaging orders and billing information, and is often used in conjunction with PACS and VNAs to manage image archives, record-keeping, and billing. For instance, according to Centers for Disease Control and Prevention, there were 1,603,844 new cancer cases reported and 602,347 people died of cancer in the U.S. in the year 2020.

Figure 1. Global PACS and RIS Market Share (%), by Product Type, 2023

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Global PACS and RIS Market – Driver

Increasing company acquisitions by market players

Increasing company acquisitions by market players is expected to spur the global PACS and RIS market growth over the forecast period. For instance, in August 2021, Ehave Corp., a healthcare company, acquired Moksha Digital Software Pvt. Ltd., a provider of medical imaging software and the creator of the FDA-cleared CuriePACS and CurieRIS solutions. Radiologists, doctors, and surgeons employ CuriePACS and CurieRIS at hospitals and diagnostic centers all over the world.

Increasing prevalence of brain cancer

Increasing prevalence of brain cancer which requires radiology image. This is expected to fuel market growth over the forecast period since RIS is useful for managing radiological imaging orders and billing information, and it is frequently used in conjunction with PACS and VNAs to handle image archives, record-keeping, and billing. For instance, on January 12, 2023, according to the American Cancer Society, about 24,810 malignant tumors of the brain or spinal cord (14,280 in males and 10,530 in females) will be diagnosed in the year 2023.

Figure 2. Global PACS and RIS Market Value (US$ Million), by Region, 2023

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Global PACS and RIS Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global PACS and RIS market over the forecast period. North America is estimated to hold XX% of the market share. The increasing product launches by the market players is expected to boost the growth of the market. For instance, in November 2021, Change Healthcare, a U.S.-based healthcare company, announced that Stratus Imaging PACS are launched for clinical use in the U.S. Stratus Imaging PACS is a cloud-native, zero-footprint picture archiving and communication system. Thus, North America is also projected to spur the global PACS and RIS market growth over the forecast period.

Global PACS and RIS Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global PACS and RIS market because the market players operating in the global PACS and RIS market were adopting strategies such as collaborations for the diagnosis of COVID 19 which is expected to boost the market growth during this period. For instance, in April 2020, Wellbeing Software, a U.K.-based software company, collaborated with Behold.ai, a technology company, through which Behold.ai’s artificial intelligence-based red dot algorithm will be used with Wellbeing Software’s Cris, a RIS, for fast-track diagnosis of COVID-19 in the U.K.

Global PACS and RIS Market Segmentation:

The global PACS and RIS market report is segmented into By Product Type, By Component, By Deployment, By End User, and By Region.

By Product Type, the market is segmented into Inactivated RIS and PACS. Out of which, the PACS segment is expected to hold a dominant position in the global PACS and RIS market during the forecast period and this is attributed to the technological advancements in the development of PACS.

By Component, the market is segmented into Hardware, Software, and Services. Out of which, the Software segment is expected to hold a dominant position in the PACS and RIS market during the forecast period and this is attributed to the increasing software launches by market players

By Deployment, the market is segmented into Web Based, Cloud Based, On Premise. Out of which, the Cloud Based segment is expected to hold a dominant position in the PACS and RIS market during the forecast period and this is attributed to the company collaborations by market key players

By End User, the market is segmented into Hospitals, Diagnostic Centers, Research & Academic Institutes, and Ambulatory Surgical Centers. Out of which, the Hospitals segment is expected to hold a dominant position in the PACS and RIS market during the forecast period and this is attributed to the increasing installation of these systems in the hospitals

Among all the segmentations, the product type segment has the highest potential due to the increasing collaboration during the market players this is expected to drive the growth of the segment over the forecast period.

Global PACS and RIS Market Cross Sectional Analysis:

Cloud based segment is expected to dominate in the Asia Pacific region due to increase in the number of product launches. For instance, in September 2020, KareXpert, India based software company, launched an AI-led, Cloud-based Digital Healthcare Platform for Hospitals. This platform brings together all of the healthcare components as a pre-integrated stack at a fraction of the cost. This comprises Advanced HIMS, EMR/EHR, LIMS, RIS/PACS, Pharmacy, Telemedicine, Medical IoT, Advanced BI, Connected Ambulance, and many others.

Global PACS and RIS Market: Key Developments

In July 2021, RamSoft, a healthcare IT company, acquired a majority stake in Meddiff Technologies, an innovative medical imaging solutions company developing PACS among others. This acquisition will accelerate RamSoft's product development by combining the product lines and expertise of Meddiff and RamSoft

In August 2021, GE HealthCare, a global medical technology company, launched Edison True PACS, a diagnostic imaging and workflow solution designed to help enable radiologists. The newly launched product is available in the U.S.

Global PACS and RIS Market: Key Trends

Increasing product launches by key market players

Increasing product launches by market players is expected to drive the market growth over the forecast period. For instance, in August 2021, Change Healthcare, U.S. based healthcare company, announced the launch of Change Healthcare Stratus Imaging PACS. The newly launched Change Healthcare Stratus Imaging PACS are comprehensive cloud software as a service (SaaS) solution for radiology practicea Global PACS and RIS Market: Restraint

RIS and PACS are prone to cyber-attacks

RIS and PACS are prone to cyber-attacks, which increases concerns regarding data safety in the healthcare sector. This in turn is expected to hinder the growth of the global PACS and RIS market over the forecast period. This can be overcome by implementing guidelines for generic IT cybersecurity

Global PACS and RIS Market - Key Players

Major players operating in the global PACS and RIS market include Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.

Definition: PACS is used to store and transport patient medical images securely. A radiology information system (RIS) is an electronic health record (EHR) designed specifically for use in radiology, allowing practitioners to store and manipulate data, and distribute radiologists’ reports.