Radiology Information System (RIS) manages medical imagery and associated data. A RIS has several basic functions: Patient management, scheduling, patient tracking, results reporting, image tracking, and billing. RIS often used in conjunction with Picture Archiving and Communication System (PACS) and Vendor Neutral Archives (VNAs) to manage image archives, record-keeping and billing.
The global PACS and RIS market is estimated to account for US$ 3,045.0 Mn in terms of value in 2020 and is expected to reach US$ 4,821.6 Mn by the end of 2027.
Global PACS and RIS Market: Drivers
Increasing launch of new products is expected to propel growth of the global PACS and RIS market over the forecast period. For instance, in June 2019, Wellbeing Software, a RIS provider, launched its Connected Radiology Program to help radiology departments share resources, improve workflows and address the issue of reporting backlogs.
Global PACS and RIS Market: Opportunities
Increasing adoption of RIS in public hospitals is expected to offer lucrative growth opportunities for players in the market. For instance, in March 2020, NHS Nightingale, a hospital run by Barts Health NHS Trust, announced to adopt Cerner Corporation’s electronic patient record (EPR) and the Sectra RIS and CliniSys pathology software.
Global PACS and RIS Market: Restraints
Integration between electronic medical record (EMR) and RIS remains obstructive in most health care environments, even those with new systems. System purchasers need to be aware, because most configurations do not offer optimal integration and single vendor solutions do not necessarily result in gold standard integration. Moreover, operating PACS and RIS requires skilled staff. This in turn may limit their adoption in emerging economies, thereby hampering growth of the global PACS and RIS market.
The global PACS and RIS market was valued at US$ 2,833.1 Mn in 2019 and is forecast to reach a value of US$ 4,821.6 Mn by 2027 at a CAGR of 6.8% between 2020 and 2027. Major factor driving the growth of global PACS and RIS market during the forecast period increasing prevalence of pandemic diseases, and increasing demand for digital pathology.
PACS held dominant position in the global PACS and RIS market in 2019, accounting for 83.1% share in terms of value, followed by RIS, respectively. Growing healthcare IT adoption coupled with increasing demand for diagnostic imaging are expected to drive picture archiving and communication system market revenue growth
Hospitals segment held dominant position in the global PACS and RIS market in 2019, accounting for 42.5% share in terms of value, followed by ambulatory surgical centers, and diagnostic centers, respectively.
The adoption of PACS is lower compared to EMRs and Order Communication System in emerging economies. For instance, in June 2019, researchers from Korean Medical Association, South Korea, reported that around 68% of the self-employed physicians adopted the Order Communication System and EMRs, while only one-third adopted PACS.
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in October 2019, Cerner Corporation signed a definitive agreement to acquire AbleVets, a strategic IT consulting and engineering firm.
Global PACS and RIS Market: Competitive Landscape
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, Koninklijke Philips N.V., Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.
Global PACS and RIS Market: Key Developments
March 2020: Sectra signed a contract with Region Halland, a Sweden-based healthcare provider, to deliver its RIS as a cloud service
September 2019: eRAD demonstrated its EHR-Certified RIS, PACS Evolution, and other product portfolios at RSNA 2019
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