by Picture archiving and communication system (PACS) refers to a medical imaging technology that provides economical storage and convenient access to images from multiple modalities across various healthcare organizations. It empowers the manipulation and transmitting of medical images from modalities like CT, MRI, PET, and others. Similarly, radiology information system (RIS) is a management software tool tailored to radiology department workflow and designed to manage clinical and operational data. PACS and RIS help in smooth workflow, secure storage, easy accessibility, and effective analysis of radiology images and reports. Their integration increases radiology department productivity by eliminating physical film and paper from radiology operations.
The global PACS and RIS Market is estimated to be valued at US$ 3657 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the PACS and RIS market is the growing deployment of cloud-based solutions. Vendors are increasingly offering cloud-based radiology IT solutions owing to advantages such as scalability, easy accessibility, mobility, and lower upfront costs. Cloud deployment helps to eliminate the need for expensive hardware and large upfront licensing costs associated with traditional on-premise models. It enables enterprises and clinicians to securely access medical images and reports using laptops and mobile devices. The shift towards value-based healthcare is also propelling the demand for cloud-based PACS and RIS suites that offer flexibility, lower costs, and help improve clinical outcomes. Cloud solutions are finding increased acceptance in emerging economies due to shortage of on-premise infrastructure and their affordable subscription-based pricing.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of technologies lower barriers for new entrants.
Bargaining power of buyers: Large customer base with varying needs and requirements gives buyers higher bargaining power.
Bargaining power of suppliers: Well established supply networks of technology providers and equipment manufacturers give them a competitive advantage.
Threat of new substitutes: Emerging new technologies for medical imaging may pose threats if proven superior.
Competitive rivalry: Intense competition exists amongsttechnology giants to gain market share through innovative product offerings.
Key Takeaways
Global PACS And RIS Market Demand is expected to witness high growth. The global PACS and RIS Market is estimated to be valued at US$ 3657 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
North America dominates the market currently due to high adoption of digital healthcare technologies and presence of major players. Europe and Asia Pacific are also lucrative markets with growing healthcare infrastructure and investment. Asia Pacific is expected to grow at the highest CAGR during the forecast period supported by growing medical tourism industry, increasing healthcare spending and rapidly ageing population.
Key players operating in the PACS and RIS market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. Technological advancements in product offerings along with strategic collaborations remain key focus areas among major players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
