by PACS and RIS systems play a crucial role in archiving, retrieving, distributing and presenting medical images from the radiology department digitally. They help reduce film and printing costs while increasing accessibility of reports and images across different departments. With advantages like improved work-flow efficiency, reduced radiation dosage and ability to share images globally, the demand for PACS and RIS from hospitals and diagnostic centers is on the rise. Growing concerns about data security and management along with the need for immediate access to patient records is also propelling the PACS and RIS market growth.
The global PACS and RIS Market is estimated to be valued at US$ 3,657 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of AI and cloud-based technologies is one of the major trends witnessed in the PACS and RIS market. Vendors are focusing on development of cloud-based storage solutions and integration of AI for automatic report generation and image analysis. This is helping radiologists gain insights faster while optimizing workflow. Rising investments by hospitals and diagnostic centers to upgrade their existing systems is another driver. Adoption of mobile PACS apps for effective collaboration between radiologists and clinicians outside Radiology department is gaining traction. Geographic expansion by key players into emerging markets through partnerships is also shaping the competitive landscape in the global PACS and RIS market.
Porter’s Analysis
Threat of new entrants: The PACS and RIS market requires large capital investments and has stringent regulatory compliance for new players to enter. This reduces the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many existing players in the market providing substitutable products. However, switching costs for buyers are high.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for this market.
Threat of new substitutes: There is moderate threat of substitution as new technologies like cloud and mobile platforms can disrupt the market.
Competitive rivalry: The market has the presence of many large global players leading to high competitive rivalry.
Key Takeaways
The Global PACS And RIS Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 3,657 Mn.
Regional analysis: North America dominates the global PACS and RIS market currently due to advanced healthcare infrastructure and high adoption of medical imaging technologies in the region. However, Asia Pacific is expected to witness the fastest growth over the forecast period supported by growing medical tourism and increasing healthcare spending in the region.
Key players: Key players operating in the PACS and RIS market are 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. Philips Healthcare and Cerner Corporation capture majority of the market share currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
