April 17, 2024
PACS and RIS Market

PACS and RIS Market is Expected to be Flourished by Increasing Adoption of Medical Imaging Modalities

PACS (Picture Archiving and Communication System) is a medical imaging technology that provides economical storage and convenient access to images from multiple modalities from multiple locations, whereas RIS (Radiology Information Systems) is a software solution that manages radiology workflow by scheduling patients, tracking contrast media administration and ordering radiology examinations. They are used in hospitals, imaging centers and clinics for performing diagnostic procedures such as X-rays, CT scans, ultrasounds, MRIs and others. PACS solutions enable the transfer of patient images from the modality to diagnostic workstations in real time and the integration of radiology workflows with Electronic Medical Records (EMRs). RIS allows efficiency in radiology department operations by optimizing workflow and enhances patient safety through tracking of imaging orders, scheduling and follow up of reports.

The global PACS and RIS market is estimated to be valued at US$ 3,657 million in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

The global PACS and RIS market is witnessing significant growth due to increasing adoption of medical imaging modalities for diagnosis and growing integration of these systems with EMR/EHR software. Furthermore, rising geriatric population and growing prevalence of chronic diseases are prompting healthcare facilities to invest in robust diagnostic imaging management software for improved patient care and operational efficiency. However, data security concerns and high costs associated with PACS deployment may hamper market growth.

Market Dynamics:
One of the key drivers for the growth of PACS and RIS market is the increasing adoption of medical imaging modalities. With advancements in medical imaging technologies, hospitals and clinics are increasingly relying on diagnostic imaging techniques like X-rays, CT, MRI, ultrasound and others for disease diagnosis and monitoring treatment progress. This has increased the volumes of medical images that need to be securely archived, transmitted and analyzed in a timely manner, thereby fueling the demand for fully-integrated PACS and RIS solutions.

Another major driver for this market include growing integration of PACS and RIS with hospital EMR/EHR systems. Vendors are focusing on developing solutions that allow radiology data such as images, reports and orders to be accessed directly within the hospital EMR, eliminating the need for manual entry. This level of integration streamlines radiology workflows, enhances patient care and lowers healthcare costs by avoiding redundant tests.

Segment Analysis
One of the dominating segments in the PACS and RIS market is the On-premise segment which holds around 65% of the overall market share currently. This is because traditionally hospitals and diagnostic centres have deployed on-premise PACS and RIS software solutions in-house. However, the cloud-based segment is emerging as an attractive segment due to benefits like easy accessibility, lower costs of ownership and scalability.

PEST Analysis
Political: Government initiatives to implement IT in healthcare in regions like North America and Europe is supporting market growth.

Economic: Rising healthcare costs is increasing demand for PACS and RIS solutions to improve efficiency and reduce costs.

Social: Growing diseases prevalence and ageing population is increasing healthcare burden creating need for better disease management through PACS and RIS.

Technological: Integration of AI and cloud computing is helping drive innovations in PACS and RIS solutions.

Key Takeaways
The Global PACS And RIS Market Size is expected to witness high growth. The global PACS and RIS market is estimated to be valued at US$ 3,657 million in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030.

Regional analysis comprises regions such as North America currently dominating the market due to advanced healthcare infrastructure and healthcare IT adoption. Asia Pacific is poised to be the fastest growing region supported by rising healthcare modernization initiatives.

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. Rising need for improved radiology workflow is driving innovations by these players in diagnostic image and related data management.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it