by Picture Archiving and Communication Systems (PACS) and Radiology Information Systems (RIS) facilitate the digital management of medical imaging documentation. PACS enable storage, retrieval, distribution and presentation of images, while RIS manage the workflow and documentation of radiology information. These systems help healthcare organizations enhance productivity, reduce operational costs and improve patient care. PACS allow rapid access to prior patient imaging studies from multiple modalities like X-Ray, ultrasound, CT and MRI for clinical diagnosis and treatment planning. RIS track imaging orders and examination results, manage scheduling, billing and reporting. Advancements in digital radiology coupled with benefits offered by PACS and RIS like reduced film costs and improved productivity are fueling their adoption.
The Global PACS and RIS Market Demand is estimated to be valued at US$ 4212.87 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the PACS and RIS market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, Evonik Industries AG. Key players are focusing on new product approvals and geographic expansion to strengthen their market position.
Key opportunities in the market include rising number of hospitals and diagnostic centers, increasing investments by public and private players in healthcare infrastructure and growing demand for advanced imaging modalities. Additionally, new product innovations adapted to telehealth services during the pandemic will further fuel adoption.
Globally, North America dominates the PACS and RIS market owing to developed healthcare infrastructure and high penetration of diagnostic imaging modalities. However, Asia Pacific is expected to exhibit high growth over the forecast period with improving healthcare standards in major countries like China and India. Key players are expanding their presence in emerging Asian countries through acquisitions and collaborations.
Market drivers
The increasing adoption of diagnostic imaging modalities like CT, MRI, X-Ray and ultrasound is a key growth driver for the PACS and RIS market. Diagnostic imaging volumes have increased multifold with improving accessibility of advanced technologies. PACS and RIS serve as vital platforms for the efficient management and sharing of imaging data. Additionally, ongoing replacement demand for older PACS solutions with newer integrated platforms will support market revenues.
PEST Analysis
Political: Healthcare reforms in several countries and increasing investments in healthcare IT drive the adoption of PACS and RIS solutions. Governments across regions are focusing on digitization of medical records for better management and access.
Economic: Improving economies and spending capabilities boost investments in advanced healthcare technologies. Growing healthcare expenditures encourage hospitals to opt for digital solutions for storage, management, and sharing of medical images and reports.
Social: Rising awareness about benefits of digital healthcare and picture archiving and communication systems (PACS) and radiology information systems (RIS) promotes their adoption. Growing need for improved diagnostic accuracy and treatment outcomes fuels demand.
Technological: Integration of artificial intelligence and cloud computing advance the capabilities of PACS and RIS. Advancements in medical imaging modalities generate large volumes of data requiring effective storage and retrieval solutions. Developments in teleradiology expand use cases.
Geographical concentration
North America accounts for the largest share currently due to advanced healthcare infrastructure and increasing digitization initiatives in the region. Majority of hospitals have implemented PACS and RIS solutions for streamlining operations.
Fastest growing region
Asia Pacific is poised to grow at the fastest pace during the forecast period supported by rising healthcare expenditures, growing patient population, and ongoing improvements in regional healthcare systems. Several countries are investing heavily in healthcare IT adoption which will drive the PACS and RIS market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
