by The PACS and RIS market are gaining significant traction owing to the increasing adoption of advanced imaging modalities and growing need for integrated healthcare IT infrastructure across healthcare facilities. PACS solutions help in digital storage, distribution, and visualization of medical images along with integration capabilities with hospital information systems. RIS applications facilitate effective management of radiology operations, billing, and resource planning.
The Global PACS and RIS Market 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 2031.
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. The growing adoption of advanced medical imaging modalities such as CT, MRI, ultrasound is creating new opportunities for PACS and RIS vendors to develop integrated solutions. Technological innovations are helping develop artificial intelligence and cloud-based solutions that can automate clinical workflows and improve diagnostic accuracy.
Market Drivers
The rising geriatric population and growing prevalence of chronic diseases are major factors driving the demand for medical imaging procedures. This is significantly fuelling the growth of PACS and RIS Market Trends. In addition, government initiatives to implement IT infrastructure in healthcare facilities and growing investments by hospitals to transition to digital platforms will continue to propel the PACS and RIS market growth over the forecast period.
Current challenges in PACS and RIS market:
The integration of various healthcare IT systems remains a key challenge for the PACs and RIS market. Different vendors provide solutions tailored to specific areas like radiology, cardiology, etc. and ensuring comprehensive interoperability is difficult. Moreover, costs associated with frequent system upgrades and integration with new medical devices also hamper market growth. Data privacy and security concerns amid growing instances of hacking and leaks adds to the challenges. High initial installation and maintenance costs prevent many small hospitals and diagnostic centers from adopting these solutions. Lack of skilled IT professionals with medical domain knowledge is another area that needs attention.
SWOT Analysis
Strength: Archiving and accessibility of medical images across different clinics/hospitals. Secured centralized storage of important patient health records. Improved workflow efficiency and productivity of radiologists.
Weakness: High upfront implementation and maintenance costs. Risk of systems failures and limited storage capacity. Lack of standardization between different vendor solutions.
Opportunity: Growing digitization in healthcare. Adoption in emerging markets. Integration with other clinical and imaging systems. Scope for AI/Analytics powered clinical decision support.
Threats: Threat of hacking and data breaches. Stiff competition among existing vendors. Changing healthcare regulations around data privacy. Rising replacement and upgrade expenditure.
Geographical regions where market value is concentrated:
North America dominates currently due to well-established healthcare systems, presence of leading manufacturers and rapid technology adoption. The US accounts for the largest share. Europe follows on backed by growing healthcare budgets and shift towards digital solutions across hospitals. Within Asia Pacific, China and India are expected to see high investments in digitization providing scope for PACs and RIS platforms over the coming years.
Fastest growing geographical region:
Asia Pacific region is poised to witness the highest growth in the PACS and RIS market during the forecast period. This can be attributed to rising healthcare expenditure, growing number of hospitals and diagnostic centers, burgeoning medical imaging volumes and increasing focus on developing digital infrastructure in the healthcare industry across emerging Asian nations. Additionally, increasing awareness regarding benefits of centralized health information systems also supports the promising development opportunities for market players within Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
