by The PACS and RIS market products provide a number of advantages compared to traditional archiving systems. They allow improved and secure access to medical imaging data such as X-rays, CTs, and MRIs from any connected computer. With PACS, images can be instantly sent between departments, clinics, and organizations allowing for improved workflow and collaboration. PACS also help reduce costs by eliminating physical film and recurring film printing and processing fees. The rising adoption of digital medical imaging technologies has driven the need for effective solutions to securely store and manage the burgeoning amounts of radiology data.
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 demand for improved health care services and infrastructure in emerging nations is fueling market growth. Key players are also increasingly focusing on expanding their presence in high growth markets through collaborations with regional players.
Market Key Trends
One of the key trends gaining traction in the PACS and RIS Market Trends is the increased adoption of cloud-based PACS solutions. Cloud-based PACS allow improved data access and scalability since medical images and data are hosted online rather than on local servers. This eliminates the need for costly upfront investments in hardware and IT infrastructure. The hosting, maintenance, and upgrades are managed by third-party service providers. During the COVID-19 pandemic, there was a strong impetus for healthcare providers to adopt cloud-based solutions to allow staff to securely access patient data remotely. This trend is expected to continue driving market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and regulatory barriers limit new companies from entering the market.
Bargaining power of buyers: Individual buyers have low bargaining power due to a large number of existing suppliers, however group purchasing adds bargaining power for healthcare providers.
Bargaining power of suppliers: A few large companies dominate supply, giving them significant bargaining power over price and quantity.
Threat of new substitutes: Emerging technologies like cloud and mobile solutions pose a threat of substitution, however existing systems still serve needs.
Competitive rivalry: Competition is high between major global players and regional vendors offering substitutable products and services.
Geographical Regions
North America holds the largest share of the PACS and RIS market currently, due to widespread adoption in the region and presence of major vendors. The high healthcare expenditure and technological advancements drive growth.
The Asia Pacific region is poised to grow at the fastest rate during the forecast period, with increasing healthcare investments in countries such as China and India. Growing medical tourism and rising patient pool also support regional market expansion. Developing nations are expected to upgrade aging infrastructure and adopt digital imaging solutions at a higher rate.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
