by The 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 Overview:-
Pacs and Ris are software systems used in hospitals to manage medical images and related data. PACs provides doctors with the ability to access radiology images from multiple modalities like CT, MRI, ultrasound etc. RIS helps in managing radiology workflow and scheduling examinations. Together, PACS and RIS help in streamlining radiology department operations and improving productivity of radiologists.
Market Dynamics:-
Rising adoption of integration of PACS and RIS is expected to drive the market growth over the forecast period. Combining PACs and RIS has benefits such as ease of access to patient information from radiology exams, centralized data storage and efficient radiology workflow. Moreover, increasing investments by hospitals in advanced medical imaging solutions in order to provide improved healthcare services is also anticipated to fuel the Pacs and Ris market growth. However, high installation and maintenance costs of PACS and RIS can hinder the market growth.
SWOT Analysis:-
- Strength: Pacs and Ris provide increased accessibility to patient data and images, speedy workflow, and improved diagnostic accuracy. They enable integrated access to patient records from multiple locations and departments. Pacs and Ris generate notifications and automatic reports for physicians to facilitate timely diagnosis and treatment.
- Weakness: High initial investment costs associated with Pacs and Ris implementation may not be feasible for smaller healthcare facilities. Technical issues such as software glitches and system errors can cause disruptions.
- Opportunity: Growing need to curtail escalating healthcare costs by improving operational efficiency drives adoption of Pacs and Ris. Rising geriatric population susceptible to chronic diseases increases demand. Developing regions without advanced healthcare IT present Greenfield opportunities.
- Threats: Integration challenges with existing legacy systems hamper full utilization of benefits. Stringent regulations around data privacy and security pose compliance issues. Frequent technological advancements require continued upgrades to maintain competitiveness.
Key Takeaways:-
The Global Pacs And Ris Market Growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period, due to increasing adoption of digital healthcare technologies. Pacs and Ris optimize workflow efficiency to reduce costs and enhance patient care quality.
Regional analysis: North America currently dominates the global market and is expected to continue its lead, owing to advanced healthcare infrastructure and increasing digitalization adoption among providers. Asia Pacific is poised to grow at fastest pace due to rising medical tourism and growing hospitals and diagnostics centers in developing nations like China and India.
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. The market demonstrates a moderate level of consolidation with top players holding majority share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
