This report on the PACS and RIS market studies the current as well as future prospects of the market globally. Health concerns related to life threatening diseases are the major challenges in the developed and developing nations. In addition, proper management and flow of medical data needs utilization of advance devices which enhance the PACS and RIS market.
PACS and RIS Market: Snapshot
Picture archiving and communication systems (PACS) and radiology information systems (RIS) are considered to be key resources for proper data management in a healthcare facility. The growing demand for digitization is enhancing the PACS and RIS market globally. The instant availability of images at wards and operating rooms to speed up treatment processes, remote viewing and consulting by medical professionals, and the transition from paper records to electronic medical records are functions that are supported by PACS and RIS and the rising need for these functionalities at any healthcare facility drives the global market.
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The global PACS and RIS market was valued at US$2.2 bn in 2015 and is anticipated to expand at a CAGR of 7.0% during the forecast period to reach US$3.9 bn in 2024.
Cloud-based PACS and RIS to Propel Global Market during Forecast Period
Based on product type, PACS emerged as the leading segment in terms of revenue in 2015, attributed to the high demand and widespread use of PACS such as cardiology PACS and orthopedic PACS. Among various types of PACS products, the oncology PACS segment is likely to record an impressive growth rate from 2016 to 2024. This is attributed to the increasing prevalence of cancer. In addition, the growing demand for complete diagnosis is likely to fuel this segment.
In terms of component, the services segment held a major share in the PACS and RIS market in 2015, boosted by the need for regular servicing and maintenance of hardware and software. In terms of deployment, the market has is led by web-based PACS and RIS, attributed to the increased demand for multi-modality support for efficient workflow management of medical imaging practices at number of locations. The cloud-based segment is likely to record strong growth from 2016 to 2024 because cloud-based systems provide increased cyber security and additional storage, which is essential due to the increased number of healthcare procedures.
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Based on end user, hospitals emerged as the leading segment in terms of revenue in 2015, owing to high demand. Hospitals carry out a large number of medical examinations in the form of images, which require secure proper storage and accessibility. The ambulatory surgical centers segment, on the other hand, is likely to record the highest growth rate during the forecast period.
PACS and RIS Market in Asia Pacific to Witness Considerable Growth by 2024
Geographically, North America was the leading revenue generator for the global PACS and RIS market in 2015, accounting for a share of over 45% that year. Rising healthcare demand and substantial government interventions for research and development are the major factors supporting market growth. The PACS segment in North America accounted for a significant share in 2015, supported mainly by a wide range of applications such as cardiology and oncology.
The PACS and RIS market in Asia Pacific is anticipated to witness considerable growth during the forecast period due to the difficulty presented by an increasing number of medical images in tracking medical records on paper. Hence, the adoption of electronic medical records and PACS and RIS is anticipated to increase through 2024. The markets in Japan and China are expected to expand at a CAGR higher than other countries in Asia Pacific due to the technological advancements in these countries. The demand for services for PACS and RIS systems in Asia Pacific is high owing to the increase in demand for maintenance of hardware and software.
Major players operating in the global PACS and RIS market include GE Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, McKesson Corporation, Siemens Healthineers, Agfa Healthcare, and Allscripts Healthcare Solutions, Inc.