The PACS and RIS market covers products related to radiology information systems (RIS) and picture archiving and communication systems (PACS). RIS and PACS systems are used in hospitals and diagnostic centers to digitally store, manage and track patient's radiological images and reports. PACS helps in managing the digital images of X-ray, MRI, CT scan and other radiology tests by facilitating the electronic transfer of images from the diagnostic devices to viewing workstations. RIS is used to store, manage and track patients' radiology diagnostic reports and images. It assists radiologists and other healthcare providers in scheduling patients for radiology exams, tracking ordered exams and managing workflow.
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, and Evonik Industries AG. 3A Composites GmbH is a leading provider of PACS and RIS solutions with a strong customer base in the North America and Europe.
Growing consolidation in the healthcare industry is providing growth opportunities for key players to expand their PACS and RIS solutions across larger hospital chains and diagnostic centers. The need for centralized data storage and integrated healthcare IT solutions is encouraging larger players to focus on mergers and acquisitions to create comprehensive imaging solutions.
Increased adoption of radiology outsourcing by hospitals in developed markets is leading to strong demand for teleradiology and mobile PACS solutions. Key players are focusing on global expansion through partnerships, especially in emerging markets of Asia Pacific and Latin America to tap the opportunities arising from growing medical tourism and rising healthcare infrastructure development.
Market Drivers
One of the key drivers for the PACS and RIS market is the growing need to manage the surging volume of medical images generated due to the rising volume of diagnostic imaging procedures performed globally each year. With the increasing preference for digitized patient records and films, the demand for PACS and RIS solutions is growing.
Market Restraints
High deployment and maintenance costs of PACS and RIS solutions pose a major challenge, especially for small hospitals and diagnostic centers in price-sensitive developing regions. Data security and privacy concerns regarding patient information stored on these systems also restrain the growth of PACS and RIS market to some extent.
Segment Analysis
Hospitals sub segment dominates the PACS and RIS market currently accounting for over 55% share. Large hospitals are increasingly adopting these integrated systems to manage medical imaging data in digital format and streamline workflow. The sub segment growth is aided by rising hospital infrastructure in developing nations and integration of advanced features in existing hospital IT systems.
Ambulatory surgical centers sub segment is expected to exhibit highest CAGR during forecast period owing to rapid set up of new clinics and medical centers. Streamlining radiology reporting and maintaining electronic health records has become crucial for these centers to enhance profitability and productivity. Integration of PACS and RIS promises cost savings over long run through improved coordination between clinicians and radiologists.
Global Analysis
North America holds leading share currently due to widespread digitalization in healthcare sector and favorable insurance coverage boosting adoption rates. Presence of advanced IT infrastructure and major industry players accelerates regional market growth. Asia Pacific expected to emerge fastest growing region with rising medical tourism and government initiatives to build smart healthcare facilities. China and India showcase bright prospects supported by increasing investments in hospital IT systems. Europe continues to be another lucrative market driven by initiatives to curb healthcare costs and replace aging systems.
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