PACS and RIS Market
PACS and RIS Market - (Product - RIS and PACS (Cardiology, Dental, Oncology, and Orthopedic PACS); Component - Hardware, Software, and Services; Deployment - Web-based, Cloud-based, and On-premise; End User - Hospitals, Diagnostic Centers, Research & Academic Institutes, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019- 2027
Press Release :
- According to Transparency Market Research’s latest report on the global PACS and RIS market for the historical period 2017–2018 and forecast period 2019–2027. The global PACS and RIS market is driven by rising health concerns and growing demand for digitization of products by government
- According to the report, the global PACS and RIS market was valued at US$ 2,633.4 Mn in 2018 and in term of Volume 42,874 Units. The market value is anticipated to expand at a CAGR of 5.3% from 2019 to 2027
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Technological advancement in health care encouraged by government intervention: Key Driver
- Globally, governments have recognized the importance of health care IT and are encouraging the usage of PACS and RIS for in-depth and accurate analysis of the health of a patient. Health care IT systems not only improve ease of use, but management of a large number of patient records, and transparency in medical insurance claim process.
- The U.S. Government encourages adoption of health care IT products such as hospital information systems in the hospitals.
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Transition to electronic medical record (EMR): Key Driver
- Adoption of EMR systems in both hospital and office-based practices is increasing. Demand for PACS and RIS is increasing as these allow medical images to be saved electronically.
- This requirement effectively ensures that the radiology information system and picture archiving communication system for the caregivers is ensuring the electronic accessibility of the images.
Cyber security concerns: Restraints
- PACS are widely installed in big healthcare provider, data networks, were experts say providers of all sizes should look to strengthen the cyber security of their medical imaging systems.
- Medical devices connected to integrated delivery networks and hospital computer networks including image-producing hardware such as MRI machines can present both cyber security and patient safety concerns
Global PACS and RIS Market: Competitive Landscape
- This report profiles major players operating in the global PACS and RIS market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global PACS and RIS market include
- GE Healthcare
- Philips Healthcare
- Fujifilm Holdings Corporation
- McKesson Corporation
- Siemens Healthineers
- Agfa Healthcare
- Allscripts Healthcare Solutions, Inc
- others among others.
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Global PACS and RIS Market: Key Developments
Key players in the global PACS and RIS market are engaged in regulatory approvals, launch of new products, training and development, acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global PACS and RIS market. A few expansion strategies adopted by players operating in the global PACS and RIS market are:
- In June 2016, Agfa HealthCare entered into partnership with Watson Health medical imaging. This collaboration could create an opportunity for its radiology segment. IBM Watson is a technology platform which will bring cognitive imaging in day to day practices. This partnership of artificial intelligence will allow Agfa Healthcare to provide an e-Health platform for Integrated Care and Population Health Management
- Fujifilm Holdings Corporation aims to build a strong base of management to generate stable profits. To achieve this, the company has taken several strategic initiatives to drive growth. In May 2015, the company acquired U.S.-based TeraMedica, Inc. to strengthen its position in the medical IT segment.
The report on the global PACS and RIS market discussed individual strategies, followed by company profiles of manufacturers of PACS and RIS. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global PACS and RIS market.
Use of PACS and RIS Technology in Various Healthcare Settings to Boost Global PACS and RIS Market
The medical images are handled, retrieved, stored, and transmitted by the picture archiving and communication system (PACS). It is utilized in the sector of radiology to share and display diagnostic images. A radiology information system (RIS) is a computer programme that handles medical images and other related data. The RIS keeps track of orders of radiology imaging and billing information. It is utilized in combination with vendor-independent archives (VNAs) and PACS. Image files, documents, and billing are all handled by RIS. Growing prominence of this technology is anticipated to foster growth of the global PACS and RIS market in the years to come.
For medical imaging, RIS and PACS are being used more than traditional systems. For a long-term future, PACS and RIS are considered the better options than many other available solutions for a sustainable future, which is estimated to benefit global PACS and RIS market. PACS and RIS are becoming more widely used in a variety of health-care settings and high-value items, such as oncology PACS, orthopedics, and cardiology.
Market to Rise on the Back of Advent of Cloud-based PACS Solutions in Near Future
Current healthcare procedure necessitates the storage, interpretation, and consultation of a huge number of medical professionals on diagnostic images of patients. To host and archive these files, medical archiving systems are inadequate, and interoperability and scalability are also issues. Healthcare services require a solution that allows for fast access to and safe sharing of all clinical data, whilst still protecting patients' privacy and reducing costs. In the near future, the need to incorporate patient images with electronic medical records and health information sharing networks is projected to give the global PACS and RIS market a considerable boost.
As healthcare providers adapt to information management platforms and new image to fulfil their needs, industry participants expect stable growth in the global PACS and RIS market for photo archiving and communication systems. Cloud-based PACS solutions are the most recent market innovation, and in the next few years, they are projected to come up as one of the leading technologies in the market.
Global PACS and RIS Market - Scope of Report
TMR’s report on the global PACS and RIS market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2029 to 2027. The report provides revenue of the global PACS and RIS market for the period 2018–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global PACS and RIS market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players, Product Type literature, annual reports, press releases, and relevant documents to understand the global PACS and RIS market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global PACS and RIS market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global PACS and RIS market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global PACS and RIS market.
The report delves into the competitive landscape of the global PACS and RIS market. Key players operating in the global PACS and RIS market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global PACS and RIS market that have been profiled in this report.
Key Questions Answered in Global PACS and RIS Market Report
- What is the scope of growth of product type companies in the global PACS and RIS market?
- What will be the Y-o-Y growth of the global PACS and RIS market between 2020 and 2030?
- Will North America continue to be the most profitable market for PACS and RIS providers?
- Which factors are anticipated to hamper the growth of the global PACS and RIS market during the forecast period?
- Which are the leading companies in the global PACS and RIS market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global PACS and RIS market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary researches, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the product type of the global PACS and RIS market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, Product Type portfolio managers, and market intelligence managers, who contributed to TMR’s study on the surgical drapes market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the PACS and RIS market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global PACS and RIS market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global PACS and RIS market more reliably and accurately.
The global PACS and RIS market has been segmented as follows:
Global PACS and RIS Market, by Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Global PACS and RIS Market - Segmentation