by The PACS and RIS market refers to the Picture Archiving and Communication system (PACS) and Radiology Information System (RIS) market. PACS and RIS provides an effective digital platform for the management and storage of medical imaging along with radiological reports and related information. PACS provides efficient electronic access to images from multiple modalities like X-rays, CT, MRI, ultrasound, etc. across clinical sites within a healthcare organization. RIS helps in managing radiology workflow, scheduling, results reporting, and billing functions. The advantages of PACS and RIS include improved image quality, easy accessibility of reports and images, reduced storage costs, efficient workflow management and ability to share data across different healthcare facilities.
With the rising volume of medical imaging procedures and increasing preference for digital radiology systems for better disease management, there is a growing demand for advanced PACS and RIS Market Trends solutions in healthcare organizations.
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: Key players operating in the PACS and RIS market include 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.
Key opportunities: Growing investments in digital radiography systems and rising cancer incidence in developing nations are expected to create significant opportunities for players in the PACS and RIS market.
Global expansion: Leading market players are focusing on expansion plans in emerging countries like India, Brazil and China to strengthen their global presence in the high growth PACS and RIS market.
Market drivers: The increasing adoption of digital imaging technologies in healthcare and rising geriatric population suffering from chronic diseases are some of the major drivers boosting the growth of the PACS and RIS market. Growing prevalence of orthopedic and cardiovascular disorders is also fueling the demand for PACS and RIS solutions globally.
PEST Analysis
Political: The regulations around healthcare practices, data security, and medical imaging technologies often impact the adoption of PACS and RIS solutions in hospitals and clinics. Compliance with local rules is important for vendors.
Economic: Rising healthcare costs and need for optimized workflows are key drivers of investments in technology like PACS and RIS that enable more efficient management of patient data and imaging reports.
Social: Adoption of digital health technologies and demand for improved access to medical records from patients put pressure on healthcare providers to implement networked imaging and reporting systems.
Technological: Advancements in areas such as artificial intelligence, cloud computing, and 5G networks allow for more powerful and interconnected PACS and RIS with capabilities such as automated image analysis and remote access to studies. New technologies also help address interoperability between different systems.
Geographical regions:
North America has traditionally been the largest market for PACS and RIS solutions, accounting for over 35% of the global revenue. This is due to factors like higher healthcare spending per capita, widespread hospital networks and established base of diagnostic imaging equipment in countries like the US.
Asia Pacific is poised to be the fastest growing regional market during the forecast period. This growth is driven by countries like China and India that are seeing rising medical imaging investments combined with the implementation of large digital health initiatives by governments. Increased adoption of advanced systems can help address the large patient volumes in emerging APAC healthcare systems.
Fastest growing region:
The Asia Pacific region is projected to see the highest CAGR of over 9% for the PACS and RIS market from 2024 to 2031. Factors fueling this rapid expansion include growing medical infrastructure and diagnostic capabilities, rising healthcare expenditures, and government plans to modernize hospitals through digital technologies in countries like China, India and South Korea. Additionally, increased emphasis on specialties such as oncology and cardiology that use medical imaging extensively also supports the need for solutions like PACS and RIS. This makes Asia Pacific an attractive market for vendors to focus on for future growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
