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 (Picture Archiving and Communication System) and RIS (Radiology Information System) help in archiving, distribution and visualization of medical images from different modalities such as; CT, MRI, PET, etc. PACS and RIS provides streamlined workflow for doctors, radiologists and technicians, improves productivity and reduces turnaround time. It offers benefits such as digital access to patient’s reports & images, secure data storage and reduced operation costs.
Market key trends:-
The global Pacs and Ris market is witnessing high growth owing to the increasing trend of digitization of healthcare infrastructure across the globe. Adoption of PACS and RIS solutions help healthcare organizations in storing vast amount of medical imaging data digitally and easily accessible to radiologists and other medical staff from multiple locations. This has improved workflow efficiency, reduced operation costs and enabled improved management of patient care. Also, integration of artificial intelligence (AI) and machine learning capabilities in PACS and RIS solutions is gaining traction. AI assist radiologists in analyzing medical images, thereby enhancing diagnostic accuracy and speed. This trend of AI integration is expected to drive the market growth during the forecast period.
Porter’s Analysis:-
- Threat of new entrants: High upfront capital requirements and need for specialized knowledge and skills act as a deterrent for new entrants in this market.
- Bargaining power of buyers: Presence of numerous players in the market increases competition and provides buyers with greater purchasing power and choices.
- Bargaining power of suppliers: Leading players have established supply networks minimizing the bargaining power of suppliers.
- Threat of new substitutes: No major substitutes present for Picture Archiving and Communication Systems (PACS) and Radiology Information Systems (RIS) in the healthcare sector currently.
- Competitive rivalry: Intense competition exists between major players to capture market share through innovations and expansions.
SWOT Analysis:-
- Strengths: PACS and RIS solutions help improve operational efficiency and workflow in hospitals. They enable secure digital storage and sharing of medical images.
- Weaknesses: High installation and maintenance costs associated with these systems. Cyber security and data privacy remain key challenges.
- Opportunities: Growing healthcare expenditure in emerging nations. Integration of AI and cloud-based solutions offers new opportunities.
- Threats: Budgetary constraints in certain regions. Interoperability issues pose implementation challenges. Regulatory compliances increase compliance costs.
Key Takeaways:-
The Global Pacs And Ris Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing need for optimized healthcare systems and digitization of medical records. The Asia Pacific region is expected to be the fastest growing market for PACS and RIS solutions due to improving healthcare infrastructure and rising medical tourism in the region.
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. These players are focusing on mergers, acquisitions and product launches to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
