PACS and RIS Market Will Grow Rapidly Driven By Technological Advancements in Medical Imaging

PACS and RIS Market Trends

The PACS and RIS market comprises of Picture Archiving and Communication Systems (PACS) and Radiology Information Systems (RIS) used primarily in the healthcare industry for efficient management of medical imaging workflow. PACS are software solutions used to securely store, distribute and display medical images, while RIS are used to manage radiology workflow and patient scheduling, billing and reporting. Together, PACS and RIS help in streamlining radiology workflow and ensuring seamless image sharing across diagnostic centers and healthcare organizations. The growing need to centralize medical imaging data and enable access from multiple locations is a key driver fueling adoption of PACS and RIS solutions. Advancements in imaging technologies and rising investment in diagnostic imaging modalities have led to increased volume of scans, further raising the need for effective medical imaging management systems.

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 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, Evonik Industries AG. Leading players are focusing on developing more advanced AI-powered solutions and strategic collaborations to strengthen their market presence.

In terms of opportunities, growing healthcare expenditures and increasing investments towards digital transformation of healthcare present significant scope for lucrative growth of PACS and RIS Market Trends. Further, rising need for teleradiology due to shortage of radiologists in certain regions is expected to drive demand for cloud-based PACS and RIS.

Globally, North America currently dominates the PACS and RIS market. However, the Asia Pacific region is anticipated to offer most attractive opportunities during the forecast period. Growing patient volume, increasing healthcare infrastructure development and digitization of hospitals particularly in China and India will drive the Asia Pacific market. Major market players are also expanding their presence in emerging Asian countries through partnerships and acquisitions.

Market Drivers

One of the key drivers for the PACS and RIS market is the rising adoption of imaging modalities across healthcare facilities. Growing use of advanced diagnostic imaging technologies like MRI, CT, ultrasound and mammography have led to increased medical imaging data that needs to be securely managed to optimize workflow and enable seamless access. This is promoting uptake of PACS and RIS solutions globally.

Market Restraints

High costs associated with deployment and maintenance of PACS and RIS solutions poses a major challenge, especially for small healthcare centers and hospitals in price-sensitive developing regions. Integration issues of these systems with existing healthcare IT infrastructure of certain facilities is another major restraint. Concerns around security and privacy of patient data stored on these systems also limits complete adoption.

Segment Analysis

The PACS and RIS market is segmented based on component, imaging modalities, deployment, end-user and region. The services sub-segment dominates the component segment as it offers post-sales and maintenance services. Under imaging modalities, digital radiography sub-segment holds the largest share due to increase in cases of chronic diseases. Cloud-based deployment sub-segment is expected to grow at highest CAGR owing to advantages like reduced operational costs and better scalability. Hospitals end-user segment governs the PACS and RIS market attributing to increase in number of diagnostic tests carried out in hospitals.

Global Analysis

North America holds the major share in the global PACS and RIS market due to advanced healthcare infrastructure and high adoption of digital radiography systems. Asia-Pacific region is likely to witness tremendous growth during the forecast period mainly due to improving healthcare infrastructure, rising medical tourism and growing geriatric population. Key players are focusing on new product launches and geographical expansion to strengthen their global presence. Increasing applications of PACS and RIS and rising healthcare expenditure across developing countries will further aid in growth of the market.

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