“Increasing Adoption of Digital Pathology and Affordable Price of New Generation PACS Software Are Likely to Aid the Market Growth of the PACS and RIS Market.”
The PACS and RIS Market size is forecast to reach $4.7 billion by 2026, growing at a CAGR of 6.4% during the forecast period 2021-2026. Picture Archiving and Communication System provides economical storage and convenient access to images and aids in digitally transmitting electronic reports. It also offers the electronic platform for radiology images interfacing with Radiology Information System. It provides cost-effective access to images from multiple source modalities such as computed tomography, and magnetic resonance imaging among others. Technological advancements and increasing developments in diagnostic imaging modalities coupled with rising number of diagnostic tests procedures are the major factors driving the growth of the market. Rapid digitization in the healthcare sector globally and increasing adoption of mobile applications in the healthcare sector is also set to further enhance the overall market demand for the PACS and RIS Market for the period 2021-2026.
PACS and RIS Market Segment Analysis – By Product
Oncology PACS held the largest share in the PACS and RIS Market in 2020 and is estimated to grow at a CAGR 7.2% during the forecast period 2021-2026. The largest share is attributed to the advancements in imaging technology. PACS radiation therapy for oncology offers a server class system that provides access from virtually any location and it is flexible solution to keep increasing volumes of data and images readily accessible while the patients are under treatment. It provides deep archive to meet the data storage challenges in radiation in oncology and it is also scalable so that it can grow with increasing needs and offers centralized processing to provide all users the power of the professional server. Oncologists can seamlessly move between image and case review using both portal images and datasets. The clinical benefit of using web based cardiology PACS is the ability for the cardiologists and supporting staffs to conduct their daily duties from one system instead of several disparate system requiring a separate workstation. Oncology PACS is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
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PACS and RIS Market Segment Analysis – By Deployment
Online Based PACS held the largest share in the PACS and RIS Market in 2020 and is estimated to grow at a CAGR 5.8% during the forecast period 2021-2026. The largest share is attributed to the fact that it represents a ground breaking development and are hosted off site by the cloud PACS vendor. The storage and features of cloud based PACS are provided by the cloud PACS servers. The computer network is greatly broadened in cloud based PACS and so the scope of devices that can act as display stations is much wider. Local PACS can be replaced with cloud based PACS as it can cut costs significantly. Using cloud based PACS in radiology departments prevents storage overload from happening. The unlimited distribution of underlying application of web based PACS is its main advantage. Web Based PACS is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
PACS and RIS Market Segment Analysis – By Geography
North America dominated the PACS and RIS Market with the major share of 38.6% in 2020. This is owing to the technological advancements and rising healthcare demand. The increasing prevalence of diseases and the need for data management along with the substantial government intervention for research and development is also increasing the growth of the market in this region. However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the widespread application of PACS in hospitals and clinics as it replaces the hard copies of images into digital storage.
PACS and RIS Market Drivers
Increasing Number of Cardiology Procedures
An increasing number of cardiology procedures is increasing the growth of the PACS and RIS Market. This is attributed to the fact that cardiology imaging vendors are adopting digital imaging and communication in medicine to develop commercial PACS designed for cardiology. Cardiology studies are dynamic in which a large number of images and a vast amount of data are generated which increases 20% per year. Cardiology is expected to benefit substantially from the electronic management of images owing to the large records of data it generates. Thus, increasing the growth of the PACS and RIS Market during the forecast period 2021-2026.
Developments in Diagnostic Imaging Modalities
Developments in diagnostic imaging modalities coupled with the rising number of diagnostic test procedures are increasing the growth of the PACS and RIS Market. Radiology is emerged as a trend toward computerized management in the health service owing to cost-efficient and rapid communication between radiology departments and their users. Owing to the improved health care policy and the guided protocol of medical imaging diagnosis, there has been a rise in the number of global imaging-based procedures along with the increasing requirement of consumables for tests. Thus, increasing the growth of the PACS and RIS Market during the forecast period 2021-2026.
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PACS and RIS Market Challenges
High Cost of PACS and RIS
Some of the factors that are set to impede the growth of the PACS and RIS Market are the high cost of PACS and RIS along with the increasing concerns regarding the safety in the healthcare sector owing to the cyber-attacks. The problem in keeping the track of the legislative development along with the clinical and technological advancements is also set to hinder the growth of the PACS and RIS Market.
PACS and RIS Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the PACS and RIS Market. In 2020, the PACS and RIS Market share is consolidated by the top ten players present in the market. PACS and RIS Market, top 10 companies are GE Healthcare, Philips Healthcare, FujiFilm Holdings Corporation, Mckesson Corporation, Siemens Healthineers, Agfa, Merge Healthcare, and Cerner Corporation among others.
In April 2020, MedInformatic launched Wait in Car, a mobile-friendly application that allows patients to wait in the safety of their automobiles for assigned medical application and it integrates with RIS and electronic health record to provide the service.
North America dominated the PACS and RIS Market in 2020 owing to the rising health care demand and substantial government interventions for research and development. The PACS and RIS Market scope for different regions will be provided in the final report.
Increasing adoption of digital pathology and affordable price of new generation PACS software are likely to aid the market growth of the PACS and RIS Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the PACS and RIS Market report.
High cost of PACS and RIS along with the increasing concerns regarding data safety in the healthcare sector owing to the cyber-attacks are poised to create hurdles for the PACS and RIS Market.
Related Reports :
A. Global Radiology Information Systems Market
B. Ophthalmology PACS Market
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