A PACS and RIS report from ResearchAndMarkets.com predicts growth in the global market.
Picture archiving and communication system (PACS) is used for management, retrieval, storage and distribution of medical images. In the field of radiology, it is used for sharing and viewing of diagnostic images. A radiology information system (RIS) is a network of the software system used for managing medical images and other related data. RIS keeps track of radiology imaging orders and data of bills. It is used along with PACS and vendor neutral archives (VNAs). RIS manages image archives, records and billing.
The global PACS and RIS market is expected to exceed $5 billion in 2027, according to the report. The PACS and RIS market is estimated to grow with a compound annual growth rate (CAGR) of 7.4% from 2019-2027.
The market is driven by factors such as developments in diagnostic imaging modalities coupled with the rising number of diagnostic tests procedures, affordable price of new generation PACS software and new product launches and FDA approvals. However, availability of better substitutes and concerns regarding data privacy may limit the growth of the market to a certain extent, according to ResearchAndMarkets.com.
Some of the difficulties of the PACS software include quality of images, a short span of backup storage as well as the threat from data privacy. To combat the shortcomings of the software, other alternatives with better features are available, for instance, the vendor neutral archive (VNA). A VNA stores medical images in a standard format, making these images accessible to health care professionals.
In PACS software, there are significant issues concerned with vendor-specific software. However, in the case of VNA, the electronic files do not need to be converted into a different format, VNA converts a standard PACS more efficiently as well as cost-effectively. VNAs work through an open architecture, which has access across all domains within a hospital enabling efficient sharing of data with any health care facility across the country. Hence, the benefits offered by other systems over PACS is expected to hinder the growth of the PACS and RIS market.
Zion Market Research (ZMR) has published a report that states the global PACS and RIS market was valued at $2.6 billion in 2017 and is expected to reach $4.3 billion by 2024, growing at a CAGR of around 7.3% between 2018 and 2024.
North America dominates the PACS and RIS market. In 2015, ZMR reports that the North America PACS and RIS market held a major market share of around 45%. The North American PACS and RIS market are expected to grow at a CAGR of approximately 7% between 2018 and 2024, according to the ZMR report. The U.S. is the leading sub-segment in the North American PACS and RIS market, followed by Canada, and is projected to maintain its dominance in the forecast timeframe.
The European PACS and RIS market showed significant growth rate in 2017 and is expected to generate new opportunities in the upcoming years, according to ZMR.