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PACS, RIS Markets On The Rise

PACS, RIS Markets On The Rise

According to ResearchAndMarkets.com, the global picture archiving and communication systems (PACS) market will reach $2.5 billion by 2027.

Amid the COVID-19 crisis, the global market for Picture Archiving and Communication Systems (PACS) was estimated at $1.9 billion in the year 2020 and is projected to reach a revised size of $2.5 Billion by 2027, according to a ResearchAndMarkets.com report.

Mini PACS, one of the segments analyzed in the report, is projected to record a 4.4% compound annual growth rate (CAGR) and reach $1.5 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Enterprise PACS segment is readjusted to a revised 5.4% CAGR for the next 7-year period, according to the report.

The PACS market in the U.S. is estimated at $545.3 million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $450.9 million by the year 2027 trailing a CAGR of 4.4% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 3.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

In the global Mid End PACS segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounted for a combined market size of $212.4 million in the year 2020 will reach a projected size of $291.7 million by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach $292.7 million by the year 2027.

Mordor Intelligence reports that the radiology information systems market was valued at $809.8 million in 2020, and it is expected to reach $1.315.6 billion by 2026. The predicted growth is expected to register a CAGR of nearly 7.3% during the forecast period of 2021-2026.

COVID-19 is expected to have a significant impact on the radiology information system market. According to a research article published by the Radiological Society of North America, policy measures adopted to slow the transmission of COVID-19 were decreasing the demand for imaging services. The guidelines from the Centers for Disease Control and Prevention (CDC) to postpone non-emergency outpatient visits during the height of the pandemic had a great impact on screening services such as mammography and lung cancer screening, and the impact has been observed throughout the sector, including interventional procedures. This is likely to have slowed the demand for radiology information systems as they are used to analyze data from radiology units. The market is expected to see a positive trend in upcoming months.

The major factors for the growth of the market include an increase in the incidence rate of chronic diseases, improved access to healthcare information technology systems and an increase in government funding for cancer-related research. The burden of chronic diseases is on the rise across the globe. The increase in the aging population and rising prevalence of chronic diseases and lifestyle-related disorders – such as cancer, arthritis, cardiovascular, and diabetes – are some of the primary factors responsible for the growth of this market. •

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