In a Transparency Market Research Inc. study, in 2018, the global PACS and RIS market was worth $2.63 billion and 42,874 units based on volume. The global market is likely to rise at 5.3% compound annual growth rate (CAGR) during the forecast period, from 2019 to 2027. Increasing government demand for product digitalization and growing health concerns are expected to drive the future market outlook for PACS and RIS.
Governments all around the world are promoting the use of PACS and RIS for thorough and precise analysis of a patient’s health since they understand the value of health care IT. The handling of a large volume of patient data and openness in the medical insurance claim procedure are all improved by health IT systems in addition to user friendliness. The U.S. Government promotes the use of hospital information systems as well as other health care IT technologies in hospitals.
EMR systems are becoming more widely used in both office-based and hospital-based practices. PACS and RIS are in greater demand since they enable electronic storage of medical images. The RIS and the PACS for the caregivers are effectively ensured that the images are accessible electronically.
The PACS manages, obtains, stores and transmits the medical pictures. It is used to communicate and show diagnostic pictures in the field of radiology. The RIS records billing data and orders for radiological imaging. It is used in conjunction with PACS and vendor-independent archives (VNAs). RIS manages image files, invoicing and documents. In the years to come, it is projected that the rising popularity of this technology will encourage expansion of the PACS and RIS market on a global scale.
The need to incorporate images of patients with health information sharing networks and electronic medical records is anticipated to offer the global PACS and RIS market a significant boost in the coming years.
The most recent industry innovation is cloud-based PACS solutions, which is expected to account for a considerable market share for PACS and RIS. In the coming years, it’s expected that they will emerge as one of the most popular products available. It is also expected to account for the largest revenue share in the PACS and RIS market during the forecast period.
PACS and RIS are being utilized increasingly often in a range of health care areas and for high-value categories including cardiology, orthopedics and oncology. PACS and RIS market demand analysis estimate such extensive use of these systems is likely to work in favor of the global market.
Maximize Market Research (MMR) also predicts market growth.
The PACS and RIS market was valued at $3.42 billion in 2021, and it is expected to reach $5.97 billion by 2029, exhibiting a CAGR of 7.23% during the forecast period 2022-2029, according to an MMR report.
“The global PACS and RIS market is primarily driven by increased investments in automation and digitization in the health care industry. Increased demand for digital images such as X-rays, MRI, ultrasonography and digital pathology is a major driver, as picture archive and communication (PAC) allows for easy access and low-cost storage of digital images,” according to MMR. “PACS provides low-cost access to a variety of source modalities, including computed tomography, positron emission tomography and plain X-Ray film. The benefits of PACS over traditional picture storage, display and distribution, such as time savings and digitization, have enhanced the demand for PACS across the health care business.”
“The PACS has a wide range of uses in diagnostic centers, clinics and hospitals since it allows for easy digital image storage while removing the need for hard copies. During the forecast period, the market is likely to benefit from rising government and corporate investments in digitalizing health care systems to reduce costs and boost profits,” MMR states.
“Furthermore, the need for RIS and PACS among health care workers is being fueled by remote access via smart phones. In the coming years, the market is likely to be driven by rising government spending in the building of strong IT and telecommunications infrastructure,” according to the report.
