PACS And RIS Market Is Estimated To Witness High Growth
Picture Archiving and Communication System (PACS) and Radiology Information System (RIS) are technologies used by healthcare organizations for streamlining the workflow and improving productivity. PACS allows storage, retrieval, distribution and presentation of medical images from multiple modalities such as CT, MRI, ultrasound and others. It facilitates access to images and reports from any connected device. RIS manages workflow and ensures optimal utilization of radiology equipment and specialists. It integrates with Hospital Information Systems (HIS) and Electronic Medical Records (EMR) to centralize patients' records. Use of PACS and RIS helps reduce film and printing costs while expediting consultations and access to prior studies.
The global PACS and RIS Market is estimated to be valued at US$ 3,657 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Streamlining the workflow remains a key opportunity for the PACS and RIS market. Healthcare organizations are under constant pressure to enhance productivity and optimize costs. PACS and RIS play a pivotal role in centralizing radiology data and imaging while integrating with other IT systems. This enables seamless flow of patients' records within radiology departments as well as across specialties. Streamlined workflow facilitates faster report generation and consultations. It also ensures optimal resource allocation and capacity utilization. Adoption of PACS and RIS improves collaboration between radiologists, technicians and referring physicians leading to improved quality of care. Vendors are focusing on developing integrated solutions that can deliver end-to-end workflow management capabilities to healthcare organizations. This will continue boosting adoption of PACS and RIS solutions in the coming years.
Porter’s Analysis
Threat of new entrants: The global PACS and RIS market has moderate threat of new entrants due to huge amount of capital required and established relationship of existing players with hospitals and radiology centers.
Bargaining power of buyers: The bargaining power of buyers is high in this market as there are numerous players providing similar PACS and RIS solutions. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many solution providers and healthcare IT companies providing inputs and services to PACS and RIS solutions.
Threat of new substitutes: Currently there are limited substitutes for PACS and RIS solutions. However, open-source and in-house developed solutions pose low level of threat.
Competitive rivalry: The competitive rivalry is high among existing players due to presence of numerous global and regional players providing similar PACS and RIS solutions. Players differentiate based on product features, services, price, regional expertise, and client relationships.
SWOT Analysis
Strength: PACS and RIS solutions help in digitization of medical images and reports. This improves storage, access and analysis of patient data. It also reduces operation costs and enhances workflow efficiency.
Weakness: High initial installation and operational costs restrain small healthcare settings from adopting these solutions. Interoperability issues arise while integrating with existing healthcare IT systems.
Opportunity: Growing digitization and need for reduced healthcare costs is driving greater adoption in emerging markets. Increased demand for specialized PACS solutions fromrad clinics presents an opportunity area.
Threats: Cyber security threats and data thefts are a major challenge. Open-source and in-house developed substitutes also threaten established revenue streams.
Key Takeaways
The Global PACS And RIS Market Growth is expected to witness high driven by rising healthcare expenditure, need for improved patient outcomes, and government support for healthcare IT adoption. The global PACS and RIS Market is estimated to be valued at US$ 3,657 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
North America accounts for the largest share currently due to developed healthcare infrastructure and presence of leading PACS and RIS solution providers in the region. Asia Pacific market is expected to grow at the fastest rate during the forecast period supported by increasing healthcare expenditures, expanding medical imaging market, rising medical tourism, and growing need to modernize health facilities.
Key players operating in the PACS and RIS market are Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc. Philips Healthcare and Cerner Corporation capture major market share due to their comprehensive service and product portfolios. Other players are focusing on strategic partnerships and mergers to strengthen their regional presence.
Explorer more information on this topic, Please visit -