April 17, 2024
PACS and RIS Market

The Growing PACS and RIS Market is in Trends by Increasing Adoption of Healthcare IT Solutions for Medical Imaging

The PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) market involves products and solutions that help in managing medical imaging data and associated information in hospitals and diagnostics centers. PACS and RIS enable digital storage, distribution and analysis of medical images along with information related to patients and clinical exams across radiology departments. They help in streamlining radiology workflows and improving collaboration between doctors and health professionals. The increasing use of medical imaging modalities like CT, MRI and ultrasound scanners has led to higher demand for integrated systems to efficiently store, access, transmit and analyze large volumes of image data. PACS and RIS find widespread adoption owing to benefits like reduced turnaround times, improved diagnostic accuracy, lowered operating costs and enhanced accessibility of images from any location.

The Global PACS and RIS Market Demand is estimated to be valued at US$ 4212.87 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the PACS and RIS market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, Evonik Industries AG.

Rising adoption of digital healthcare solutions and increased usage of medical imaging modalities are fueling market growth. The growing demand for affordable, paperless and advanced methods for handling imaging data is propelling the sales of PACS and RIS globally. The favorable government initiatives and investments towards digitization of healthcare are also boosting market revenues.

Owing to the benefits offered, vendors are witnessing increased interests from international markets. The PACS and RIS market is witnessing significant expansion opportunities in Asia Pacific and Middle East & Africa due to improving healthcare infrastructure and rising healthcare expenditure in countries. High growth prospects and untapped potential in emerging economies are attracting key players to establish presence through partnerships and collaborations.

Market Key Trends

The growing importance of data analytics in healthcare decision making is one key trend influencing the PACS and RIS market. Vendors are introducing advanced analytics capabilities and deep learning technologies in their products. This helps providers gain insights from medical images to detect anomalies, diagnose diseases accurately and monitor treatment effectiveness. Analytics-driven PACS and RIS solutions are witnessing higher demand as they enable higher quality care at reduced cost through personalized interventions and preventive approaches.

Porter’s Analysis

Threat of new entrants: Low capital requirements and brand differentiation make entry difficult.

Bargaining power of buyers: Large healthcare provider networks are able to negotiate lower prices from vendors.

Bargaining power of suppliers: A few large players dominate the supply of PACS and RIS software, giving them higher bargaining power.

Threat of new substitutes: Cloud-based systems and artificial intelligence based diagnostic tools pose a potential threat.

Competitive rivalry: Intense competition among major players drives continuous innovation and upgrades.

Geographical Regions

North America accounts for the largest share of the global PACS and RIS market in terms of value, due to increasing healthcare expenditure and rapid adoption of digital healthcare technologies in the US and Canada.

Asia Pacific is poised to grow at the fastest pace, supported by rising medical tourism, healthcare reforms & investments in countries like China and India. Growing medical infrastructure and increasing patient pool make the region highly lucrative.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it