Pacs and ris market analysis

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2. PACS and RIS Market, By Product Type (RIS, PACS), By Component (Hardware, Software, Services), By Deployment (Web Based, Cloud Based, On Premise), By End User (Hospitals, Diagnostic Centers, Research & Academic Institutes, Ambulatory Surgical Centers), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 PACS AND RIS MARKET ANALYSIS

3. Picture Archiving and Communication System (PACS) is a medical imaging technology, which offers economical storage and convenient access to images from multiple modalities. PACS aids in digitally transmitting electronic images and reports. PACS offers the electronic platform for radiology images interfacing with Radiology Information System (RIS). The global PACS and RIS market is estimated to account for US$ 3,045.0 Mn in terms of value in 2020 and is expected to reach US$ 4,821.6 Mn by the end of 2027. Global PACS and RIS Market: Drivers Emergence of pandemic diseases is expected to boost growth of the global PACS and RIS market over the forecast period. For instance, there were 3,525,116 confirmed cases of COVID-19, including 243,540 deaths, as reported to WHO as of May 5, 2020. Moreover, increasing adoption of digital pathology is also expected to aid in growth of the market. For instance, in April 2020, ContextVision, a digital pathology solutions provider, reported that the company’s sales in Q1 ended at US$ 2.98 million, a substantial increase of 38.4% compared to the first quarter in 2019 and its EBITDA was US$ 14.06 million and the operating result ended at US$ 12.03 million. PACS held dominant position in the global PACS and RIS market in 2019, accounting for 83.1% share in terms of value, followed by RIS, respectively.

4. Global PACS and RIS Market Share (%), by Value, by Product Type, 2019

5. Global PACS and RIS Market: Restraints RIS and PACS are prone to cyber-attacks, which increases concerns regarding data safety in the healthcare sector. This in turn is expected to hinder growth of the global PACS and RIS market over the forecast period. Moreover, high cost of PACS and RIS is also expected to limit growth of the market. For instance, conventional PACS systems can cost around US$ 5,000 to US$ 100,000. Global PACS and RIS Market: Opportunities   Increasing adoption of cloud-based PACS is expected to offer lucrative growth opportunities for players in the market. Cloud-based PACS offers several benefits such as on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service. Moreover, increasing adoption of mobile apps in the healthcare sector is also expected to aid in growth of the market. The global PACS and RIS market was valued at US$ 2,833.1 Mn in 2019 and is forecast to reach a value of US$ 4,821.6Mn by 2027 at a CAGR of 6.8% between 2020 and 2027.

6. Global PACS and RIS Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

7. Market Trends/Key Takeaways Launch of mobile apps that integrate with RIS and PACS is expected to aid in growth of the market. For instance, in April 2020, MedInformatix, a health IT company, launched Wait in Car, a new mobile-friendly application that allows patients to wait in the safety of their automobiles for assigned medical appointments. The app integrates with RIS platforms and electronic health record (EHR) to provide the service. Increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. Global PACS and RIS Market: Competitive Landscape Major players operating in the global PACS and RIS market include, 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. Global PACS and RIS Market: Key Developments Major players in the market are focused on adopting collaboration strategies to enhance their market share. For instance, in April 2020, Sectra, a medical imaging IT and cybersecurity company, collaborated with Hospital for Special Surgery, an academic medical center focused on musculoskeletal health, to integrate FDA approved digital pathology imaging solution with laboratory information system for integrated diagnostics capabilities between radiology and pathology. Similarly, in April 2020, Wellbeing Software collaborated with Behold.ai, through which the Behold.ai’s artificial intelligence-based red dot algorithm will be used with Wellbeing Software’s Cris, a RIS, for fast-track diagnosis of COVID-19 in U.K.

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