According to the latest report published by Credence Research, Inc. “PACS and RIS Market: Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global PACS and RIS market is projected to grow at a significant rate of 5.6% from 2018 to 2026 to reach US$ 7.5 Bn in 2026.
Browse the full report PACS and RIS Market: Growth, Future Prospects and Competitive Analysis, 2016-2026 report at http://www.credenceresearch.com/report/ris-and-pacs-market
Market Insights
A Radiology Information System (RIS) is a computer system that aims to support effective operations and workflow in a radiology department; whereas, Picture Archiving and Communication System (PACS) facilitates storage, presentation, retrieval, distribution and management of medical images. These systems help in managing all the business functions of the department from patient analysis and management to inventory control. RIS is considered as the core system for the electronic management of imaging departments. PACS has become a the necessary tool for healthcare institutions such as hospitals, emergency care centers and imaging centers to complement digital modalities and to meet the ever growing productivity demands.
Integration of PACS and RIS have proven to be a cost-effective solution for the management and distribution of radiology images. According to market experts, integration of RIS and PACS can increase the productivity by 15% to 20% and higher, especially in computer tomography and magnetic image resonance. Digital Imaging and Communications in Medicine (DICOM) is the universal format for image storage and transfer through PACS. DICOM permits PACS, RIS and other medical imaging solutions to connect and transfer data to systems at other healthcare facilities.
Rapid advancement and penetration of healthcare IT is supporting the adoption for PACS and RIS. Moreover, growth of PACS and RIS market is driven by government policies and initiatives towards healthcare and digitization. Penetration of PACS into specialties such as oncology, endoscopy and others will lead to added PACS applications and thus drive the market growth. Furthermore, features such as clinical decision support systems and integrated speech recognition technology will further assist the growth of PACS and RIS market.
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Geographically, North America held the largest market in global PACS and RIS market owing to high demand for superior quality of therapeutic outcomes and patient care, elevated implementation of healthcare IT and health information exchanges. Additionally, growing need for managing detail health records and reimbursement by insurance providers will also fuel the augment of PACS and RIS in North America. Asia Pacific emerged as the most lucrative market for PACS and RIS owing to favorable healthcare IT policies in China, Japan and Australia. Additionally, growing healthcare infrastructure in emerging nations, growth in incidence of chronic diseases, and demand for sophisticated healthcare services would further drive the market during the forecast period
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Market Competition Assessment:
The PACS and RIS market comprises major healthcare IT giants such as Fujifilm Teramedica, Inc., Merge Healthcare, McKesson Corporation, Siemens Healthineers, Carestream Health, Inc. The other notable players include Agfa Healthcare, Cerner Corporation, Philips Healthcare and Allscripts Healthcare Solutions, Inc. and others.
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