Picture archiving and communication system (PACS) and radiology information system (RIS) are medical imaging systems used by hospitals, clinics, and imaging centers for efficient management of digital images and patient imaging data. PACS allow radiologists and clinicians to conveniently access and analyze images from different locations, while RIS help manage workflow and track radiology orders and exam reports. The growing prevalence of chronic diseases and rising healthcare expenditure are driving the demand for advanced medical imaging technologies. Additionally, the adoption of cloud-based PACS and RIS is expected to propel the market growth in the coming years.
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.
The key opportunities in the PACS and RIS market include increased healthcare spending in developing economies, growing geriatric population, and rising adoption of hybrid imaging systems. Cloud-based deployment of PACS and RIS solutions provide cost-effective medical imaging data management.
Technological advancements such as artificial intelligence-enabled diagnostic platforms and cloud-based solutions are supporting the integration of PACS and RIS across healthcare systems. Mobile and cloud-based platforms improve access to medical imaging reports from anywhere.
Market drivers
The increasing incidence of chronic diseases and growing geriatric population are major market drivers for PACS and RIS. With the rising demand for improved healthcare services, there is a need for efficient medical imaging management solutions. The PACS and RIS market growth is also supported by the adoption of hybrid imaging techniques and integration of AI technology in diagnostic workflows. Adoption of cloud-based platforms provides cost-effective data storage and improves accessibility of medical images.
Current challenges in PACS and RIS Market
The PACS and RIS market has been witnessing various technological advancements. However, integrating these advanced systems with legacy systems remains a major challenge for vendors. Data migration from old to new systems without loss is another challenge. Significant investment required for upgrading or replacing existing PACS and RIS further adds to the costs. Lack of skilled professionals who can efficiently implement and maintain such complex systems poses a challenge.Healthcare facilities in developing regions face budget constraints which restrict complete deployment of advanced PACS and RIS.Concerns around patient data security and privacy due to increased cyber threats is a challenge for the industry. Standardization across different systems and streamlining workflows also remains an area that needs attention.
SWOT Analysis
Strengths: Technological advancements have improved imaging quality, processing power and data storage capabilities. This has enhanced diagnosis and treatment. PACS and RIS solutions help simplify workflows and enable centralized storage and access to records.
Weaknesses: High initial investment and maintenance costs. Integration challenges with legacy systems. Lack of skilled workforce in some regions.
Opportunities: Growing diagnostic imaging volumes and rising chronic diseases will drive demand. Adoption in developing regions provides headroom for growth. Advancing AI capabilities can enhance clinical decision making.
Threats: Cyber security threats endanger patient privacy. Competition from open-source alternatives. Regulatory uncertainty around data localization and sharing.
Geographical regions in terms of value
North America dominates the global PACS and RIS market in terms of value, owing to rising healthcare expenditure and rapid technological adoption. The availability of funding and presence of major players have boosted regional market growth. Asia Pacific is emerging as the fastest growing regional market driven by expanding medical infrastructure, growing medical tourism and rising healthcare investments in countries such as China and India. Increasing per capita incomes have also stimulated demand. Europe accounts for a significant market share due to favourable government support and mandatory implementation of digital health programs across major countries.
Fastest growing geographical region
Asia Pacific region is poised to witness the highest growth during the forecast period in the global PACS and RIS market. This is attributed to rapidly developing healthcare infrastructure, growing funding for digital healthcare initiatives from governments and private organizations, rising medical tourism and expanding patient base. Increasing disposable incomes have also augmented demand from consumers in the region. China represents the fastest growing national market as it emerges as a healthcare technology leader through continuous investments and by driving innovation. India is another highly lucrative market driven by the public-private efforts to modernize its healthcare system through widespread digitization.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it