Picture archiving and communication system (PACS) is a technology of medical imaging that provides convenient access to economical storage of images from multiple modalities. Radio Information System is a computerized database that is used by radiology departments to manipulate, store, and distribute patient radiological imagery and data. PACS &RIS are been used more than conventional systems for imaging. They are proved to be the right choice for the future. The adoption of PACS &RIS is been rising in several health care facilities and products of high value like orthopedic PACS, oncology PACS, cardiology PACS.
Impact of COVID-19 Pandemic on the PACS and RIS Market:
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the PACS and RIS market growth.
- COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments are making efforts to provide excellent quality healthcare to patients globally. Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries may lead to a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Cardiology imaging vendors have been adopting digital communications and imaging in medicine (DICOM) standards to advance commercial PACS, which is specifically designed for cardiology. Cardiology studies are zestful, huge number of images and large amount of data is generated per study. The number of cardiology studies performed has been rising by 20% per year. Due considering the large records, cardiology is anticipated to benefit from electronic management of images, which will show sustainable growth. This will drive the demand for PACS and RIS market.
The market has been studied as PACS and RIS. PACS is been emerging as the leading segment, considering the terms of revenue in the year 2018. Attributed to huge demand and more spread and attraction in the use of PACS like orthopedic PACS and cardiology PACS. Within the different types of PACS products, the oncology segment of PACS is been witnessed to be the major segment in the forecast timeline, due to an increase in the incidences of cancer. Additionally, rising demand for complete diagnosis is anticipated to fuel the growth of the segment.
When considered in terms of deployment, the segmentation of the market is done in the terms of web-based, on-premise, and cloud-based. Web-base dominates the PACS and RIS market globally and this is expected to raise the demand for multi-modality support for proper workflow management of medical imaging practices at various locations. The cloud-based segment is expected to record the most lucrative growth rate because increased cyber security provided by cloud-based systems and additional storage, is more convenient due to the rise in the number of health care procedures etc.
North America is likely to drive the market due to increased technological advancements and demand for PACS in the region due to high incidences of diseases and the eager need for data management. Asia-Pacific is expected to be the most lucrative market due to rising population and emerging economies and high disposable income for healthcare with government initiatives.
Key Benefits of the Report:
- This study presents the analytical depiction of the global PACS and RIS market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global PACS and RIS market share.
- The current market is quantitatively analyzed to highlight the global PACS and RIS market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global PACS and RIS market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Global PACS and RIS Market Research Report:
- What are the leading market players active in the global PACS and RIS market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
PACS and RIS Market Report Highlights
By End User
Key Market Players
GE Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, Siemens Healthineers, Agfa Healthcare, Allscripts Healthcare Solutions, Inc., McKesson Corporation