The PACS and RIS market size is projected to reach US$ 8.06 billion by 2031 from US$ 3.84 billion in 2023. The market is expected to register a CAGR of 9.7% in 2023–2031. Technological advancement and product launches will likely remain a vital PACS and RIS market trend.
PACS-related skills are redefining the potential of diagnostic medical imaging and transforming patient care possibilities. Key factors driving the growth of the PACS and RIS market are usage of Artificial Intelligence (AI) in radiology and medical imaging and RIS/PACS combination systems. Integrated AI improves the radiological decision process to more serviceable level, mainly due to the progressive factions in algorithm development and increased availability of computational resourcing. Furthermore, many corporations and medical imaging practitioners are shifting to cloud PACS solutions from on-premises PACS systems. This immediate shift is mainly due to benefits like cost effectiveness, scalability, and, data security.
Diabetes, stroke, heart disease, cancer, and other chronic diseases are leading causes of death that requires several imaging sensory system for diagnostic and treatment monitoring purposes. Usage of PACS provides various advantages for patients and increases the hospitals efficiency in treating the chronic diseases. PACS in hospitals reduces the longer examination and patient waiting times. It also provides appropriate treatment for chronic disease patients, thus, offering significant growth opportunity for the market in the coming years.
Modern PACS are available at affordable price than its older versions. Pricing varies based on volume or studies, the practice size, and particular integrations needed. On-site 1,000 PACS studies can cost less than US$ 10,000 for a month and annual maintenance and support fees of US$2,000. On-site PACS is less costly than cloud-based PACS. Furthermore, the storage cost is up to US $50, i.e., 5% of the earlier cost. Also, the software price for a month usage is US$1,500, excluding the preliminary setup and an internet-capable viewing station or personal computer. The above factors is driving the PACS and RIS market growth.
Radiology Information System (RIS) and Picture Archiving and Communication System (PACS) are two primary solutions to maintain and manage organization imaging in the field of radiology. RIS efficiently manages data flow throughout reporting processing, whereas PACS efficiently transports private patient medical imaging information. After integrating RIS and PACS, healthcare professionals access medical images easily, reducing claims denials due to incorrectly entered information. Other factors such as image tracking, specific procedure reporting, automated billing, and other is helping radiology professionals to keep track of patient data. Thus, propelling the growth of PACS and RIS Market.
Key segments that contributed to the derivation of the PACS and RIS market analysis are product, component, deployment, and end user.
The geographic scope of the PACS and RIS market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America/South & Central America. The PACS and RIS market in North America is significant. The PACS and RIS market is growing and experiencing exponential growth in North America. The region's growth is mainly driven by government investment in healthcare infrastructure, increasing awareness regarding medical imaging and its benefits associated with the implementation of PACS and RIS. In March 2024, Synthesis Health launched a radiology workflow platform developer. This platform features several modules, including AI-based speech recognition capability, a workflow and reporting package, and a diagnostic and enterprise viewer. The above factors are expected to affect the PACS and RIS market growth positively.
The regional trends and factors influencing the PACS and RIS Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses PACS and RIS Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.84 Billion |
| Market Size by 2031 | US$ 8.06 Billion |
| Global CAGR (2023 - 2031) | 9.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The PACS and RIS Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the PACS and RIS Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The PACS and RIS market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “PACS and RIS Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: