PACS and RIS Market Trends, Analysis, Top Players 2021-2031
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 and RIS Market Analysis
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.
PACS and RIS Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
PACS and RIS Market: Strategic Insights
Market Size Value in US$ 2,836.65 million in 2019 Market Size Value by US$ 5,441.87 Million by 2027 Growth rate CAGR of 8.4% from 2020 to 2027 Forecast Period 2020 - 2027 Base Year 2020
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
PACS and RIS Market: Strategic Insights
| Market Size Value in | US$ 2,836.65 million in 2019 |
| Market Size Value by | US$ 5,441.87 Million by 2027 |
| Growth rate | CAGR of 8.4% from 2020 to 2027 |
| Forecast Period | 2020 - 2027 |
| Base Year | 2020 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
PACS and RIS Market Drivers and Opportunities
Affordable Price of New Generation PACS Software to Favor Market
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.
Increasing Demand in Radiology – An Opportunity in PACS and RIS Market
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.
PACS and RIS Market Report Segmentation Analysis
Key segments that contributed to the derivation of the PACS and RIS market analysis are product, component, deployment, and end user.
- Based on product, the PACS and RIS market is bifurcated into PACS and RIS. The PACS segment held a larger market share in 2023.
- Based on component, the market is segmented into hardware, software, and services. The software segment held a larger market share in 2023.
- Based on deployment, the market is bifurcated into on-premise and web-based & cloud-based The web-based & cloud-based segment held a larger market share in 2023.
- In terms of end user, the market is divided into hospitals, diagnostic centers, research & academic institutes, and others. The hospital segment dominated the market in 2023.
PACS and RIS Market Share Analysis by Geography
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.
PACS and RIS Market Report Scope
PACS and RIS Market News and Recent Developments
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:
- In May 2024, the US-based healthcare system, Change Healthcare launched Cloud-Native PACS. The company focus on transition from on-premise imaging systems to cloud-based and zero-footprint medical imaging solutions, PACS and its related tools for both cardiology and radiology (Source: Change Healthcare, Press Release)
- In September 2023, On World Patient Safety Day 2023, the Patient for Patient Safety Foundation (PFPSF) and Consortium of Accredited Healthcare Organizations (CAHO) joined forces to highlight the importance of patient engagement through the creation of Patient Advisory Councils (PACs) and the promotion of Patient Reported Experience Measures (PREMs) (Source: Patient for Patient Safety Foundation (PFPSF), Newsletter)
PACS and RIS Market Report Coverage and Deliverables
The “PACS and RIS Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- PACS and RIS Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
PACS and RIS Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- PACS and RIS market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- PACS and RIS Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to PACS and RIS Market
May 2024
Dental Laser Treatment Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Hard Tissue, Soft Tissue, and Others), End User (Hospitals, Dental Clinics, Dental-Owned Practices, and Others), Clinical Indication [Conservative Dentistry, Root Canal (Endodontic Treatment), Oral Surgery, Implantology, Peri-Implantitis, Periodontics, and Others], and Geography
May 2024
Antimicrobial Surgical Suture Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Triclosan Antimicrobial Suture and Chlorhexidine Antimicrobial Suture), Raw Materials (Polyglactin 910 Antimicrobial Suture, Poliglecaprone 25, and Polyglycolic Acid), Application (Cardiovascular Surgery, General Surgery, Ophthalmic Surgery, Gynecological Surgery, Orthopedic Surgery, Plastic Surgery, Veterinary Surgery, Dental Surgery, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2024
Smart Hospital Beds Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Patient Weight (Less than 70 lb, 70 to 150 lb, 150 to 400 lb, 400 to 500 lb, Greater than 500 lb); Offering (Products and Accessories, Software and Solutions, and Services); Application (Fall Prevention, Pressure Injury Prevention, Patient Deterioration and Monitoring, and Others); End User (Hospitals, Clinics and Nursing Homes, Ambulatory Surgical Centers, Medical Laboratories, Long Term Care Centers, and Others), and Geography
May 2024
Heart Transplant Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Surgery Type (Orthotopic Heart Transplant and Heterotopic Heart Transplant), Type (Donor Live Heart and Artificial Hearts), End User (Hospitals, Cardiac Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2024
Breath Analyzer Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Fuel Cell Technology, Semiconductor Sensor, Infrared Spectroscopy, and Others), Application (Drug Abuse Detection, Alcohol Detection, and Medical Applications), End User (Law Enforcement Agencies, Hospitals & Diagnostic Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2024
Osteoarthritis Therapy Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Therapy Type (TENS, Occupational Therapy, Physical Therapy, Platelet-Rich Plasma Therapy and Stromal Vascular Fraction, Prolotherapy, and Others), Disease Indication (Knee Osteoarthritis, Spine Osteoarthritis, Foot and Ankle Osteoarthritis, Shoulder Osteoarthritis, Hand Osteoarthritis, and Others), End User (Hospitals and Clinics, Specialty Clinics, Ambulatory Surgical Centers, Homecare, and Others), and Geography
May 2024
Surgical Navigation Systems Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Optical Navigation System, Electromagnetic Navigation System, Hybrid Navigation System, Fluoroscopy Navigation System, CT-Based Navigation System, and Others), Application (Orthopedic, ENT, Neurology, Dental, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography
May 2024
Skull Clamp Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Three-Pin Skull Clamp, Four-Pin Skull Clamp, and Two-Pin Skull Clamp), Application (Surgery and Medical Imaging), Material (Stainless Steel, Aluminum Alloy, Titanium, and Radiolucent), Accessories (Skull Pins, Headrest, and Others), End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Get Free Sample For