Pacs And Ris MarketSize and Trends

The global PACS and RIS market is estimated to be valued at US$ 3,657.0 Million in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).

Figure 1. Global PACS and RIS Market Share (%), by Product Type, 2023

Global PACS and RIS Market – Driver

Increasing company acquisitions by market players

Increasing company acquisitions by market players is expected to spur the global PACS and RIS market growth over the forecast period. For instance, in August 2021, Ehave Corp., a healthcare company, acquired Moksha Digital Software Pvt. Ltd., a provider of medical imaging software and the creator of the FDA-cleared CuriePACS and CurieRIS solutions. Radiologists, doctors, and surgeons employ CuriePACS and CurieRIS at hospitals and diagnostic centers all over the world.

Global PACS and RIS Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global PACS and RIS market because the market players operating in the global PACS and RIS market were adopting strategies such as collaborations for the diagnosis of COVID 19 which is expected to boost the market growth during this period. For instance, in April 2020, Wellbeing Software, a U.K.-based software company, collaborated with Behold.ai, a technology company, through which Behold.ai’s artificial intelligence-based red dot algorithm will be used with Wellbeing Software’s Cris, a RIS, for fast-track diagnosis of COVID-19 in the U.K.

Increasing product launches by market players is expected to drive the market growth over the forecast period

For instance, in August 2021, Change Healthcare, U.S. based healthcare company, announced the launch of Change Healthcare Stratus Imaging PACS. The newly launched Change Healthcare Stratus Imaging PACS are comprehensive cloud software as a service (SaaS) solution for radiology practice

Global PACS and RIS Market Segmentation:

The global PACS and RIS market report is segmented into By Product Type, By Component, By Deployment, By End User, and By Region.

By Product Type, the market is segmented into Inactivated RIS and PACS. Out of which, the PACS segment is expected to hold a dominant position in the global PACS and RIS market during the forecast period and this is attributed to the technological advancements in the development of PACS.

By Component, the market is segmented into Hardware, Software, and Services. Out of which, the Software segment is expected to hold a dominant position in the PACS and RIS market during the forecast period and this is attributed to the increasing software launches by market players

Market Drivers

Among all the segmentations, the product type segment has the highest potential due to the increasing collaboration during the market players this is expected to drive the growth of the segment over the forecast period.

Global PACS and RIS Market Cross Sectional Analysis:

Cloud based segment is expected to dominate in the Asia Pacific region due to increase in the number of product launches. For instance, in September 2020, KareXpert, India based software company, launched an AI-led, Cloud-based Digital Healthcare Platform for Hospitals. This platform brings together all of the healthcare components as a pre-integrated stack at a fraction of the cost. This comprises Advanced HIMS, EMR/EHR, LIMS, RIS/PACS, Pharmacy, Telemedicine, Medical IoT, Advanced BI, Connected Ambulance, and many others.

Global PACS and RIS Market: Key Trends