Global PACS and RIS Market, By Product Type (RIS, PACS), By Component (Hardware, Software, Services), By Deployment (Web Based, Cloud Based, On Premise), By End User (Hospitals, Diagnostic Centers, Research & Academic Institutes, Ambulatory Surgical Centers), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increase in company collaborations by market players is expected to drive the market growth over the forecast period. For instance, on April 17, 2023, Koninklijke Philips N.V., a multinational conglomerate corporation, announced the collaboration with Amazon Web Services, an IT service management company, for the availability of Philips HealthSuite Imaging on Amazon Web Services. Furthermore, Philips and AWS will expand their collaboration to advance AI in healthcare by leveraging Foundation Models with Amazon Bedrock to accelerate the development of cloud-based generative AI applications that will provide clinical decision support, enable more accurate diagnoses, and automate administrative tasks.
Global PACS and RIS Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global PACS and RIS Market. The use of Cloud PACS solution for remote reading was increased during COVID-19 to minimize exposure. In March 2020, IMAGE Information Systems, a software company providing PACS, launched a diagnostic imaging learning platform for COVID-19 cases.
Global PACS and RIS Market: Key Developments
In December 2022, Zebra Technologies, a healthcare technology company, announced the company was voted as top software vendor across 24 categories in the Retail Information Systems (RIS) 2023 Software LeaderBoard
In August 2020, Lunit, a South Korea-based medical AI (artificial intelligence) software company, partnered with Emergent Connect, a provider of cloud-based PACS software. This partnership will bring AI solutions to Emergent Connect's imaging cloud customer base, allowing AI to be more easily accessible to its clients.
Browse 26 Market Data Tables and 22 Figures spread through 125 Pages and in-depth TOC on “Global PACS and RIS Market”- Forecast to 2030, Global PACS and RIS Market, By Product Type (RIS, PACS), By Component (Hardware, Software, Services), By Deployment (Web Based, Cloud Based, On Premise), By End User (Hospitals, Diagnostic Centers, Research & Academic Institutes, Ambulatory Surgical Centers), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pacs-and-ris-market-3869
Key Takeaways of the PACS and RIS Market:
- The Global PACS and RIS Market is expected to exhibit a CAGR of 6.8% during the forecast period. The partnerships between the market players lucrative growth opportunities for players in the Global PACS and RIS Market. For instance, in August 2020, Lunit, a South Korea based medical AI software company partnered with Emergent Connect, a company providing cloud-based PACS software. This partnership will provide AI (artificial intelleganc) solutions to Emergent Connect's image cloud customers, making AI more accessible to its clients.
- Among end user, the Hospitals segment is expected to grow in the Global PACS and RIS Market over the forecast period due to an increase in the partnerships between hospitals and market players. For instance, in January 2022, Wirral University Teaching Hospital (WUTH) partnered with Koninklijke Philips N.V., a multinational conglomerate corporation, for the implementation of Phillips Vue PACS
- Among region, North America is expected to be the dominant region in the Global PACS and RIS Market, owing to the increasing breast cancer cases as PACS has a greater detection rate for breast tumors and offers some diagnostic usefulness in diagnosing malignant breast tumors. For instance, according to Breastcancer.org, as of January 2022, there were more than 3.8 million women with a history of breast cancer in the U.S.
- Major players operating in the Global PACS and RIS Market are Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.
