PACS and RIS Market is Expected to reach US$ 5,008.93 Mn in 2027 | with a CAGR of 7.4% from 2020 to 2027

PACS and RIS Market is expected to grow, owing to factors such as developments in diagnostic imaging modalities coupled with the rising number of diagnostic tests procedures, affordable price of new generation PACS software and new product launches & FDA approvals. In addition, increasing demand for orthopaedic PACS likely to have a positive impact on the growth of the market in the coming years.

According to a new market research study titled 'PACS and RIS Market to 2027 - Global Analysis and Forecasts by Product, Component, Deployment, and End User.' The Global PACS and RIS Market is expected to reach US$ 5,008.93 Mn in 2027 from US$ 2,728.43 Mn in 2018. The market is estimated to grow with a CAGR of 7.4% from 2019-2027. The report highlights the trends prevalent in the global PACS and RIS market and the factors driving the market along with those that act as deterrents to its growth.

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As, Europe is the second largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of digital technology in order to increase the efficiency of healthcare facilities in the region. The growth is driven by factors such as government collaborations with technology providers, prevalence of cancer in the countries.

The major players operating in the PACS and RIS market include:-

McKesson Corporation, General Electric, Fujifilm Holdings Corporation, Koninklijke Philips N.V., Siemens AG, Cerner Corporation, IBM, Novarad, Agfa-Gevaert Group, and INFINITT Healthcare Co., Ltd.

The market has witnessed various organic as well as inorganic developments during recent years in the PACS and RIS market. During September 2018, Novarad Corporation entered into a contract with Brown University Health Services to provide PACS and RIS software. The solution offers enhanced control over study information as well as an increased capacity for care both inside as well as outside of the facility, especially while referring physicians. These properties have led to increased adoption of the solution among the customers.

Market Insights:-

Developments in Diagnostic Imaging Modalities Coupled with Rising Number of Diagnostic Tests Procedures-

Medical imaging is a vital part in medical care and treatment across the globe. Rising awareness regarding early diagnosis of diseases has led to an increase in the total number of diagnostic tests procedures performed around the world. During the year 2012, Canadians underwent 1.7 million magnetic resonance imaging (MRI) exams and 4.4 million computed tomographies (CT) exams. The statistics reveal, nearly double the number of such reviews performed during 2003. The national rate for CT scans were 126 per 1,000 individuals around 2014 and 2015. Rates ranged from 209 (New Brunswick) and 170 (Newfoundland and Labrador) to 88 (Alberta) and 93 (Prince Edward Island). In addition, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests conducted in England in the 12 months from February 2016 to January 2017. Of these, 3.49 million imaging tests were reported to have taken place in January 2017.

New Product Launches & FDA Approvals-

Frequent FDA approvals and product launches drive the market for PACS and RIS. Most of the major market players operating in the market are adopting measures such as product launches as well as approvals to provide a better solution as well as software in the PACS and RIS market. For instance, during February 2019, Philips introduced IntelliSpace Cardiovascular 4.1, a cardiovascular image and information management system. The platform offers efficient pediatric reporting capabilities. With the rising prevalence of cardiovascular disorders, the launch of software can enable better treatment as well as diagnosis of these disorders.

Product Insights-

The global PACS and RIS market by product was led by PACS segment. In 2018, the segment of held the largest market share in the PACS and RIS market, by product. The segment is also expected to witness growth at a significant rate during the forecast period, as the solution offers benefits such as improved viewing and analysis, easy access to images and other reports, efficient data management

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