Driven by the technological advancements in the medical and healthcare industry encouraged by governments across the world, the global market for picture archiving and communication systems (PACS) and radiology information systems (RIS) are likely to witness substantial growth over the forthcoming years.
According to Transparency Market Research (TMR), the total opportunity offered by the worldwide PACS and RIS market was US$2.2 bn in 2015. Expanding at a healthy CAGR of 7.0% during the period from 2016 to 2024, the market is likely to increase to US$3.9 bn by the end of 2024.
In this blog post, analysts at TMR answers some important queries about the global PACS and RIS market:
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What are the main trends in the global PACS and RIS market?
The transition from manual records to electronic medical records (EMR) is the key trend in the global PACS and RIS market. The increasing adoption of EMR systems in hospitals, clinics, and offices has been fueling the demand for PACS and RIS across the world. Apart from this, the rise in digitization, together with viewing and consulting of patients at remote places by medical professionals, is also projected to accelerate the adoption of PACS and RIS in the medical and healthcare industry.
PACS, as a product, is witnessing a higher demand than RIS. This trend is likely to remain the same with the demand for PACS rising at a CAGR of 7.20% between 2016 and 2024. Hospitals are expected to remain the key end user of PACS and RIS; however, ambulatory surgical centers will present the most lucrative growth opportunities in the forthcoming years.
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Which of the regional markets is likely to dominate this market?
North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa are the main regional markets for PACS and RIS. On account of the presence of a highly advanced medical and healthcare infrastructure, the market for PACS and RIS is witnessing a tremendous rise in North America.
Supported by a wide ranging application in cardiology and oncology, the North America market for PACS and RIS is expected to emerge as the key contributor to the global market in the coming years. Asia Pacific and Europe are also anticipated to witness a robust rise in the demand for PACS and RIS over the next few years.
What are the key strategies adopted by leading companies for the development of their businesses?
At the forefront of the global PACS and RIS market are Fujifilm Holdings Corp., Philips Healthcare, GE Healthcare, McKesson Corp., and Siemens Healthineers. These players primarily rely on technological advancements for the development of their businesses. A shift in their focus towards mergers and acquisitions, to improve their global presence, can be witnessed in the coming years.
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