The picture archiving and communication system (PACS) and radiology information system (RIS) market is extremely consolidated, with the top five companies accounting for a share of over 61% in 2015. Transparency Market Research finds that GE Healthcare, Philips Healthcare, McKesson Corporation, Fujifilm Holdings Corporation, and Siemens Healthineers have significantly contributed to the global market over the years by providing an extra advantage to customers at a reasonable price.
“In contrast to the competitive landscape in the global PACS and RIS market, the market in developed countries is fragmented, with the presence of several companies vying for the top spot,” the author of the study notes.
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The opportunity in the global PACS and RIS market stood at US$2.2 bn in 2015 and, rising at a 7.0% CAGR during the forecast period, is estimated to be worth US$3.9 bn by 2024.
PACS Emerges as Leading Segment in Global PACS and RIS Market by Product Type
Based on product type, PACS held the majority in the global PACS and RIS market, accounting for a whopping share of over 82% in 2015. This segment is projected to register a 7.2% CAGR from 2016 to 2024, emerging as one of the most promising product segments by the end of the forecast period.
By end user, hospitals led the PACS and RIS market in terms of revenue. On the other hand, ambulatory surgical centers are anticipated to report a CAGR higher than any other end-use segment by 2024. On the basis of component, the services segment dominates the PACS and RIS market and is also projected to register a high growth rate during the course of the forecast period.
By deployment, web-based PACS and RIS held the leading share in the overall market, with cloud-based systems presenting the most lucrative options for players.
Geographically, North America accounted for a leading share of just under 47% in the global PACS and RIS market in 2015. However, the market in Asia Pacific is anticipated to expand at a high CAGR of 8.4% during the forecast period.
Rising Adoption of EHR Systems Drives Usage of PACS and RIS
“The importance and benefits of healthcare IT have been recognized with several governments around the world, spurring technological advancements in the field,” the lead analyst states. The usage of PACS and RIS for the accurate and detailed evaluation of patient’s health has increased as a result of this. An example of favorable government intervention would be the U.S. Government, which encourages the adoption of healthcare IT products such as RIS-PACS and hospital information systems (HIS) to maintain electronic health records (EHR).
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The rising adoption of EHR systems in hospital as well as office-based practices has also increased in recent times, further driving the demand for PACS and RIS. These systems allow medical images to be saved electronically and ensures the effective and easy accessibility of the images to caregivers.
On the other hand, high equipment cost acts as a major deterrent to the global PACS and RIS market. “In addition to the initial expense of hardware and software licenses, costs pertaining to ongoing tech support and implementation also restricts the adoption of PACS and RIS by healthcare facilities,” the author of the study reports.
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