SEATTLE, May 18, 2021, (MEDGADGET) — Overview
The Picture Archiving and Communication System (PACS) is a medical imaging technology that allows for cost-effective storage and easy access to pictures from a variety of sources. PACS enables the multimedia transfer of photographs and studies. PACS is an electronic network that connects radiology images to the Radiology Information System (RIS).
In terms of revenue, the global PACS and RIS market is projected to hit US$ 4,821.6 Mn by the end of 2027, up from US$ 3,045.0 Mn in 2020.
Over the forecast period, the emerging contagious diseases are expected to fuel growth of the global PACS and RIS market. According to WHO data as of May 5, 2020, there were 3,525,116 confirmed cases of COVID-19, with 243,540 deaths.
Furthermore, growing acceptance of digital pathology is expected to help the market expand. ContextVision, a digital pathology solutions company, announced revenue of US$ 2.98 million in the first quarter of 2020, a major improvement of 38.4 percent over the first quarter of 2019. The EBITDA was US$ 14.06 million, and the operating result was US$ 12.03 million.
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In terms of value, PACS dominated the global PACS and RIS market in 2019, accounting for 83.1 percent of the market, led by RIS.
Cyber-attacks on RIS and PACS are widespread, raising questions about data protection in the healthcare industry. As a result, the global PACS and RIS demand is expected to slow down during the forecast period.
Furthermore, the high cost of PACS and RIS is expected to limit market growth. PACS systems can vary in price from $5,000 to $100,000.
The growing popularity of cloud-based PACS is expected to provide lucrative growth opportunities for market players. On-demand self-service, large network connectivity, resource pooling, rapid elasticity, and calculated service are all advantages of cloud-based PACS.
Furthermore, the adoption of mobile apps in the healthcare sector is expected to boost growth of the global PACS and RIS market.
The global PACS and RIS market was worth US$ 2,833.1 million in 2019 and is expected to hit US$ 4,821.6 million by 2027, growing at a CAGR of 6.8% between 2020 and 2027.
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The introduction of mobile apps that integrate with RIS and PACS is expected to help the market expand. MedInformatix, a health IT company, launched Wait in Car, a new mobile-friendly technology that allows patients to wait for assigned medical appointments in the comfort of their own cars in April 2020 to provide the service, the app integrates with RIS networks and electronic health records (EHRs).
The rising prevalence of chronic diseases is also expected to boost business growth. According to the American Cancer Society, there will be 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. in 2019.
Key companies contributing in the global PACS and RIS market are Siemens AG, Epic Systems Corporation, Medinformatix Inc., Wellbeing Software, Agfa Healthcare, Philips Healthcare, RamSoft Inc., Cerner Corporation, Sectra, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Merge Healthcare Incorporated, eRAD, Inc., General Electric Company, and McKesson Corporation.
To increase their market share, major players in the market are focusing on partnership strategies. Sectra, a medical imaging IT and cybersecurity firm, teamed up with Hospital for Special Surgery, an academic medical centre specialising in musculoskeletal health, in April 2020 to combine an FDA-approved digital pathology imaging solution with a laboratory information system for integrated diagnostics between radiology and pathology.
Likewise, in April 2020, Wellbeing Software partnered with Behold.ai to use Behold.ai’s artificial intelligence-based red dot algorithm in combination with Wellbeing Software’s Cris, a RIS, to diagnose COVID-19 faster in the United Kingdom.
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