Artificial Intelligence
PACS & RIS Market Size (2022-2030) Share, Industry Trends, Growth, Challenges and Forecast: Growth Plus Reports
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Newark, New Castle, USA, Feb. 23, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “PACS & RIS Market by Product (RIS, PACS), Component (Hardware, Software, Services), Deployment (Web-based, Cloud-based, On-premise), End-user (Hospitals, Diagnostic Centers) – Global Outlook & Forecast 2022-2030″ published by Growth Plus Reports, the PACS & RIS market is expected to grow at a CAGR of 7.1% from 2021 to reach US$ 3.29 billion by 2030.
Picture archiving and communication system (PACS) is a medical imaging technology that stores, retrieves, shares, and displays images obtained by various medical equipment such as ultrasound, CT scan, X-ray, and MRI machines. The RIS (radiology information system) is a computerized database with a wide range of utilization in radiology departments to store, edit, and disseminate radiological data and diagnostic imaging for patients. PACS & RIS technology has large applications in healthcare systems and hospitals. PACS and RIS are more commonly utilized for imaging than traditional systems. PACS and RIS use is increasing across several healthcare institutions and high-value areas such as orthopedic PACS, oncology PACS, and cardiology PACS.
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Market Drivers
With growing awareness of the benefits of information technology (IT) in the healthcare segment, the market for PACS and RIS is estimated to show great growth throughout the projected period. The accelerating technological improvements in the PACS and RIS market are likely to maintain the growth rate high during the predicted timeframe, along with the rising use of RIS and PACS for an in-depth and precise assessment of patient health. Continuous hospital information systems (HIS) developments and the growing demand for a consolidated platform in developing countries are projected to provide new prospects for PACS and RIS solutions. In addition, recent studies predicted upgrading electronic health records (EHR) systems to enhance the overall operation, thus evolving into a more patient-centric approach. Moreover, the advent of flexible cloud PACS is also boosting the overall growth of the PACS & RIS market. Governments all around the globe are supporting the use of PACS and RIS for comprehensive and exact analysis of patient health as implementation are proven to improve treatment outcome and reduce the burden on the healthcare system.
The global PACS & RIS market has been analyzed from five perspectives: Product, Component, Deployment, End-user, and Region
Excerpts from ‘By Deployment Segmentation’
Based on modes deployment, the global PACS & RIS monitor market has been segmented into:
- Web-Based
- Cloud-Based
- On-Premise
During the projected period, the cloud-based segment is predicted to grow at a rapid pace. Cloud-hosted services are far less expensive than direct purchases. Instead of purchasing the full model, customers can subscribe to the most recent version for a minimal monthly fee. Cloud-based solutions are easily available online since data is hosted on external servers. Software is advancing by combining cloud-based RIS with artificial intelligence (AI) algorithms. These AI technologies enable physicians to give more accurate and timely diagnoses. Thus, these factors are responsible for the growth of cloud-based PACS & RIS technology, thereby propelling the overall market growth.
Excerpts from ‘By Region Segmentation’
The global implantable cardiac monitor market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
North America dominates the global market with the largest revenue share. The rapid advancement in the RIS & PACS, an increase in the number of radiologists, and the launch of new software systems by providers are all factors driving market expansion in the United States. The introduction of complete RIS with integrated PACS has made medical imaging procedures more systematic and simpler, resulting in increased patient compliance and regional expansion.
Europe accounts for the second largest revenue share ascribing to the continuous adoption of advanced healthcare technologies and availability of large healthcare expenditures. Additionally, cancer, heart disease, musculoskeletal disease, and other chronic illnesses are major sources of mortality and disability, necessitating many imaging modalities for diagnostic and therapy monitoring. Moreover, PACS allows for real-time access to medical records and the recovery of previous information for off-site consultations. As a result, PACS & RIS aid in providing appropriate therapy for patients, thus, giving a huge potential opportunity for market growth.
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PACS & RIS Market Scope
| Report Attribute | Details |
| Market size value in 2021 | US$ 3.29 billion |
| Revenue forecast in 2030 | US$ 6.10 billion |
| Growth Rate | CAGR of 7.1% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Forecast period | 2022-2030 |
| Historical Year | 2020 |
| Segments Covered | Product, Component, Deployment, End-user, and Region |
| Regional Scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the implantable cardiac monitor market are:
- IBM
- Koninklijke Philips N.V.
- McKesson Corporation
- MedInformatix Inc.
- Pro Medicus Ltd
- Allscripts Healthcare LLC
- eRAD
- Agfa Healthcare
- FujiFilm Holdings Corporation
- Hologic Inc.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- GLOBAL PACS & RIS MARKET- ANALYSIS & FORECAST, BY PRODUCT
- RIS
- PACS
- Cardiology PACS
- Dental PACS
- Oncology PACS
- Orthopedic PACS
- Others
- GLOBAL PACS & RIS MARKET- ANALYSIS & FORECAST, BY COMPONENT
- Hardware
- Software
- Services
TOC Continued..
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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