PACS and RIS Market Share, Analysis Report Trends by Types, Applications and Forecast 2027
The PACS and RIS Market was valued at US$ million 2,836.65 in 2019 and is projected to reach US$ 5,441.87 million by 2027; it is expected to grow at a CAGR of 8.4% from 2020 to 2027.
According to our new market research study on “PACS and RIS Market to 2027 – Global Analysis and Forecast – by product, component, deployment, and end user,” the market is expected to reach US$ 5,441.87 million by 2027 from US$ 2,836.65 million in 2019. The market is estimated to grow with a CAGR of 8.4 % from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
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Based on products, the PACS and RIS market is segmented into picture archiving and communication system (PACS) and radiology information system (RIS). The PACS segment is further segmented into orthopedic PACS, oncology PACS, cardiology PACS, dental PACS, and others. In 2019, the PACS segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of PACS systems in radiological procedures. The same segment is likely to register highest CAGR in the global PACS and RIS market during the forecast period. In sub segments orthopedic segment held major market share.
Based on component, the PACS and RIS market is segmented into software, hardware, and services. The software segment held the largest share of the market in 2019, and is anticipated to register the highest CAGR in the market during the forecast period.
Based on deployment, the PACS and RIS market is segmented into Web-Based, On-Premise and Cloud-Based. The Web-Based segment held the largest share of the market in 2019, and Cloud-Based segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the PACS and RIS market is segmented into hospitals, diagnostic centers, research & academic institutes, and other end users. The hospitals segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR in the market during the forecast period.
COVID-19 pandemic has become the most significant challenge across the world. The demand PACS and RIS have increased in hospitals due to COVID 19 as the fast and easily accessible patient imaging is crucial in treatment of COVID 19 sufferers. This has resulted in increased demand for picture archiving and communication systems (PACS), which in turn secure growth and sustainability in this market. In April, the U.S. Food and Drug Administration (FDA) has approved Intelerad’s InteleConnect EV solution for diagnostic imaging review on a range of mobile devices. This approval comes at a critical time for healthcare systems and ensures that radiologists are able to collaborate and leverage resources in more creative ways, even when workstation access is not available. It also is approved for mobile diagnostic image review, and can immediately be used on various iPad and iPhone models, with additional devices on the horizon. All the aforementioned factors are expected to bring positive prospects for PACS and RIS market during this pandemic crisis.
Agfa-Gevaert Group; INFINITT Healthcare Co., Ltd.; McKesson Corporation; Cerner Corporation; General Electric Company; Koninklijke Philips N.V.; FUJIFILM Holdings Corporation; Siemens AG; IBM; and Novarad are among the leading companies operating in the PACS and RIS market.
Our report on PACS and RIS Market cover following key parameters:
Comprehensive market analysis at global, regional and country level
Detailed PEST (Political, Economic, Social and Technological) factors impacting the market across key geographic regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America
Market dynamics (drivers, restraints, opportunities, and future trends) and impact analysis of drivers and restraints at short-term, mid-term and long-term
Market size and forecasts in terms of revenue; 2020 (historic), 2021 (base year), 2022 – 28 (forecast period)
In-depth market segmentation and deep dive regional and country level analysis of 18+ countries across 5 key regions
Key company profiles and industry landscape to provide latest market initiatives and competitive landscape
Impact of COVID`19 pandemic on ecosystem and the market
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