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The Global PACS and RIS market Demand is Driven by Rise in Adoption of Big Data in Healthcare

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Picture Archiving and Communication System (PACS) and Radiology Information System (RIS) are medical imaging technologies used for capturing, transmitting, analyzing and storing patient images. PACS solutions help in viewing, archiving and sharing medical images including x-rays, CT scans and ultrasound. RIS solutions help in managing radiology workflow, scheduling patients and tracking radiology orders. PACS assists radiologists in reading and interpreting images efficiently while RIS helps in streamlining clinical, administrative and financial data related to imaging department. Together PACS and RIS solutions are revolutionizing diagnostic imaging procedures by eliminating film-based archives and manual paperwork.

The Global PACS and RIS Market Demand is estimated to be valued at US$ 4212.87 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the PACS and RIS market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, Evonik Industries AG. The major players are focusing on new product launches and mergers & acquisitions to strengthen their presence in the market. For instance, in 2022, 3A Composites GmbH launched new acMQUAD AI composite panel with Antimicrobial Technology to prevent microbial growth.

The demand for PACS and RIS solutions is growing owing to increasing prevalence of chronic diseases, rising healthcare expenditures, growing geriatric population and increasing number of diagnostic imaging procedures worldwide. As per the International Trade Administration report, global healthcare spending is projected to reach $8.7 trillion by 2020 from $7.7 trillion in 2017 indicating growing investments in healthcare IT.

Many PACS and RIS vendors are expanding their businesses globally by entering into new geographic locations. For example, in 2022, United Industries Group partnered with Philips Healthcare to provide imaging solutions across the Middle East. Similarly, Plaskolite launched PLEXIGLAS End Lighted film for use in diagnostic imaging systems in Canada and Mexico apart from the US market.

Market Drivers

The major driver propelling the PACS and RIS market growth is the rise in adoption of big data in healthcare. Healthcare organizations are increasingly focusing on collecting, analyzing and utilizing patient data to enhance diagnostics, facilitate research and drive clinical decision making. PACS and RIS solutions help in integrating disparate radiology images and reports with Hospital Information Systems (HIS) and Electronic Medical Records (EMR) to derive meaningful insights. This is supporting healthcare providers in improving operating efficiencies, enhancing diagnostic accuracy and delivering personalized care. Integration of artificial intelligence and cloud computing capabilities in PACS and RIS solutions is further augmenting their demand.

The current geopolitical situation is impacting the growth of the PACS and RIS market. Political instability and economic uncertainty in some parts of the world are adversely affecting healthcare infrastructure investments. This has slowed the adoption of advanced medical technologies such as picture archiving and communication systems (PACS) and radiology information systems (RIS). However, the pandemic has underscored the need for digitalization in the healthcare industry. Most countries are now prioritizing investments to strengthen their medical imaging capabilities through PACS and RIS solutions. Some nations have also launched support schemes for healthcare providers to upgrade their systems. In the long run, the post-pandemic recovery and ongoing digital healthcare reforms across major economies are expected to drive higher spending on PACS and RIS. Vendors will need to actively engage with policymakers to ensure supportive regulations and build strategic partnerships with local players in key growth territories.

North America currently holds the largest share of the global PACS and RIS market in terms of value. Major factors that have sustained the region's dominance include the high baseline adoption of advanced medical technologies, strong healthcare infrastructure, and availability of skilled radiologists. However, Asia Pacific is emerging as the fastest growing regional market for PACS and RIS. Countries like China, India, Japan, and South Korea are witnessing significant investments to modernize their health systems. With rapidly aging populations and improving accessibility, the demand for medical imaging services is rising sharply in Asia Pacific. Growing medical tourism and rising disposable incomes also support the regional market expansion. Vendors must strengthen local manufacturing and service capabilities in Asia Pacific to capitalize on its high growth opportunities.

The current geopolitical situation is impacting the growth of the PACS and RIS market. Political instability and economic uncertainty in some parts of the world are adversely affecting healthcare infrastructure investments. This has slowed the adoption of advanced medical technologies such as PACS and RIS. However, the pandemic has underscored the need for digitalization in the healthcare industry. Most countries are now prioritizing investments to strengthen their medical imaging capabilities through PACS and RIS solutions. Some nations have also launched support schemes for healthcare providers to upgrade their systems. In the long run, the post-pandemic recovery and ongoing digital healthcare reforms across major economies are expected to drive higher spending on PACS and RIS. Vendors will need to actively engage with policymakers to ensure supportive regulations and build strategic partnerships with local players in key growth territories.

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