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PACS and RIS Market  is Projected to Soar at a Value CAGR of 7.0% from 2016 to 2024

Author: Pragya Tripathi
by Pragya Tripathi
Posted: Mar 23, 2019
pacs ris

Global PACS and RIS Market: Snapshot

The global market for Picture archiving and communication systems (PACS) and radiology information systems (RIS) have witnessed rise at a significant pace in the past few years owing to the efficiency they enable in the proper management of data in healthcare facilities. The mounting rise in demand for digitization in the healthcare industry will continue to drive the market in the next few years as well.

Transparency Market Research estimates that the global PACS and RIS will exhibit a promising 7.0% CAGR over the period between 2016 and 2024, rising from US$2.2 bn in 2015 to US$3.9 bn in 2024.

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Cloud-based PACS and RIS to Witness Most Promising Growth

On the basis of product type, the global PACS and RIS market witnessed the emergence of PACS as the leading segment in terms of revenue in 2015. The widespread use of PACS and the continuously rising demand across the cardiology and orthopedics sectors are expected to help PACS retain its dominance over the forecast period as well. Of the variety of types of PACS products available in the global market, the segment of oncology PACS is expected to be the segment with the most significant growth over the report’s forecast period. The rising prevalence of a variety of cancers is expected to be the leading factor to drive the increased demand for oncology PACS.

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From the components perspective, the services segment accounts for the dominant share in the global PACS and RIS market. The demand for PACS and RIS services has significantly increased in the past few years owing to the increased need for the regular maintenance and servicing of software and hardware. In terms of deployment, the market is presently dominated by the web-based segment, owing to the high demand for multi-modality support for the effective management of medical image practice workflow. However, the cloud-based segment is expected to witness the most promising growth over the forecast period owing to cost effectiveness and flexibility provided by the cloud model.

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Asia Pacific PACS and RIS Market to Lead to Most Promising Growth Opportunities

From a geographical perspective, the global PACS and RIS market is dominated by North America, which held a share of nearly 45% in 2015. The vast rise in effective healthcare services to tackle the mounting cases of a number of chronic diseases and the substantial rise in government funding to enable this are the key factors to have helped the North America market gain the leading share in the market in the recent years. The PACS segment held the dominant share in the North America market in the same year, chiefly owing to the vast range of applications in the fields of oncology and cardiology.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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About the Author

My name is Pragya Tripathi and I work with the Digital Marketing and Editorial team of Transparency Market Research, a market intelligence firms based in India & Usa.

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Author: Pragya Tripathi

Pragya Tripathi

United States

Member since: Sep 17, 2018
Published articles: 1098

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