Global PACS and RIS Market to grow US$ 5,169.3 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Nov. 30, 2021 /PRNewswire/ -- According to latest report, the global PACS and RIS market is estimated to account for US$ 5,169.3 Mn in terms of value by the end of 2028.

A PACS is a digital storage device that stores patient images. A RIS is a digital file server that stores a patient's information. Unlike PACS, RIS can be integrated with other patient information systems. If a physician is using a specific type of imaging software, a LIS can be accessed from another location. Both of these systems are very useful to healthcare providers. Basically they are digital storage device that manages all the images captured by a medical facility. This type of imaging system is crucial to digital diagnostic radiology departments. It enables radiologists to view images in real-time as they are acquired and maximizes the information they obtain from the initial study. A PACS works in a single environment and integrates with existing IT systems so that it can access and manage all patient images.

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Market Drivers:

The advent of innovative PACS and RIS products is driving the growth of the market. For instance, in August 2021, PACS/RIS developer PaxeraHealth announced the launch of its newest product, PaxexaUltima 8th Generation, an artificial intelligence (AI)-based imaging platform at HIMSS 2021 in Las Vegas. The emergence of pandemics such as Covid-19 is again fostering growth of the market. For instance, there were 3,525,116 confirmed cases of COVID-19, including 243,540 deaths, as reported to WHO as of May 5, 2020.

An increasing number of hospitals and rapid adoption of PACS and RIS in hospitals is accelerating growth of the market. For instance, in March 2020, NHS Nightingale, a hospital run by Barts Health NHS Trust, announced to adopt Cerner Corporation's electronic patient record (EPR) and the Sectra RIS and CliniSys pathology software.

Market Opportunities:

Growing adoption of digital pathology is expected to provide lucrative growth opportunities to PACS and RIS market. For instance, in October 2021, PathAI, maker of AI-enabled pathology products, announced it has entered into a partnership with pharma and diagnostics giant Roche to push adoption of its AI pathology tech through Roche's uPath enterprise software, a workflow platform for labs.

Growing demand for cloud-based PACS is projected to bring bright market opportunities in the near future. For instance, in February 2019, JIUN Corporation has announced the launch of SonicDICOM PACS Cloud, a cloud-based medical image management system. SonicDICOM PACS Cloud enables any computer or tablet with an Internet connection to view medical images hosted in the cloud from anywhere in the world, simply by accessing a URL

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Market Trends:

The growing adoption of mobile apps in the healthcare sector is one of the major trends in the market. This is expected to foster growth of the market. According to the Mobius MD, the mHealth apps market is valued at $47.7 billion in 2021 and projected to grow to $149 billion by 2028. The market grew by 14.3% during 2020, spurred in part by COVID-19. The mobile health app market is estimated to witness a year-over-year growth of 17-18% in the next five years.

Increasing healthcare expenditure is another major key trend which is expected to stimulate growth of the market. According to the U.S. Centers for Medicare & Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.

Competitive Landscape:

Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.

Market segmentation:

Global PACS and RIS Market, By Product Type:

• RIS
• PACS

Global PACS and RIS Market, By Component:

• Hardware
• Software
• Services

Global PACS and RIS Market, By Deployment:

• Web Based
• Cloud Based
• On Premise

Global PACS and RIS Market, By End User:

• Hospitals
• Diagnostic Centers
• Research & Academic Institutes
• Ambulatory Surgical Centers

Global Consumer Products and Retail Market, By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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SOURCE Coherent Market Insights