PACS and RIS Market 2020: Industry Size, Demand, Dynamics, Business Growth | Philips Healthcare, Cerner Corporation, Agfa Healthcare

Picture Archiving and Communication System (PACS) is a medical imaging technology, which offers economical storage and convenient access to images from multiple modalities. PACS aids in digitally transmitting electronic images and reports. PACS offers the electronic platform for radiology images interfacing with Radiology Information System (RIS).

The global PACS and RIS market is estimated to account for US$ 3,045.0 Mn in terms of value in 2020 and is expected to reach US$ 4,821.6 Mn by the end of 2027.

Emergence of pandemic diseases is expected to boost growth of the global PACS and RIS market over the forecast period. 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.

Moreover, increasing adoption of digital pathology is also expected to aid in growth of the market. For instance, in April 2020, ContextVision, a digital pathology solutions provider, reported that the company’s sales in Q1 ended at US$ 2.98 million, a substantial increase of 38.4% compared to the first quarter in 2019 and its EBITDA was US$ 14.06 million and the operating result ended at US$ 12.03 million.

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Increasing adoption of cloud-based PACS is expected to offer lucrative growth opportunities for players in the market. Cloud-based PACS offers several benefits such as on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service.

Moreover, increasing adoption of mobile apps in the healthcare sector is also expected to aid in growth of the market.

The global PACS and RIS market was valued at US$ 2,833.1 Mn in 2019 and is forecast to reach a value of US$ 4,821.6 Mn by 2027 at a CAGR of 6.8% between 2020 and 2027.

Major players in the market are focused on adopting collaboration strategies to enhance their market share. For instance, in April 2020, Sectra, a medical imaging IT and cybersecurity company, collaborated with Hospital for Special Surgery, an academic medical center focused on musculoskeletal health, to integrate FDA approved digital pathology imaging solution with laboratory information system for integrated diagnostics capabilities between radiology and pathology.

Similarly, in April 2020, Wellbeing Software collaborated with Behold.ai, through which the Behold.ai’s artificial intelligence-based red dot algorithm will be used with Wellbeing Software’s Cris, a RIS, for fast-track diagnosis of COVID-19 in U.K.

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