PACS and RIS Market Booming Worldwide Report 2021-2028 | Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions

Overview

Medical imaging and related data are managed by the Radiology Information System (RIS). Patient care, scheduling, patient monitoring, outcome reporting, image tracking, and billing are all basic functions of a RIS. To handle image files, record-keeping, and billing, RIS is commonly used in combination with Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archives (VNAs).

In terms of revenue, the global PACS and RIS market is projected to hit US$ 4,821.6 million by the end of 2028, up from US$ 3,045.0 million in 2020.

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Drivers

Over the forecast period, the global PACS and RIS market is expected to rise due to the increased launch of new products. Wellness Software, a RIS provider, launched its Connected Radiology Program in June 2019 to assist radiology departments in sharing resources, optimizing workflows, and addressing reporting backlogs.

Opportunities

The growing use of RIS in public hospitals is projected to provide attractive growth opportunities for industry players. NHS Nightingale, a Barts Health NHS Trust hospital, announced in March 2020 that it will implement Cerner Corporation's electronic patient record (EPR), as well as Sectra RIS and CliniSys pathology apps.

Restraints

In most health-care settings, including those with modern technologies, integration between the electronic medical record (EMR) and the revenue cycle management system (RIS) remains a challenge. Kit customers should be mindful that the bulk of configurations do not have optimum integration, and single provider systems do not always result in gold standard integration.

Furthermore, running PACS and RIS necessitates the use of qualified personnel. As a result, their acceptance in emerging markets may be limited, limiting the global PACS and RIS market's expansion.

Key Takeaways

The global PACS and RIS industry was worth US$ 2,833.1 million in 2019 and is expected to hit US$ 4,821.6 million by 2027, growing at a CAGR of 6.8% between 2020 and 2027. Growing prevalence of pandemic diseases and the demand for digital pathology are two major factors driving the growth of the global PACS and RIS market during the forecast period.

In terms of value, PACS dominated the global PACS and RIS market in 2019, accounting for 83.1 percent of the market, led by RIS. Growing adoption of healthcare IT, as well as the demand for diagnostic imaging, are expected to drive revenue growth in the image archiving and communication device industry.

In terms of value, the hospital segment dominated the global PACS and RIS market in 2019, accounting for 42.5 percent of the market, led by ambulatory surgical centers and diagnostic centers.

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Market Trends

In developing markets, PACS penetration is smaller than that of EMRs and Order Communication Systems. Researchers from the Korean Medical Association announced in June 2019 that approximately 68 percent of self-employed physicians had adopted the Order Communication System and EMRs, while only one-third had adopted PACS.

The market's major players are focusing on M&A tactics to broaden their product range. Cerner Corporation, for example, reached a definitive agreement to purchase AbleVets, a strategic IT consulting and engineering company, in October 2019.

Competitive Landscape

Key companies contributing in the global PACS and RIS market are Siemens AG, Epic Systems Corporation, Medinformatix Inc., Wellbeing Software, Agfa Healthcare, Philips Healthcare, RamSoft Inc., Cerner Corporation, Sectra, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Merge Healthcare Incorporated, eRAD, Inc., General Electric Company, and McKesson Corporation.

Key Developments

Sectra signed a deal with Area Halland, a Swedish healthcare provider, to offer its RIS as a cloud service in March 2020.

At RSNA 2019 in September, eRAD demonstrated its EHR-Certified RIS, PACS Evolution, and other product portfolios.

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