PACS and RIS Market: Increasing Prevalence of Cardiovascular Diseases to Boost the Demand

• According to Transparency Market Research's latest report on the global PACS and RIS market for the historical period 2017-2018 and forecast period 2019-2027. The global PACS and RIS market is driven by rising health concerns and growing demand for digitization of products by government
• According to the report, the global PACS and RIS market was valued at US$ 2,633.4 Mn in 2018 and in term of Volume 42,874 Units. The market value is anticipated to expand at a CAGR of 5.3% from 2019 to 2027

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Technological advancement in health care encouraged by government intervention: Key Driver
• Globally, governments have recognized the importance of health care IT and are encouraging the usage of PACS and RIS for in-depth and accurate analysis of the health of a patient. Health care IT systems not only improve ease of use, but management of a large number of patient records, and transparency in medical insurance claim process.
• The U.S. Government encourages adoption of health care IT products such as hospital information systems in the hospitals.
Transition to electronic medical record (EMR): Key Driver
• Adoption of EMR systems in both hospital and office-based practices is increasing. Demand for PACS and RIS is increasing as these allow medical images to be saved electronically.
• This requirement effectively ensures that the radiology information system and picture archiving communication system for the caregivers is ensuring the electronic accessibility of the images.

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Cyber security concerns: Restraints
• PACS are widely installed in big healthcare provider, data networks, were experts say providers of all sizes should look to strengthen the cyber security of their medical imaging systems.
• Medical devices connected to integrated delivery networks and hospital computer networks including image-producing hardware such as MRI machines can present both cyber security and patient safety concerns
Global PACS and RIS Market: Competitive Landscape
• This report profiles major players operating in the global PACS and RIS market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• Leading players operating in the global PACS and RIS market include
o GE Healthcare
o Philips Healthcare
o Fujifilm Holdings Corporation
o McKesson Corporation
o Siemens Healthineers
o Agfa Healthcare
o Allscripts Healthcare Solutions, Inc
o others among others.
Global PACS and RIS Market: Key Developments
Key players in the global PACS and RIS market are engaged in regulatory approvals, launch of new products, training and development, acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global PACS and RIS market. A few expansion strategies adopted by players operating in the global PACS and RIS market are:
• In June 2016, Agfa HealthCare entered into partnership with Watson Health medical imaging. This collaboration could create an opportunity for its radiology segment. IBM Watson is a technology platform which will bring cognitive imaging in day to day practices. This partnership of artificial intelligence will allow Agfa Healthcare to provide an e-Health platform for Integrated Care and Population Health Management
• Fujifilm Holdings Corporation aims to build a strong base of management to generate stable profits. To achieve this, the company has taken several strategic initiatives to drive growth. In May 2015, the company acquired U.S.-based TeraMedica, Inc. to strengthen its position in the medical IT segment.
The report on the global PACS and RIS market discussed individual strategies, followed by company profiles of manufacturers of PACS and RIS. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global PACS and RIS market.

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Use of PACS and RIS Technology in Various Healthcare Settings to Boost Global PACS and RIS Market
The medical images are handled, retrieved, stored, and transmitted by the picture archiving and communication system (PACS). It is utilized in the sector of radiology to share and display diagnostic images. A radiology information system (RIS) is a computer programme that handles medical images and other related data. The RIS keeps track of orders of radiology imaging and billing information. It is utilized in combination with vendor-independent archives (VNAs) and PACS. Image files, documents, and billing are all handled by RIS. Growing prominence of this technology is anticipated to foster growth of the global PACS and RIS market in the years to come.
For medical imaging, RIS and PACS are being used more than traditional systems. For a long-term future, PACS and RIS are considered the better options than many other available solutions for a sustainable future, which is estimated to benefit global PACS and RIS market. PACS and RIS are becoming more widely used in a variety of health-care settings and high-value items, such as oncology PACS, orthopedics, and cardiology.

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