Press release
PACS and RIS Market to Reach $6.40 Bn by 2030, Growing at 7.23% CAGR
PACS and RIS Market
The global Picture Archiving and Communication System (PACS) and Radiology Information System (RIS) market is projected to experience substantial growth, reaching an estimated value of US$ 6.40 billion by 2030, up from US$ 3.92 billion in 2023, exhibiting a Compound Annual Growth Rate (CAGR) of 7.23% during the forecast period from 2024 to 2030.
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Competitive Landscape and Regional Demand
The PACS and RIS market is characterized by a competitive landscape with numerous key players striving to enhance their market presence. Regions such as North America and Europe have traditionally dominated the market due to advanced healthcare infrastructure and early technology adoption. However, there is a growing demand in regions like Asia Pacific, attributed to increasing healthcare investments and the rising prevalence of chronic diseases.
United States: Growth Opportunities and Trends
In the United States, the PACS and RIS market is witnessing significant growth opportunities driven by technological advancements and the integration of artificial intelligence in medical imaging. The trend towards digitization of healthcare records and the need for efficient data management systems are further propelling market growth.
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Asia Pacific: Expansion and Consolidation
The Asia Pacific region is experiencing rapid expansion in the PACS and RIS market, with countries like China and India investing heavily in healthcare infrastructure. This region has also seen notable mergers and acquisitions, such as Fujifilm Holdings Corporation acquiring Hitachi's Diagnostic Imaging-related Business to strengthen its medical systems segment.
Europe: Technological Advancements and Market Updation
Europe continues to be a significant player in the PACS and RIS market, with a focus on technological advancements and system updates. Key developments include Siemens Healthineers launching innovative imaging solutions to enhance diagnostic accuracy and workflow efficiency.
Middle East and Africa: Emerging Opportunities and Trends
The Middle East and Africa are emerging as potential markets for PACS and RIS, driven by increasing investments in healthcare and the adoption of digital imaging solutions. The trend towards modernization of healthcare facilities is creating new opportunities for market players in these regions.
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Market Segmentation: In-Depth Analysis:
by Product
RIS
PACS
Cardiology PACS
Dental PACS
Oncology PACS
Orthopaedic PACS
Others
Product-wise, the PACS sector is leading the market with the highest compound annual growth rate (CAGR) for the projection period. because PACS, such as orthopedic and cardiology PACS, are becoming more and more popular. Among the several kinds of PACS goods, the oncology section has been seen to be the primary market in the anticipated timeline due to an increase in cancer rates. Additionally, the growing demand for comprehensive diagnosis is anticipated to drive the segment's growth.
by Component
Hardware
Software
Services
The software segment is leading the market with the highest compound annual growth rate (CAGR) for the forecast period, according to Component. With a CAGR percent, the hardware category is anticipated to grow at the quickest rate throughout the projection period.
by Deployment
Web-based
Cloud-based
On-premise
The Web Based sector is leading the market with the largest compound annual growth rate (CAGR) over the projection period, according to deployment. The demand for multi-modality support for effective workflow management of medical imaging practices across multiple locations is expected to rise as the web-based PACS and RIS sector continues to dominate the worldwide market. The cloud-based category is expected to grow at the fastest rate due to the increase in health care activities and other factors. Cloud-based systems are more handy since they offer more storage and improved cyber security.
by End-User
Hospitals
Diagnostic Centers
Research & Academic Institutes
Ambulatory Surgical Centers
The hospital segment is leading the market with the highest compound annual growth rate (CAGR) over the forecast period, according to end users. The hospital category held the largest market share in 2023 and is anticipated to expand at the quickest rate during the forecast period, at about 8.5%.
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-pacs-and-ris-market/105647/
Learn about the top players driving innovation in the Market :
1. General Electric Healthcare
2. Fujifilm Holdings Corporation
3. Agfa Healthcare
4. Philips Healthcare
5. Siemens Healthineers
6. McKesson corporation
7. Allscripts Healthcare solutions
8. Koninnklijke Philips
9. Medinformatix Inc.
10. eRAD
11. Ramsoft Inc.
12. Cerner Corporation
13. INFINITT Healthcare
14. Novarad
15. Wellbeing Software
16. Merge Healthcare Incorporated
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