The market is estimated to grow with a CAGR of 7.4% from 2019-2027.
According to a new market research study titled ‘PACS and RIS market to 2027 – Global Analysis and Forecasts by Product, Component, Deployment, and End User.’ The global PACS and RIS market is expected to reach US$ 5,008.93 Mn in 2027 from US$ 2,728.43 Mn in 2018. The market is estimated to grow with a CAGR of 7.4% from 2019-2027.
Picture archiving and communication system (PACS) is used for management, retrieval, storage, and distribution of the medical images. In the field of radiology, it is used for sharing and viewing of diagnostic images. A radiology information system (RIS) is a network of the software system used for managing medical images and other related data. RIS keeps track of radiology imaging orders and data of bills. It is used along with PACS and vendor neutral archives (VNAs). RIS manages image archives, keeps record and billing.
Global PACS and RIS market, based on component, was segmented as, software, hardware and services. During 2018, the segment of software led the market by the component. In addition, the segment is also expected to grow at a significant rate, as it is used as a central-server solution that offers clinics and departments assistance while conducting various procedures.
The major players operating in the PACS and RIS market are, McKesson Corporation, General Electric, Fujifilm Holdings Corporation, Koninklijke Philips N.V., Siemens AG, Cerner Corporation, IBM, Novarad, Agfa-Gevaert Group, and INFINITT Healthcare Co., Ltd. Organic activities such as relocation, enhancement, product launch, and product approvals have been undertaken by the players in the market in order to improve their position in the PACS and RIS market. For instance, in November 2018, Philips launched IntelliSpace Discovery 3.0, which enables the development as well as deployment of Artificial Intelligence assets in radiology for clinical and translational research purposes.
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