The Pacs And Ris Market is estimated to be valued at US$ 3,657 Mn or in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:- Pacs and Ris systems facilitate effective management of medical images and related data across healthcare organizations. Pacs allows storage, retrieval and utilization of medical images through centralized databases, while Ris manages scheduling, registration, insurance verification and billing functions for radiology practices. Together they help in streamlining clinical workflows and improving patient care. Key benefits include centralized data access for authorized users, reduced turnaround times, automated workflow and enhanced productivity. Market Dynamics:- The growth of the Pacs and Ris market is primarily driven by the increasing digitalization of radiology departments and rising adoption of integrated healthcare IT systems. Healthcare providers are increasingly investing in Pacs and Ris to gain efficiencies, control costs and improve quality of care. Growing geriatric population prone to chronic diseases is also necessitating advanced medical imaging techniques and optimized management of patient data. Additionally, favorable government initiatives for adoption of healthcare IT are encouraging providers to adopt integrated clinical data management platforms. However, high initial costs of deployment and interoperability issues pose a challenge to market growth. Data security and privacy concerns also remain a key concern. The Pacs and Ris market is highly competitive with presence of several global and regional players. Key players focus on product innovation, geographic expansion and strategic mergers to gain competitive edge. For instance, in 2021, Philips launched IntelliSpace Discovery software suite integrating artificial intelligence technologies to streamline clinical decisions. Similarly, Agfa launched Enterprise Imaging solutions providing seamless integration of diagnostic and operational information across the imaging enterprise. Segment Analysis:- The Pacs and RIS market comprises three key segments - Web based Pacs and RIS, Cloud based Pacs and RIS, and On premise Pacs and RIS. Among these, the cloud based Pacs and RIS segment currently dominates the market and is expected to continue its dominance over the forecast period. This is owing to the growing adoption of cloud based technologies and software across various end use industries like hospitals, diagnostic imaging centers, ambulatory surgical centers etc. The cloud based segment offers increased scalability, mobility, and faster implementation as compared to the on premise segment. PEST Analysis:
The Global Pacs And RIS Market Growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period, due to increasing investments by hospitals, diagnostic centers, and ambulatory surgical centers to upgrade their existing imaging infrastructure and workflows. Regionally, North America dominates the global market and is expected to continue its dominance during the analysis period. This is owing to rapid technological advancements, availability of reimbursement policies, and huge healthcare expenditure in the region. Key players operating in the Pacs and Ris market are Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc. Some of the recent developments by these key players involve new product launches, partnerships, and geographic expansions to strengthen their foothold in the global market. Read More - https://www.newsstatix.com/pacs-and-ris-market-demand-and-forecasts-analysis/
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