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According to TMR, the global market for PACS and RIS was worth US$2.2 bn in 2015. The opportunity in this market is expected to rise at a CAGR of 7.0% over the period from 2016 to 2024 and reach a value of US$3.9 bn by the end of the period of the forecast. On the basis of the type of the product, the PACS segment has acquired the leading position and is expected to remain on the top stop over the next few years. Hospitals have surfaced as the most prominent revenue generators for this market and are projected to continue in the near future. In terms of component, the service segment and on the basis of deployment, the web-based segment, are likely to dominate this market over the forthcoming years.
Among the regional markets, North America has been dominating the global market and is anticipated to remain on the top throughout the period of the forecast. Asia Pacific, on the other hand, is expected to emerge as the most promising regional market for PACS and RIS across the world, reports the market study.
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Increasing Inculcation of Information Technology in Healthcare Industry to Boost Market
"With the increasing awareness about the benefits of information technology (IT) in the healthcare industry, the market for PACS and RIS is witnessing tremendous rise across the world," says an analyst at TMR. The spurring technological advancements in this field are expected to keep the growth pace of this high in the near future, together with the increasing application of RIS and PACS for an in-depth and accurate assessment of the health of patients.
Over the coming years, the continuous advancements in hospital information systems (HIS) and the soaring need for a consolidated platform in developing economies are likely to create novel opportunities for PACS and RIS solutions. Beside this, the upgradation of electronic health records (HER) systems to improve the overall operation, making it more patient-centric and the emergence of flexible cloud PACS are also projected to propel this market in the near future, states the research study.
High Equipment Cost to Create Obstacles
On the flip side, the high costs of equipment may create significant obstacles to the growth of the global market for PACS and RIS in the coming years. Apart from the initial costs of hardware and software licenses, the expenses incurred in constant tech support and the implementation of solutions are also expected to limit the uptake of PACS and RIS solutions by healthcare facilities across the world over the next few years. However, the rising uptake of EHR systems in hospital and offices is anticipated to drive the demand for PACS and RIS solution in the near future, influencing the global market substantially, reports the research study.
The review is based on a report by Transparency Market Research, titled "PACS and RIS Market – (Product – RIS and PACS (Cardiology, Dental, Oncology, and Orthopedic PACS); Component – Hardware, Software, and Services; Deployment – Web-based, Cloud-based, and On-premise; End User – Hospitals, Diagnostic Centers, Research & Academic Institutes, and Ambulatory Surgical Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."