The market for PACS & RIS is expected to grow at a CAGR of around 5.29% from 2020 to 2027 and expected to reach the market value of around US$ 5,132 Mn by 2027.

Information systems for the healthcare organizations is becoming more and more sophisticated and there is requirement to get integrated and flown in a systemic fashion similar to streamline workflows. Currently, there is a strong need in diagnostic imaging department where highly specialized pioneer technologies are frequently used that comprises of handling and storage of medical images and reports. Such systems are called Radiological Information Systems (RIS), that manages data flow during the reporting process and Picture Archiving and Communication System (PACS) utilized for the archiving of images obtained from Digital Imaging and Communication in Medicine (DICOM)

Today, there is a tight integrity of PACS and RIS as it has become a part of modern healthcare delivery system. Traditional paper based systems are being replaced by gateway style interface engine. Gateways offer a tightly integrated link between PACS and RIS for accelerating productivity by automating mundane task associated with paper based systems.

Digital Health: Top investment Pocket   

In 2020, digital health companies received the highest amount of funding since 2011. As per the reports from Rock Health, US digital health companies raised US$ 5.4 billion in venture funding across first six months of 2020. As clinical advancements are delivering better quality and outcomes, investors are having lucrative opportunities in the healthcare IT sector. Digital innovations includes numerous treatment innovation that involves switch to self-service, remote access, and greater transparency. that incorporates shift to self-service, remote access, and greater transparency. Moreover, Government tends to have a vital role in integrating digital transformation in health. For example, Israel’s government aims to produce country’s foothold in digital health through grants and investments.

It has announced a US$ 33 million investment specifically for biotechnology and medicines and have proposed US$ 275 million investment to transform on digitalized platform for recording personal health information of each citizen. 

Market Dynamics

Heavy investments by investors and active government participation for the digital healthcare drive the overall market growth. In 2018 and 2019 it is witnessed that there is a sudden rise in investment towards digital healthcare. For investing in the digital healthcare is evident that Foreign Direct Investments (FDI) will provide largest source of finance for developing economies.

In April, health techs raised 1.2 billion in venture capital funding with 9.7% rise.  UK based digital care startup CeraCare closed US$70 million funding round in February and is expanding with an intention to international expansion.

Furthermore, rising incidences of lifestyle disorder, high affordable healthcare delivery, technological advancement, and government initiatives like e-health together with tax benefits drives digital healthcare in India. By 2020, it is estimated that healthcare IT will grow by 1.5 times from current value of US$ 1 billion. Over the next 10 years it is anticipated that National Digital Health Blueprint will open new doors to achieve economic value over US$ 200 billion in healthcare sector.

Rising adoption of digital pathology further bolster the growth of the overall market. With emergence of pandemic disease, the demand for PACS and RIS rise over the forecast period. In April 2020, ContextVision, a digital pathology solution provider company reported that company sales rise ended at US$ 2.98 million with a substantial increase of 38.4% when compared with 2019 records. 

RIS and PACS are highly prone to cyber attacks that increase concerns regarding data breach in the healthcare sector. This limits the growth of PACS and RIS market worldwide. Moreover, high cost associated with utility of PACS and RIS technology at consumer end further restrains the market to grow.

 Competitive Landscape

Key companies profiled in this report involves Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, McKesson Corporation, Wellbeing Cloud-Based RIS, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.

 Key Developments:

In August 2019, Koninklijke Philips N.V., announced acquisition with Carestream Health Inc.’s Healthcare Information Systems (HCIS) business in majority of relevant countries. The acquisition will enhance cloud-based enterprise imaging platform and Philips current portfolio of enterprise diagnostic information solution that involves productivity enhancement, imaging data management, and advanced visualization and analysis.

In June, 2016, Agfa Healthcare announced collaboration with Watson Health medical imaging that comprise more than fifteen leading health systems, academic medical centers, ambulatory radiology providers, and imaging technology companies. The collaboration aims to bring cognitive imaging into daily practice that will help doctor’s address lung, breast, and other cancer types.

 Segmental Analysis

The PACS and RIS market is segmented into PACS, RIS, and product type by RIS, and by end-user. By PACS, the market is bifurcated into Procurement Mode and Deployment. By Procurement Mode the market is segmented as Departmental Procurement Mode and Enterprise Procurement Mode. By Modality the market is segmented as X-Ray, Computed Tomography, Magnetic Resonance Imaging, PET& SPECT, Ultrasound, Mammography, and Others. Further, by RIS the market is segmented as Delivery Mode, Cloud-Based RIS, Cloud-Based RIS, and Web-Based RIS. By Product type by RIS, the market is classified into Integrated RIS System and Standalone RIS System. By End-User, the market is segmented into Diagnostic Centers, Hospitals, Ambulatory Surgical Centers, and Academic Institutes.

PACS Segment to Record Largest Market Share

PACS segment will record largest market share as it was a leading product segment in terms of revenue in the past. Factors that contribute for the growth of the segment involves rising geriatric population, prevalence of various diseases, high government initiatives for the adoption of healthcare IT solution, rising adoption of  medical imaging IT solutions, and high utility of imaging equipments. Further, based on PACS, PACS cardiology will mark a significant growth in the forthcoming years. The benefits of integrated PACS in cardiology involve real time gain between the procedures. As per the Health Management a drive was conducted to re-evaluate current system within the organization for making possible improvements. It was witnessed that there was proper time saving between the diagnostic procedures. Moreover, improvement in image quality can be considered to make an integrated system as an essential addition.

Web Based Segment will dominate the Market

In terms of Product Type By RIS, web based Product Type By RIS dominate the RIS and PACS market owing to surge in demand for multi-modality support for efficient workflow management of medical imaging practices at several locations. One preliminary benefit of a web-based PACS is unlimited distribution underlying applications. With case of Fuji’s web-based Synapse, the web-based PACS users can access same software regardless of their location. Web-based PACS software is easy to deploy, easier to update, and easy to update from consumer point of view. 

Hospital Segment accounted largest market share in 2019 and it is anticipated that it will be the fastest growing end-user of the Specialty PACS and RIS market

Rising patient pool, surge in awareness regarding early disease diagnosis, technological advancements in imaging modalities, increase in preference for digitization of patient data and rapid growth in EMR adoption are the significant factors that contributing for accounting largest share and witnessing fastest growth in the forecast period.

Regional Landscape

Based on the regions, the regional market is segmented as Europe, North America, the Middle East & Africa, Latin America, and Asia Pacific.

Based on the regions, North America leads the global PACS and RIS market. In 2019, North America accounted for largest share of the global market for PACS and RIS owing to rising adoption of increasing medical imaging volumes and various diagnostic imaging centers, growing geriatric population, and high adoption technologically advanced imaging systems. Moreover, Asia Pacific is expected to record highest CAGR in the coming years owing to rising patient pool suffering from chronic diseases, growing awareness associated with early disease diagnosis, high adoption of imaging modalities are the factors that drive the growth of Asia Pacific regional market in terms of CAGR.

Market Segmentation

Market By PACS (Picture Archiving and Communication System)

Procurement Mode

• Departmental PACS
• Enterprise PACS

Modality

• X-Ray
• Computed Tomography
• Magnetic Resonance Imaging
• PET& SPECT
• Ultrasound
• Mammography
• Others

Market By RIS (Radiological Information Systems)

Delivery Mode

• Cloud-Based RIS
• On-Premise RIS Web-Based RIS
• Web-Based RIS

Market By Product RIS

Integrated RIS System

Standalone RIS System

Market By End User

Diagnostic Centers

Research & Academic Institutes

Ambulatory Surgical Centers

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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