Report : Europe PACS and RIS Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (PACS and RIS), Component (Hardware, Software, and Services), Deployment (Web-Based, On-Premise and Cloud-Based), End User (Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others)
Picture Archive and Communication System (PACS) Segment has the Largest Share of Product in the Europe PACS and RIS Market during 2019–2027
According to a new market research study on “Europe PACS and RIS Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product, Component, Deployment, and End User,” is expected to reach US$ 1,439.9 million by 2027 from US$ 779.0 million in 2019. The market is estimated to grow at a CAGR of 7.9% from 2020 to 2027. The report provides trends prevailing in the Europe PACS and RIS market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the developments in diagnostic imaging modalities coupled with rising number of diagnostic test procedures and the affordable price of new generation PACS software. However, the market is expected experiencing slow growth during the forecast period owing to the availability of better substitutes and concerns regarding data privacy.
The rapid spread of the COVID-19 virus and the special care that critical patients need put a major pressure on the European healthcare system. Government of various European countries started employing plans to prepare for the crisis situation after the boom of infections hit Italy in April 2020. During the action plan, the private and public healthcare institutions raised demand for radiological imaging devices of high quality to provide accurate diagnostics to the sufferers. The hospital capacities were increased in various countries for immediate treatment of the patients. The NHS also closely monitoring supplies of various medical devices in various countries of the region and managed distribution networks to make the primary equipment available to hospitals and public healthcare centers. Thus, the efforts undertaken by government created a surge in demand for PACS and RISs during the pandemic in the European region.
The market for PACS and RIS market is segmented into product, component, deployment, and end user. Based on product, the market is segmented into Picture Archive and Communication System (PACS) and Radiology Information System (RIS). In 2019, the picture archive and communication system (PACS) segment accounted for the largest share of the PACS and RIS market by product. The growth of the market for this segment is attributed to the as the solution offers benefits such as improved viewing and analysis, easy access to images and other reports, efficient data management, and a user-friendly interface. A growing number of product introductions and approvals are estimated to offer a lucrative opportunity for market growth. Moreover, the market for the picture archive and communication system (PACS) segment is estimated to grow at the highest CAGR during the forecast period.
Agfa-Gevaert Group, INFINITT Healthcare Co., Ltd., McKesson Corporation, Cerner Corporation, General Electric Company, Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Siemens AG, IBM, and Novarad are among the leading companies in the Europe PACS and RIS market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Phillips launched Series 4000i, a new air purifier for domestic and commercial application. The new air purifier is powered by smart connected technology and used 3-layer filter for purifying air.
The report segments the Europe PACS and RIS market as follows:
By Product
- Picture Archiving And Communication System (PACS)
- Radiology Information System (RIS)
By Component
- Hardware
- Software
- Services
By Deployment
- Web-Based
- On-Premise
- Cloud-Based
By End User
- Hospitals
- Diagnostic Centers
- Others
By Country
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
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