Market Introduction
The picture archiving and communication system (PACS) manages, retrieves, stores, and distributes the medical images. In the area of radiology, it is used for sharing and viewing diagnostic images. A radiology information system (RIS) is a software system used for handling medical images and other associated data. RIS retains 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 records, and billing.
Thus, the affordable price of new generation PACS software is expected to create a significant demand for PACS and RIS in the coming years, which is further anticipated to drive the PACS and RIS market.
The demand PACS and RIS have increased in hospitals due to COVID 19 as the fast and easily accessible patient imaging is crucial in treatment of COVID 19 sufferers. This has resulted in increased demand for picture archiving and communication systems (PACS), which in turn secure growth and sustainability in this market. In April, the U.S. Food and Drug Administration (FDA) has approved Intelerad’s InteleConnect EV solution for diagnostic imaging review on a range of mobile devices. This approval comes at a critical time for healthcare systems and ensures that radiologists are able to collaborate and leverage resources in more creative ways, even when workstation access is not available. It also is approved for mobile diagnostic image review, and can immediately be used on various iPad and iPhone models, with additional devices on the horizon. All the aforementioned factors are expected to bring positive prospects for PACS and RIS market during this pandemic crisis.
Market Overview and Dynamics
The PACS and RIS market in North America is expected to grow from US$ 1,152.7 million in 2019 to US$ 2,243.7 million by 2027; it is estimated to grow at a CAGR of 8.6% from 2020 to 2027. The use of PACS over the conventional hard-copy images provides various advantages for patients and also increases the efficiency of operation in hospitals. PACS are used in hospitals, whereas in traditional paper-based systems, orthopedic films are prone to be misplaced and lost. It is leading to longer examination time, increasing the patient waiting lists, one of the pivotal problems facing the healthcare system. Also, the implementation of PACS facilitates real-time access to patients’ medical records and enables retrieval of historical information for off-site consultations. Hence, PACS helps in providing appropriate treatment for patients, offering significant growth opportunity for the market during the coming years. This is bolstering the growth of the PACS and RIS market.
Key Market Segments
In terms of product, the picture archive and communication system (PACS) segment accounted for the largest share of the North America PACS and RIS market in 2019. In terms of component, the software segment held a larger market share of the PACS and RIS market in 2019. In terms of deployment, the web-based segment held a larger market share of the PACS and RIS market in 2019. In terms of end user, the hospitals segment held a larger market share of the PACS and RIS market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the PACS and RIS market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
NORTH AMERICA PACS AND RIS MARKET SEGMENTATION
By Product
By Component
By Deployment
By End User
By Country
Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,152.7 Million |
| Market Size by 2027 | US$ 2,243.7 Million |
| CAGR (2020 - 2027) | 8.6% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America PACS and RIS Market is valued at US$ 1,152.7 Million in 2019, it is projected to reach US$ 2,243.7 Million by 2027.
As per our report North America PACS and RIS Market, the market size is valued at US$ 1,152.7 Million in 2019, projecting it to reach US$ 2,243.7 Million by 2027. This translates to a CAGR of approximately 8.6% during the forecast period.
The North America PACS and RIS Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America PACS and RIS Market report:
The North America PACS and RIS Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America PACS and RIS Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America PACS and RIS Market value chain can benefit from the information contained in a comprehensive market report.
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