According to the latest report published by Credence Research, Inc. “RIS and PACS Market – (RIS Market – Delivery Mode: Cloud based, On-Premise, Web-based, Product Type: Integrated RIS, Standalone RIS, End-User: Hospitals, Imaging Centers and Other; PACS Market – Product Type: Departmental and Enterprise, Modalities: X-Ray, CT Scan, MRI, PET & SPECT and Ultrasound): Market Growth, Future Prospects and Competitive Analysis, 2016-2023,” the market was valued at USD 4,022.0 Mn in 2015, and is expected to reach USD 6,430.9 Mn by 2023, expanding at a CAGR of 5.8% from 2016 to 2023.
A radiology information system is a computer system that is aimed to support effective workflow and business analysis in a radiology department. This system helps in managing all the business functions of the department, from patient management, analysis, and inventory control. These systems provide ease of use and are easily accessible. Moreover, these systems offer benefits, such as high security, reliability, and privacy as they can be accessed by only authorized users. The radiology information system (RIS) is considered the core system for the electronic management of imaging departments. Picture Archiving and Communication System (PACS) facilitates short- and long-term storage, retrieval, management, distribution and presentation of medical images. PACS allows healthcare systems to image management on departmental and enterprise levels. Rapid evolution and adoption of health information technology is supporting the demand for PACS. Growth of this market will be driven by government reforms and initiatives towards healthcare centralization. Penetration of PACS into specialties such as endoscopy and oncology will lead to additional PACS applications and thus market growth. Furthermore, features such as integrated speech recognition and advanced clinical decision support systems will also contribute to expansion of PACS market. The introduction of PACS established a co-dependent relationship between the RIS and PACS. Optimal efficiency for the imaging department occurs when PACS and RIS integration enables seamless information sharing between RIS and PACS.
The geographical segmentation of the global RIS and PACS market comprises North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. North America accounted for the largest market in the global RIS and PACS market. Due to improved quality of patient care and clinical outcomes and the growing implementation of health information exchanges (HIEs) and EHR systems. In addition to the demand for RIS and PACS solutions from healthcare providers, the mounting need of healthcare insurance providers to capably manage a detailed record of claims and reimbursements also assists the growth of the North American RIS and PACS market throughout the forecast period. Asia-Pacific was observed as the most potential market for RIS and PACS throughout the forecast period owing to the nation and state-wide healthcare IT policies in Australia, China and Japan. Moreover, factors such as improved healthcare information technology systems, growth in the incidence rate of chronic diseases, and rise in demand for better healthcare services are some of the key drivers responsible for the growth of the RIS and PACS market in the region.
Browse the full report RIS and PACS: Market Growth, Future Prospects and Competitive Analysis, 2016-2022 report at http://www.credenceresearch.com/report/ris-and-pacs-market
The key players operating in the global RIS and PACS market include Fujifilm Teramedica, Inc, Merge Healthcare, McKesson Corporation, Siemens Healthineers, Carestream Health, Inc. The other notable players include Pismeo, Agfa Healthcare, Cerner Corporation, Philips Healthcare and Allscripts Healthcare Solutions, Inc. and others.
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