Picture archiving and communication systems (PACSs) are used in medical imaging innovation for tracking radiology images storage, displaying, billing information, and the sharing of pictures. PACS is majorly used with radiology information system and has recently witnessed high adoption in healthcare IT. PACS and RIS technologies can effectively manage staggering volume of data, due to which their demand has escalated around the world. The market is expected to surge owing to the high paced development, accompanied by the developing digitalization of healthcare systems all over the world.
Transparency Market Research evaluates that the global PACS and RIS is likely to display a promising CAGR of 7.0% over the forecast period of 2016 and 2024, rising from US$2.2 bn in year 2015 to US$3.9 bn by the end of year 2024. The global market for picture archiving and communication systems (PACS) and radiology information systems (RIS) has witnessed a growth at a significant pace in the previous couple of years. This growth can be credited to the efficiency that is achieved with the help of these technology in the healthcare sector. The increase in demand for digitization in the healthcare industry will keep on driving the market in the following couple of years as well.
What are the fire-fueling factors encouraging the growth of PACs and RIS market?
The advantages of healthcare IT have been recognized with a numerous governments all across the globe, impelling industrial progressions in the sector. Therefore, the use of PACS and RIS for the exact and accurate diagnosis of patient’s wellbeing has expanded. For instance, favorable policies implemented by government in the US has favored the adoption of RIS and PACS.
The use of EHR systems in clinic and office-based activities have expanded in the last few years. This is fuelling the demand for PACS and RIS globally. These PACs systems enable medical pictures to be analyzed electronically and guarantee the simple and effective availability of the pictures to caregivers. But, owing to increased cost of the gadgets come across as a major obstruction in the growth of global PACS and RIS market.
Notwithstanding the underlying cost of equipment and programming licenses, costs relating to progressing technical support and usage likewise limits the selection of PACS and RIS by human services offices.
Which segment is likely to propel the global market owing to its high paced development?
Based on product type, the oncology PACS segments is estimated to lead the market owing to its significant development over the forecast period from 2016 to 2024. The rising incidences of several types of cancers is relied upon to be the main factor to drive the expanded demand for oncology PACS. The management segment represents the predominant share in the global PACS and RIS market. The demand for PACS and RIS management has fundamentally expanded in the previous couple of years inferable from the increased requirement for the consistent maintenance and adjusting of programming and devices.
What makes North America a key region among other in PACs and RIS markets?
On the basis of geography, the global market is dominated majorly by North America region, holding around 45% of shares in year 2015. The significant growth in healthcare facilities to treat several chronic ailments is the major factor fuelling the demand of PACs and RIS in the market. GE Healthcare, Fujifilm Holdings Corporation, Siemens Healthineers, Agfa Healthcare, Allscripts Healthcare Solutions, Inc., Philips Healthcare, McKesson Corporation, and others are among the major players ruling the global PACs and RIS market.
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