Published Date : 15 Nov 2022
The global PACS and RIS market size was exhibited at USD 3.57 billion in 2022 and is projected to hit around USD 6.43 billion by 2030, poised to grow at a registered CAGR of 7.6% during the forecast period 2022 to 2030.
The global PACS and RIS market is primarily driven by the rising adoption of digital technologies like digital healthcare information systems in the healthcare industry across the globe. The rising prevalence of various chronic diseases is augmenting the demand for various diagnostics services such as pathology, X-Rays, and ultrasound in digital form. The digital images and results derived from various diagnostics need to be efficiently managed. The PACS and RIS offer economical and convenient storage solutions and quick access to digital images by eliminating the need of storing hard copies. The digital spaces drastically reduce the cost of storage and offer easy accessibility to the stakeholders, which propels the demand for PACS and RIS across the globe. Moreover, it increases the profitability and efficiency of the healthcare units by reducing operational costs. Hence, the benefits associated with the adoption of PACS and RIS over traditional storage systems are fueling the growth and adoption of PACS and RIS. Further, the rising government and corporate investments in digitalization and automation of the healthcare industry a major factors that can e held responsible for the future growth of the PACS and RIS market across the globe.
PACS and RIS Market Report Scope
|Market Size In 2022||USD 3.57 Billion|
|Market Size By 2030||USD 6.43 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 7.6%
|Forecast Period||2022 to 2030|
|By End User||
North America dominated the global PACS and RIS market in 2021. North America is a capital-intensive region and the demand for the latest and most advanced digital technologies is higher in this region. The higher adoption rate of digital technologies in the healthcare industry, increased demand for various diagnostics, and high per capita healthcare expenditure are the major factors that augmented the market growth. The per capita healthcare expenditure in the US in 2018 was estimated to be around $10,624. Further, the increased penetration of private hospitals, clinics, and diagnostic laboratories results in the burgeoning demand for PACS and RIS across North America.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The nations like India, China, and South Korea are expected to have a significant demand for the PACS and RIS owing to the rising adoption of automated and digital technologies in the healthcare sector. Furthermore, the growing geriatric population and rising prevalence of chronic diseases is boosting the need for diagnostics and the huge amount of data needs to be stored efficiently which boosts the adoption of the PACS and RIS.
Driver: The surging number of cardiology procedures across the globe
The rising incidences of CVDs among the global population is resulting in an increased number of cardiology procedures. Further, cardiology procedure providers are increasingly adopting the PACS and RIS in order to increase their operational efficiency and reduce their costs. This altogether boosts the growth of the PACS and RIS market across the globe.
Restraints: High costs associated with the PACS and RIS
The high cost of the PACS and RIS is a major factor that impedes growth. Moreover, the lack of knowledge about operating the PACS and RIS hardware and software amongst healthcare professionals is compelling them to opt for third-party service providers, which further increases the costs.
Opportunities: The rapidly growing popularity of the cloud-based PACS and RIS
The cloud-based services offer low cost, time-saving, remote access, and convenience of data-sharing among the stakeholders. Further, the developments in the field of telecommunications and IT infrastructure is boosting the growth of the cloud-based PACS and RIS across the globe, which is expected to offer lucrative growth opportunities.
Challenges: Cybersecurity and data breach are the major challenges
Digital services face a major threat of cybersecurity and data breach issues that may lead to financial losses. The market players face a huge challenge in tackling these digital risks.
Some of the Prominent Players:
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