Superior Efficiency of Innovative Solutions to Ensure Expansion of Global PACS and RIS Market

The global market for radiology information systems (RIS) and picture archiving and communication systems (PACS) is slated for expedient growth over the oncoming period, as they offer efficiency in data management in healthcare facilities, notes Transparency Market Research (TMR).     Several market players are offering upgraded versions of PACS and RIS solutions to retain their position in the market. For example, in April 2017, Lifetrack Medical Systems Inc. announced that the first fourth generation of its PACS solution, Lifesys™ has received the approval of the U.S. Food and Drugs Administration (FDA). 

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Q. Which are the present and projected leading product segments of the global PACS and RIS market?

By product type, RIS and PACS are the two major segments of the market. Of these, the PACS segment is expected to account for the largest share in the global PACS and RIS market. The growth of this segment can be attributed to the escalating demand for PACS across orthopedics and cardiology applications. The PACS segment has further been segmented into orthopedic, cardiology, oncology, and dental. Of these, the oncology PACS segment promises considerable growth opportunities during the forecast period. The rising incidence of cancer is responsible for the growth of this segment.

Q. Which segment of the global PACS and RIS market is likely to witness maximum growth in terms of component type and deployment?

Based on component type, the market has been segmented into services, hardware, and software. The services segment emerged as the leading segment in the global PACS and RIS market. There has been a persistent need for PACS and RIS services over the last few years due to the rising necessity of regular maintenance as well as servicing of hardware and software. By deployment, the global market for PACS and RIS has been segmented into on-premise, cloud-based, and web-based deployment. Currently, the web-based segment leads the market. However, the cloud-based deployment segment is waiting in the wings to replace it. 

Q. Which geographical segments are expected to surpass other regional segments in terms of demand?

Geographically, the global PACS and RIS market has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Although North America led the global market for PACS and RIS in 2015, Asia Pacific is expected to occupy the headmost place by the end of 2024, expanding at a CAGR of 8.4% between the forecast years, states the report by TMR. The emerging markets including India, Japan, Brazil, Nigeria, China, Malaysia, Singapore, and Indonesia are likely to contribute substantial revenue to the global market. Growing adoption of technologically advanced solutions and increasing digitization of healthcare data management systems is promoting the growth of the PACS and RIS market in Asia Pacific.

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