Picture archiving and communication system or PACS is a system to store, archive, and retrieve medical imaging data. PACS in healthcare has immense value because we can digitally store medical images in PACS servers. Radiological Information System is the principal system for the electronic management of the imaging departments in medical facilities. Schedule of the patients, managing resources, tracking the performance of the different types of examinations, reporting, results, billing, etc. are some of the works that can be done with RIS. Both of these have seen success in the past, we are going to forecast what we can expect from them in the next 7 years.
Major Players That Will Drive the Market Forward
Just like every other market, the PACS and RIS market has its own major players who lead the other companies. Some of the major players that we expect to still lead in the near future include General Electric, Fujifilm Holdings, Siemens AG, Philips, IBM, McKesson, Novarad, INFINITT Healthcare Co., etc. The global market for PACS and RIS in recent years has seen both organic and inorganic changes. For example, in 2018, Novarad Corporation signed a contract with Brown University Health Services in order to bring PACS and RIS software. This offers more control over study information and more capacity for care, and it has led more customers to adopt this solution.
A Few Insights on the Market
Medical imaging is very crucial to diagnose patients. Thanks to technology, we can now diagnose a patient in a much earlier stage of the disease than before. Also, people around the world are more educated and aware of themselves and this has led to an increase in the number of diagnostic tests. Only in the US, the number of CT scans per 1000 patients was 126. And according to the UK’s NHS, the total number of medical imaging tests from February 2016 to January 2017 was 4.1 million in the UK. We expect the numbers to grow every year.
New Products and FDA’s Approvals
Technology has advanced a lot and we can see its effect on the free PACS server and RIS market. There is an increasing number of FDA approvals and new product launches in the PACS and RIS market. Integrating AI, using the cloud to store medical images, machine learning has led to more new products. Cardiovascular diseases are still prevalent and the launch of new products will be better used to treat them.
The global PACS and RIS market is expected to reach $5,008.93 million in the next 7 years. RIS and PACS in healthcare play vital roles and the growth are expected because of the growing population, more patients, and lots of new products.
Although the global PACS and RIS market is led by the PACS products, new RIS product numbers are increasing, too. Both of these types of products are expected to see huge growth during the forecast period.