Picture Archiving and Communication System, commonly known as PACS, is a medical imaging technology which is used to securely store and digitally transmit electronic images and clinically-relevant reports. Radiology Information System or RIS is a software solution designed to manage imaging workflow and patient scheduling in radiology departments. PACS and RIS help increase efficiency by enabling paperless workflow, faster access to patient records and images through centralized data storage. They play an important role in reducing radiology operation costs by streamlining processes and eliminating expenses associated with films, chemicals and photography.
The global PACS and RIS Market is estimated to be valued at US$ 3657 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The key opportunity in the PACS and RIS market is increasing need to reduce healthcare costs and improve profit margins. Healthcare organizations are facing continued pressure to optimize resources and cut costs amid rising operational expenses. PACS and RIS solutions help address this need by digitizing radiology workflows and enabling centralized data management. They eliminate redundant imaging tests by ensuring access to previous scans. This further reduces costs associated with film printing, handling and storage. PACS and RIS also enable more patients to be scheduled and treated within the same infrastructure by streamlining processes. Their ability to enhance productivity and lower expenses makes them an important tool for healthcare providers to manage profitability while providing quality patient care at reduced costs. This rising need for cost efficiency is expected to drive significant demand for PACS and RIS systems during the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants into the market is moderate due to high initial investment required for setup like research cost, training employees and getting regulatory certifications. Bargaining power of buyers: The bargaining power of buyers is moderate as the market has few large players operating and buyers have options to choose from different products and services at competitive prices. Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials and components required for manufacturing PACS and RIS systems. Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for PACS and RIS systems used for diagnostic imaging and clinical workflows. Competitive rivalry: The competitive rivalry in the market is high due to presence of many large and small players offering similar products and services globally. SWOT Analysis Strength: PACS and RIS provide digital image management and better clinical workflow. Growing healthcare IT expenditure is driving demand. Weakness: High costs associated with deployment, maintenance and upgradation. Interoperability issues exist between products of different vendors. Opportunity: Emerging markets like Asia Pacific offer growth potential. Integration of artificial intelligence can enhance diagnostic accuracy. Threats: Data privacy and security concerns prevail. Reimbursement policies vary across regions and countries. Key Takeaways The Global PACS And RIS Market Size is expected to witness high growth. The market size for 2023 is estimated at US$ 3657 Mn growing at a CAGR of 6.7% during the forecast period of 2023 to 2030. North America dominates the global market due to increasing healthcare spending and adoption of advanced medical imaging technologies. Increasing investments by hospitals to upgrade legacy systems and integrate digital radiology is driving demand in the region. The regional analysis of Asia Pacific shows fastest growth in the coming years. Rising medical tourism and growing healthcare infrastructure especially in China and India provides significant opportunities. Government initiatives to modernize healthcare facilities also support market growth. Key players operating in the PACS and RIS market are Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. The players focus on new product launches, partnerships and mergers to strengthen their market position. Get more insights on this topic: https://www.marketwebjournal.com/pacs-and-ris-market-insights/
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