Picture Archiving and Communication System or PACS, a part of medical imaging technology systems, offers various digital benefits. PACS software can be used to store and access images from different modalities. The software helps in the digital transmission of electronic images plus reports. It is a convenient electronic platform for all radiology images that interfaces with RIS or Radiology Information System.
With the global rise in the demand for PACS and RIS software in the IT market, their value may reach a staggering 4821 million dollars by the year 2027. The primary cause for new emerging trends and escalated growth of the worldwide PACS and RIS market is the start of pandemic diseases. As the confirmed Covid19 cases began to grow at an alarming rate, there general demand for digital pathology also grew.
Everywhere, digital pathology services providing companies saw a substantial increase in their sales, which was quite evident in the first quarter of 2020. In 2019, PACS dominated the PACS & RIS market on a global scale, accounting for 83% of share value.
The Concern Over Data Safety
Both radiology information system and PACS can fall prey to cyber-attacks. This can impact the data safety of millions of patients in the healthcare sector. Growth can be restricted due to such security concerns. Moreover, conventional PACS or RIS systems may be very costly, anywhere between 500 to 100,000 US dollars.
Growing Market Opportunities
On the other hand, with the increase in the use of digital technology and cloud-based systems, PACS software may offer numerous benefits to other businesses. PACS offers high-end broad network access, rapid elasticity, pooling of resources, and self-service (on-demand). With more and more people using mobile apps and related services, it can aid the growth of medical imaging technology connected to the healthcare sector.
Let us study the new market trends in the technology market:
- The introduction of mobile apps and their success can directly impact the PACS and RIS market growth
- Many mobile apps integrate with quality RIS platforms to provide different types of services
- Chronic disorders and subsequent diagnoses are done with the aid of integrated PACS and RIS systems
- In the year 2019, the American Cancer Society suggested that analysis of new cancer cases, their diagnoses, and cancer deaths are done through such medical imaging technology support
- Mega companies conducting business operations in the PACS and RIS market such as Agfa Healthcare, Philips Healthcare, Epic Systems Corporation, Siemens AG, Fujifilm Holdings Corporation, Wellbeing Software, Medinformatic Inc, and General Electric Company to name a few.
The Future Looks Bright for the PACS & RIS Market
The main reason behind the ever-increasing popularity of PACS software is that they assist in eliminating the time barrier and physical hurdles related to traditional imaging solutions that involve retrieval and distribution. High-value and quality products like orthopaedic PACS, oncology PACS, and cardiology PACS are some of the key factors that work to the advantage of the PACS and RIS market.
The deteriorating health of people and the Covid19 pandemic has led to a drastic increase in the total number of symptomatic or diagnostic test procedures done all over the world. The PACS and RIS systems help raise awareness of the early diagnosis of serious diseases. Such software has high application in millions of hospitals and clinics as it can eliminate the requirement of maintaining physical copies of images and their duplicates, neatly replacing them with digitally storable copies.
How does PACS help doctors?
Doctors and medical experts need to store, interpret, and consult the diagnostic images of patients. It is nearly impossible to keep track of storing them in physical format and keep searching for one specific patient file amongst thousands of them. Cloud-based hosting and storage of digital files help doctors scale and access the files quickly within a matter of a few minutes. The secure cloud-based way of sharing clinic info is another major reason why doctors prefer digital copies. Digital storing protects the privacy of every patient and it is also very cost-effective compared to manual image printing. All these factors influence the RIS and PACS market positively.
How is the patient benefited?
The patients are offered affordable diagnostic charges. Moreover, the images are integrated with electronic medical records. The records are exchanged through health info digital platforms using advanced technology. You can thus see colossal improvement in the healthcare industry in terms of infrastructure and the use of advanced technological devices that offer near-accurate results. All these points open a profitable window of opportunities for the businessmen involved in the PACS and RIS market creating a win-win situation for everyone.
Market Scope & Size
The RIS and PACS global markets are segmented into categories including product, component, preparation, and the final end-users. Analyzing these segments in terms of growth can be done by mapping the growth of the industries involved. This will make the end-users to be aware of the market overview and insights to come up with strategic decisions. Again, this will help to identify the primary market applications.
Different segments in the PACS & RICS market:
- The systems are segmented mainly on the basis of product into picture archiving and communication system and radiology information system.
- PACS is further micro-segmented into cardiology, dental, orthopedics, oncology, and other healthcare sectors
- The market is also effectively segmented into hardware and software programs
- The market is further segmented, on the grounds of deployment, into cloud-based, web-based, or on-the-premise slots
- Even on the grounds of end-users, the PACS & RIS market can be segmented into various healthcare pockets such as hospitals, surgical centers, diagnostic centers, and research institutes.
Growth & Penetration of Latest Technology
The favorable impact of technology using medical imaging technology has given new hope and solutions for the present global healthcare scenario. The sum benefits include improvement in diagnostic testing, safe and effective methods, data privacy, efficient file-sharing, and reduced healthcare expenses. Scientific researchers state that the data collected in these software systems can be stored as a historic reference for the future.