Picture Archive and Communication System (PACS) Segment has the Largest Share of Product in the North America PACS and RIS Market during 2019–2027
According to The Insight Partners market research study on “North America PACS and RIS Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product, Component, Deployment, and End User,” is expected to reach US$ 2,243.7 million by 2027 from US$ 1,152.7 million in 2019. The market is estimated to grow at a CAGR of 8.6% from 2020 to 2027. The report provides trends prevailing in the North America PACS and RIS market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the developments in diagnostic imaging modalities coupled with rising number of diagnostic test procedures and the affordable price of new generation PACS software. However, the market is expected experiencing slow growth during the forecast period owing to the availability of better substitutes and concerns regarding data privacy.
The demand PACS and RIS have increased in hospitals due to COVID 19 as the fast and easily accessible patient imaging is crucial in treatment of COVID 19 sufferers. This has resulted in increased demand for picture archiving and communication systems (PACS), which in turn secure growth and sustainability in this market. In April, the U.S. Food and Drug Administration (FDA) has approved Intelerad’s InteleConnect EV solution for diagnostic imaging review on a range of mobile devices. This approval comes at a critical time for healthcare systems and ensures that radiologists are able to collaborate and leverage resources in more creative ways, even when workstation access is not available. It also is approved for mobile diagnostic image review, and can immediately be used on various iPad and iPhone models, with additional devices on the horizon. All the aforementioned factors are expected to bring positive prospects for PACS and RIS market during this pandemic crisis.
The market for PACS and RIS market is segmented into product, component, deployment, and end user. Based on product, the market is segmented into Picture Archive and Communication System (PACS) and Radiology Information System (RIS). In 2019, the picture archive and communication system (PACS) segment accounted for the largest share of the PACS and RIS market by product. The growth of the market for this segment is attributed to the as the solution offers benefits such as improved viewing and analysis, easy access to images and other reports, efficient data management, and a user-friendly interface. A growing number of product introductions and approvals are estimated to offer a lucrative opportunity for market growth. Moreover, the market for the picture archive and communication system (PACS) segment is estimated to grow at the highest CAGR during the forecast period.
Agfa-Gevaert Group, INFINITT Healthcare Co., Ltd., McKesson Corporation, Cerner Corporation, General Electric Company, Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Siemens AG, IBM, and Novarad are among the leading companies in the North America PACS and RIS market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Phillips launched Series 4000i, a new air purifier for domestic and commercial application. The new air purifier is powered by smart connected technology and used 3-layer filter for purifying air.
The report segments the North America PACS and RIS market as follows:
By Product
- Picture Archiving And Communication System (PACS)
- Radiology Information System (RIS)
By Component
- Hardware
- Software
- Services
By Deployment
- Web-Based
- On-Premise
- Cloud-Based
By End User
- Hospitals
- Diagnostic Centers
- Others
By Country
- North America
- US
- Canada
- Mexico
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