Global PACS and RIS Market to Grow at 5.3% CAGR during Forecast Period, notes TMR Study
Transparency Market Research
5 min read
Transparency Market Research
Increasing government demand for product digitalization and growing health concerns are expected to drive the global market for PACS and RIS
Wilmington, Delaware, United States, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per TMR study, in 2018, the global PACS and RIS market was worth US$ 2,633.4 Mn and 42,874 Units based on volume. The global market is likely to rise at 5.3% CAGR during the forecast period, from 2019 to 2027. Increasing government demand for product digitalization and growing health concerns are expected to drive the future market outlook for PACS and RIS.
Governments all around the world are promoting the use of PACS and RIS for thorough and precise analysis of a patient's health since they understand the value of health care IT. The handling of a large volume of patient data and openness in the medical insurance claim procedure are all improved by health IT systems in addition to user friendliness. The U.S. Government promotes the use of hospital information systems as well as other health care IT technologies in hospitals.
EMR systems are becoming more widely used in both office-based and hospital-based practices. PACS and RIS are in greater demand since they enable electronic storage of medical images. The RIS and the PACS for the caregivers are effectively ensured that the images are accessible electronically.
The PACS manages, obtains, stores, and transmits the medical pictures. It is used to communicate and show diagnostic pictures in the field of radiology. The RIS records billing data and orders for radiological imaging. It is used in conjunction with PACS and vendor-independent archives (VNAs). RIS manages image files, invoicing, and documents. In the years to come, it is projected that the rising popularity of this technology will encourage expansion of the PACS and RIS market on a global scale.
The need to incorporate images of patients with health information sharing networks and electronic medical records is anticipated to offer the global PACS and RIS market a significant boost in the coming years.
The most recent industry innovation is cloud-based PACS solutions, which is expected to account for a considerable market share for PACS and RIS. In the next years, it's expected that they will emerge as one of the most popular products available. It is also expected to account for the largest revenue share in the PACS and RIS Market during the forecast period.
PACS and RIS are being utilized increasingly often in a range of healthcare areas and for high-value categories including cardiology, orthopedics, and oncology. PACS and RIS Market demand analysis estimate such extensive use of these systems is likely to work in favor of the global market.
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