New York, NY, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “PACS and RIS Market by Product (PACS (Cardiology PACS, Orthopedic PACS, Dental PACS, and Oncology PACS) and RIS), by Component (Services, Software, and Hardware), by Deployment Mode (On-premise, Cloud-based, and Web-based), and by End-User (Research & Academic Institutes, Hospitals, Diagnostic Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, the global PACS and RIS market was valued at USD 2.6 billion in 2017 and is expected to reach USD 4.3 billion by 2024, growing at a CAGR of around 7.3% between 2018 and 2024.
Information technology, such as Radiology Information Systems (RIS) and Picture Archiving and Communications Systems (PACS), is now being utilized for various healthcare applications. Cost-effective implementation of both PACS and RIS applications is possible owing to its shift to the PC environment. PACS is currently the preferred method of diagnostic image distribution. Today, PACS is not only limited to radiology applications but also being used in the fields of dermatology, pathology, ophthalmology, cardiology, and other telemedicine areas. The heart of PACS is image acquisition from whatever unit generates the diagnostic image to the proper display of that image whenever required. RIS has several applications, such as providing registration, scheduling, incident reporting, quality assurance, file folder management, material management, teaching file management, human and technical resource management, and billing functions.
Browse through 119 Tables & 33 Figures spread over 110 Pages and in-depth TOC on “Global PACS and RIS Market Size & Share 2017 Report: By Type, Industry Trends, Applications, Analysis and Forecast, 2024”.
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RIS is a software system network used to manage medical images and the data associated with it. It is particularly beneficial for tracking billing information and radiology imaging orders. It is often used in amalgamation with PACS for record-keeping, billing, and managing image archives. PACS is used for hoarding, recovering, presenting, and allocating images produced by multiple medical hardware modalities, like CT scan, X-ray, ultrasound machines, and MRI. Digital Imaging and Communications in Medicine (DICOM) is the universal format used for storage and transfer of PACS images. Scanned documents and other non-image data can be incorporated in various formats, like PDF, after they have been summarized in DICOM. PACS comprises four main components: imaging modalities like computed tomography (CT), magnetic resonance imaging (MRI), and X-ray plain film (PF), a safe network to transfer patient information, archives for storing and retrieving images and reports, and workstations to interpret and review images.
Increasing adoption of health information technology (HIT), growing used of diagnostic imaging, development strategies incorporated by the leading players to develop highly advanced PACS and RIS platforms, and rising use of RIS and PACS for a thorough assessment of patient health are the prime factors responsible for the growth of PACS and RIS market. Untapped market and increasing government funding for research and development are also expected to generate new opportunities in the forecast timeframe. However, the high software cost is one of the roadblocks in the development of PACS and RIS market.
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Based on product type, the PACS and RIS market is segmented into PACS and RIS. The PACS segment has been further segmented into cardiology PACS, orthopedic PACS, dental PACS, and oncology PACS. The PACS segment holds the majority share of the PACS and RIS market. Based on components, the PACS and RIS market is classified into services, software, and hardware. Based on deployment mode, the PACS and RIS market is fragmented into on-premise, cloud-based, and web-based. The cloud-based segment is projected to show steady growth in the forecast timeframe. Based on the end-user, the PACS and RIS market is segmented into research and academic institutes, hospitals, diagnostic centers, and others. The hospital segment dominated the market in 2017 and is expected to grow at the fastest rate in the forecast period. With more than 30% market share, the hospital segment is leading the market of PACS and RIS. Diagnostic centers are the second largest segment in the PACS and RIS market and are expected to generate new opportunities during the forecast timeframe.
Based on the region, the PACS and RIS market is divided into Europe, North America, Asia Pacific, the Middle East, and Africa, and Latin America. North America dominates the PACS and RIS market. In 2015, North America PACS and RIS market held a major market share of around 45%. The North American PACS and RIS market are expected to grow at a CAGR of approximately 7% between 2018 and 2024. The U.S. is the leading sub-segment in the North American PACS and RIS market, followed by Canada, and is projected to maintain its dominance in the forecast timeframe.
Browse the full "PACS and RIS Market by Product (PACS (Cardiology PACS, Orthopedic PACS, Dental PACS, and Oncology PACS) and RIS), by Component (Services, Software, and Hardware), by Deployment Mode (On-premise, Cloud-based, and Web-based), and by End-User (Research & Academic Institutes, Hospitals, Diagnostic Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/pacs-and-ris-market
The European PACS and RIS market showed significant growth rate in 2017 and is expected to generate new opportunities in the upcoming years. In the European PACS and RIS market, the U.K. is anticipated to be the largest profit making country. This is due to the increasing adoption of health information technology.
The Asia Pacific region holds a substantial share of the PACS and RIS market. This region is expected to grow at a steady rate due to rising government initiatives for healthcare infrastructure development and rapidly developing PACS and RIS market. Emerging economies, such as India and China, are dominating the PACS and RIS market in the Asia Pacific region with the highest market share. In Japan, the PACS and RIS market will show a significant growth rate in the upcoming years. Latin American and the Middle East and African PACS and RIS market are also expected to generate new opportunities in the forecast timeframe. Brazil and Mexico are dominating the Latin American PACS and RIS market and are predicted to generate more opportunities in the forecast timeframe.
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The key players operating in the PACS and RIS market are GE Healthcare, Fujifilm Holdings Corporation, Agfa Healthcare, Allscripts Healthcare Solutions, Inc., Philips Healthcare, Siemens Healthineers, and McKesson Corporation, among others.
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This report segments the global PACS and RIS market as follows:
Global PACS and RIS Market: Product Segment Analysis
- PACS
- Cardiology PACS
- Orthopedic PACS
- Dental PACS
- Oncology PACS
- RIS
Global PACS and RIS Market: Components Segment Analysis
- Services
- Software
- Hardware
Global PACS and RIS Market: Deployment Mode Segment Analysis
- On-premise
- Cloud-based
- Web-based
Global PACS and RIS Market: End-User Segment Analysis
- Research & Academic Institutes
- Hospitals
- Diagnostic Centers
- Others
Global PACS and RIS Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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