PACS and RIS Market is Estimated to Witness High Growth Owing to Opportunity to Improve Workflow in Radiology Departments
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| PACS and RIS Market |
Picture archiving and communication systems (PACS) and radiology information systems (RIS) are medical imaging software solutions that are used to securely store, analyze, and transfer digital images and reports electronically. PACS and RIS have numerous benefits over traditional film systems as they enable timely image access from multiple locations, reduce risk of lost or damaged films, allow integration of images with hospital information systems, and improve productivity by streamlining workflow in radiology departments.
The global
PACS and RIS Market is estimated to be valued at US$ 3,657 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 for growth in the PACS and RIS market is to improve radiology
workflow efficiency. Healthcare organizations are under increasing pressure to
enhance productivity and reduce turnaround times for diagnostic imaging
reports. PACS and RIS solutions can modernize and automate various workflow
steps such as exam ordering, image acquisition, interpretation, and report
distribution. This allows radiologists to spend more time on diagnostic
activities rather than non-value added administrative tasks. Streamlined
workflow using PACS and RIS can significantly improve department throughput and
patient satisfaction. Vendors providing innovative solutions focused on
workflow optimization are likely to witness increased demand.
Porter’s Analysis
Threat of new entrants: The market has high capital requirements for setup of
infrastructure and R&D which poses barrier for new entrants. The presence
of established players also discourages new competition due to established
customer base and brand loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of alternatives and choice of multiple vendors. However, switching
costs associated with training and change in workflow limits bargaining power.
Bargaining power of suppliers: The market has many component suppliers with no
single supplier dominance, giving buyers option to switch with minimal impact.
This gives buyers higher bargaining power over suppliers.
Threat of new substitutes: Alternatives players are emerging with new
technologies like cloud and web based solutions. However, integration
capabilities with existing hospital infrastructure keeps threat of substitution
low currently.
Competitive rivalry: The market has global presence of vendors competing on
capabilities, pricing and customization. Industry consolidation is high with
vendors competing to offer comprehensive one stop solutions.
SWOT Analysis
Strength: Presence of comprehensive product portfolio meeting diverse clinical
requirements. Strong footprint of international players with global sales and
service network.
Weakness: High dependency on hospital capital budgets and investment cycles
exposed to economic slowdowns. Require specialized training and administration
affecting user adoption.
Opportunity: Emerging regions in Asia Pacific and Latin America presenting new
growth avenues. Increasing digitization and use of analytics providing avenues
for product enhancement.
Threats: Currency fluctuations and trade barriers affecting pricing and market
access between countries. Surging healthcare costs and budget pressures acting
as financial headwinds.
Key Takeaways
Global
PACS And RIS Market Demand is expected to witness high growth during
forecast period aided by increasing healthcare infrastructure across major
markets.
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.
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