Picture Archiving and Communication System (PACS) is a medical imaging technology used for storing, retrieving, sharing and presenting images produced by various medical devices, such as ultrasound, CT scan, X-ray, and MRI machines. The technology have been majorly used in healthcare systems and in hospitals. These are usually related to radiology departments that produces large number of medical images. PACS technologies also include images produced by other departments, such as dermatology, oncology, pathology and cardiology. In addition to sharing images within health systems and hospitals, the technology can combine with ambulatory clinics and with external health systems.
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Major Company Profiles Covered in This Report: Philips Healthcare, Cerner Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Siemens AG, McKesson Corporation, Wellbeing Software, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.
Emergence of pandemic diseases is expected to boost growth of the global PACS and RIS market over the forecast period. For instance, there were 3,525,116 confirmed cases of COVID-19, including 243,540 deaths, as reported to WHO as of May 5, 2020.
Moreover, increasing adoption of digital pathology is also expected to aid in growth of the market. For instance, in April 2020, ContextVision, a digital pathology solutions provider, reported that the company’s sales in Q1 ended at US$ 2.98 million, a substantial increase of 38.4% compared to the first quarter in 2019 and its EBITDA was US$ 14.06 million and the operating result ended at US$ 12.03 million.
PACS held dominant position in the global PACS and RIS market in 2019, accounting for 83.1% share in terms of value, followed by RIS, respectively.
Increasing adoption of cloud-based PACS is expected to offer lucrative growth opportunities for players in the market. Cloud-based PACS offers several benefits such as on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service.
The global PACS and RIS market was valued at US$ 2,833.1 Mn in 2019 and is forecast to reach a value of US$ 4,821.6 Mn by 2027 at a CAGR of 6.8% between 2020 and 2027.
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