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North America PACS and RIS Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Component, Deployment, End User

North America PACS and RIS Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Component, Deployment, End User

  • May 2021
  • 135 pages
  • ID: 6075751
  • Format: PDF
  • The Insight Partners

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The PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) market in North America is expected to grow from US$ 1,152.7 million in 2019 to US$ 2,243.7 million by 2027; it is estimated to grow at a CAGR of 8.6% from 2020 to 2027. PACS during the previous years were expensive; also, the software has evolved significantly during recent years. The PACS systems available are mostly cloud-based, enabling flexible access to images. Also, cloud-based PACS have various copies of your data stored, which are also prevented by unethical attacks. Also, modern PACS are available at a much affordable price as compared to its older versions. Pricing highly varies based on various parameters such as volume or studies, size of the practice, and particular integrations needed. However, an on-site PACS 1,000 studies a month costs not less than US$ 10,000 with annual maintenance as well as support fees of $2,000.

However, a cloud-based PACS would cost more compared to on-site one.Ideally, the price of the software is almost $1,500 per month, excluding the initial setup and an internet capable viewing station or personal computer.

Five years of cloud and support for a practice of this size costs approximately $90,000.However, during recent years, the cost of a terabyte of disk storage, capable of storing about 10,000 MRI studies was around $1,240 during the year 2006, however, at present, the storage costs have reduced to almost $20.

The availability of PACS at an affordable rate as compared to the previous versions is expected to fuel the growth of the PACS and RIS market.

The North America 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.

The demand for PACS and RIS has 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 the growth and sustainability in this market.

In April, the US 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 can collaborate and leverage resources in more creative ways, even when workstation access is not available.

It is also 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.

The overall North America PACS and RIS market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the North America PACS and RIS market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America PACS and RIS market. 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 a few players operating in the North America PACS and RIS market.

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