According to our new market research study on “PACS and RIS Market to 2027 – Global Analysis and Forecast – by product, component, deployment, and end user,” the market is expected to reach US$ 5,441.87 million by 2027 from US$ 2,836.65 million in 2019. The market is estimated to grow with a CAGR of 8.4 % from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. 

Global PACS and RIS market, based on component, was segmented as, software, hardware and services. During 2018, the segment of software led the market by the component. In addition, the segment is also expected to grow at a significant rate, as it is used as a central-server solution that offers clinics and departments assistance while conducting various procedures.

Picture archiving and communication system (PACS) is used for management, retrieval, storage, and distribution of the medical images. In the field of radiology, it is used for sharing and viewing of diagnostic images. A radiology information system (RIS) is a network of the software system used for managing medical images and other related data. RIS keeps track of radiology imaging orders and data of bills. It is used along with PACS and vendor neutral archives (VNAs). RIS manages image archives, keeps record and billing.

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The players in the market are adopting various inorganic and organic developments for individual growth, and thus, the growth of the market is highly dependent on them. The vital players in the PACS and RIS market focus on various growth strategies to strengthen their presence and accordingly hold major market share across the global market. Some of the notable players in the global PACS and RIS market include, McKesson Corporation, General Electric, Fujifilm Holdings Corporation, Koninklijke Philips N.V and others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the market players to retain their positions as well as to generate increased growth revenue in the PACS and RIS market. The global leaders in the market have been majorly adopting strategies such as product launches, collaboration, agreements, partnerships and joint ventures as key strategies to improve its product offerings in order to build up customer-centric benefits to its end users and enhance its geographic diversification.

In order to strengthen their customer base, global leaders have adopted strategies such as expanding their partnerships with other companies operating in the market. For instance, during November 2018, Philips and Jackson Health System extended their 11-year long-term strategic partnership for Enterprise Monitoring as a Service (EMaaS) by implementing IntelliSpace Enterprise Edition.

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