Market Analysis 2019 PACS and RIS Market Scenario & Immense Growth | Seite 2

Global PACS and RIS Market to 2027
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The global PACS and RIS market expected to be US$ 2,728.43 Mn in 2018 and is predicted to grow at
a CAGR of 7.4% during the forecast period 2019 – 2027, to reach US$ 5,008.93 Mn by 2027.
Europe is the second largest geographic market and is expected to be the second most significant
revenue contributor throughout the forecast period. The region has witnessed several technological
advancements in the field of healthcare by the incorporation of digital technology in order to increase
the efficiency of healthcare facilities in the region. The growth is driven by factors such as government
collaborations with technology providers, prevalence of cancer in the countries.
Market Insights
Developments in Diagnostic Imaging Modalities Coupled with Rising Number of Diagnostic Tests
Procedures
Medical imaging is a vital part in medical care and treatment across the globe. Rising awareness
regarding early diagnosis of diseases has led to an increase in the total number of diagnostic tests
procedures performed around the world. During the year 2012, Canadians underwent 1.7 million
magnetic resonance imaging (MRI) exams and 4.4 million computed tomographies (CT) exams. The
statistics reveal, nearly double the number of such reviews performed during 2003. The national rate
for CT scans were 126 per 1,000 individuals around 2014 and 2015. Rates ranged from 209 (New
Brunswick) and 170 (Newfoundland and Labrador) to 88 (Alberta) and 93 (Prince Edward Island). In
addition, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests
conducted in England in the 12 months from February 2016 to January 2017. Of these, 3.49 million
imaging tests were reported to have taken place in January 2017.
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As per the World Health Organization (WHO), with improved health care policy and the better
availability of medical equipment, there has been rise in the number of global imaging-based
procedures. Thus, the growing number of diagnostic imaging procedures performed across the globe
resulting in increasing requirement of consumables for tests are likely expected to drive the growth of
the global PACS and RIS market over the coming years.
New Product Launches & FDA Approvals
Frequent FDA approvals and product launches drive the market for PACS and RIS. Most of the major
market players operating in the market are adopting measures such as product launches as well as
approvals to provide a better solution as well as software in the PACS and RIS market. For instance,
during February 2019, Philips introduced IntelliSpace Cardiovascular 4.1, a cardiovascular image and
information management system. The platform offers efficient pediatric reporting capabilities. With
the rising prevalence of cardiovascular disorders, the launch of software can enable better treatment
as well as diagnosis of these disorders.
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