Albany, NY -- (SBWIRE) -- 11/16/2018 -- The vendor landscape of the global picture archiving and communication system (PACS) and radiology information system (RIS) market is largely consolidated, with the top five companies holding over 61% of the overall market in 2015, observes Transparency Market Research in a recent report. These leading vendors, namely McKesson Corporation, GE Healthcare, Fujifilm Holdings Corporation, Philips Healthcare, and Siemens Healthineers continue to have a stronghold on the market owing to their vast product portfolios and offerings at reasonable costs.
The market is, however, largely fragmented in developed countries as several companies compete for the top spot. The scenario is likely to remain the same in the next few years as well, with entry barriers remaining high for companies to enter the market in developed economies.
According to the report, the global PACS and RIS market will expand at a CAGR of 7.0% over the period between 2016 and 2024, rising from a valuation of US$2.2 bn in 2015 to US$3.9 bn by 2024.
On the basis of the type of key products in the market, the segment of PACS accounted for the dominant share of more than 82% in 2015. The segment is likely to remain the top-grossing segment over the report's forecast period, expanding at a CAGR of 7.2% over the report's forecast period.
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From a geographical standpoint, the report states that the market in North America is presently the leading revenue contributor to the global market. The region alone acquired nearly half of the global revenue in 2015. While the regional market is expected to expand at a promising pace and hold a significant portion of the market over the forecast period as well, the market in Asia Pacific is likely to outpace North America and other regional markets in terms of growth pace, registering a CAGR of 8.4% over the forecast period.
The healthcare industry has witnessed the integration of digital technologies at a rapid pace in the past few years. With more governments realizing the vast benefits of such a move, technological advancements are seeing an increased level of adoption in the healthcare industry. Thus the consecutive rise in usage of PACS and RIS for the more detailed evaluation of the health of patients is expected to emerge as a key driver for the market.
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The vast rise in the adoption of EHR solutions in hospitals and other healthcare institutions has also led to an increased demand for effective PACS and RIS to enable the effective and convenient accessibility of medical images and healthcare records to healthcare providers and patients. On the flip side, however, the high costs of equipment could emerge as a hindrance for the market, restraining its expansion across cost-sensitive emerging economies to a certain extent.