According to a recent Transparency Market Research report, the global PACS and RIS market is expected to grow at a rate of 7.0% during the period 2016-2024. The report says that the value of the picture archiving and communication system (PACS) and radiology information system (RIS) market stood at US$2.2 bn in 2015 and estimates that it will be worth US$3.9 bn by 2024. This forecast augurs well for medical transcription companies that provide integrated transcription services for medical imaging and radiology information systems.
The study found that the PACS and RIS market is driven by the increasing adoption of electronic health record (EHR) systems.
Sys-Con Media reports the lead analyst as saying:”The importance and benefits of healthcare IT have been recognized with several governments around the world, spurring technological advancements in the field.”
PACS allows for the storage, retrieval, distribution and management of medical images, greatly simplifying the sharing and viewing of radiology images. RIS enables radiology departments in patient scheduling, resource management, examination performance tracking, examination interpretation, results distribution, and billing.
In countries like the U.S., government mandates have encouraged the adoption of healthcare IT products such as RIS-PACS and hospital information systems (HIS) to maintain electronic health records (EHRs). This has had a favourable impact on the radiology imaging and information system market. With more and more hospitals and practices adopting EHR systems, the demand for PACS and RIS has gone up. Based on product type, the study found that PACS held the majority in the global PACS and RIS market, accounting for a huge share of over 82% in 2015.
Professional medical transcription service companies that provide radiology transcription can expect to see demand for their services to increase with the growth of the PACS and RIS market. Reliable companies integrate and import medical transcripts into EMR/EHR and Radiology Information System (RIS) systems, allowing radiologists to save time and focus on their core tasks.
In fact, another recent study by Transparency Market Research reported that the growth of global medical transcription services market is being driven by the adoption of automated services in the healthcare sector. According to the report, the global medical transcription services market which was valued at US$41.4 bn in 2012 is expected to touch US$60.6 bn by 2019, and will grow at a high CAGR of 5.6% between 2013 and 2019. Radiology reports are one of the crucial segments in this market, which is turn, is fuelling the demand for PACS and RIS software.