Medical imaging professionals continue to experience the beneficial applications of healthcare IT. One of such technologies is picture archiving and communications system (PACS) which allows any healthcare organizations to capture, store, view and share all types of images internally and externally. When deploying a PACS, the organization needs to consider the environment in which it will be used (inpatient, ambulatory, emergency, specialties) and the other electronic systems with which it will integrate. Radiology information systems (RIS) are computerized databases that are utilized to track, manipulate, and distribute patient data and imagery. In essence, an RIS is an electronic health records system that is specialized for radiology. Market experts suggest that failing to replace a RIS/PACS platform in a periodical manner might result in costly inefficiencies, but most organizations are unaware of the optimal point at which to initiate the replacement process. Vendors in the market are focusing on several strategies such as licensing agreements, collaborations, and partnership activities to develop highly efficient PACS and RIS module for the better functioning of the healthcare industry
The report titled “LATAM RIS and PACS Market- Growth, Share, Opportunities and Competitive Analysis, 2023 – 2030” offers strategic insights into the overall RIS and PACS market along with the market size and estimates for the duration of 2023 to 2030. This report examines combined and independent markets for RIS and PACS solutions. For the purpose of this study, the LATAM RIS market is categorized in terms of delivery mode, procurement mode, and end-user. The RIS market by delivery mode is categorized into cloud-based, on-premise, and web-based RIS. Integrated RIS and standalone RIS are the two product types modes prevalent in RIS market. The end-user of RIS include hospitals, imaging centers, and others. The LATAM RIS and PACS market was valued at USD 598.07 Mn in 2020 and is expected to reach USD 868.2 Mn by 2030, expanding at a CAGR of 8.5% from 2023 to 2030.
The PACS market studied in this report is categorized in terms of procurement mode and imaging modality. The imaging modalities thus considered are X-ray, CT, ultrasound, MRI, and PET, and SPECT. Similar to VNA, procurement modes in PACS market is classified as departmental PACS and enterprise PACS. This report provides market size and forecast for each considered segment and sub-segment for the period 2020 - 2030, along with respective CAGRs for the period 2023-2030, while considering 2021 as the base year.
In order to help strategic decision makers, the report also includes competitive profiling of the leading players in RIS and PACS market, attractive investment proposition and Porter’s five forces model, and market positioning of key manufacturers sections. Other in-depth analysis provided in the report includes:
Geographically, the RIS and PACS Market is studied for the following regional markets:
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for better analysis of the overall market scenario and future prospects. Information such as market inclination insights and drivers, challenges and opportunities assists the readers for understanding the ongoing trends in the LATAM RIS and PACS market. Tools such as market positioning of key players and attractive investment proposition provide the readers with insights on the competitive scenario of the LATAM RIS and PACS market. This report concludes with company profiles section that highlights major information about the key players engaged in RIS and PACS market. In-depth competitive environment analysis and historical years (2020 & 2021) market size data are also provided in the report.
Thus, the research study provides a holistic view of the treatment RIS and PACS market, offering market size and estimates for the period from 2023 to 2030, keeping in mind the above-mentioned factors.
LATAM RIS market Product Segmentation Investigation
The LATAM RIS market is studied for the following categories:
A radiology information system is a computer system that is aimed to support effective workflow and business analysis in a radiology department. This system helps in managing all the business functions of the department, from patient management, analysis, and inventory control. These systems provide ease of use and are easily accessible. Moreover, these systems offer benefits, such as high security, reliability, and privacy as they can be accessed by only authorized users. The radiology information system (RIS) is considered the core system for the electronic management of imaging departments. The LATAM RIS market is segmented into delivery mode, product type and end-user. The delivery mode is further divided into cloud based RIS, on-premise RIS and web based RIS. The cloud based RIS held the largest share in the LATAM RIS market according to delivery mode. On the basis of product type, integrated RIS product is the highest grossing sub-segment in the product segment. Whereas, hospitals end-user segment is the largest end-user segment. The introduction of PACS established a co-dependent relationship between the RIS and PACS. Optimal efficiency for the imaging department occurs when PACS and RIS integration enables seamless information sharing between RIS and PACS.
LATAM PACS Market Product Segmentation Investigation
The LATAM PACS market is studied for the following categories:
Picture Archiving and Communication System (PACS) facilitates short- and long-term storage, retrieval, management, distribution and presentation of medical images. PACS allows healthcare systems to image management on departmental and enterprise levels. While investing in PACS solution, a hospital system has to consider the environment of deployment. Major components of PACS are imaging modality, secure online network for distribution and information exchange, workstation and a secure cloud or local server. Healthcare system for installing, upgrading or replacing PACS can be motivated for the same by workflow inadequacies or evolution and a desire for PACS that allows them to store and retrieve images within one repository. Rapid evolution and adoption of health information technology is supporting the demand for PACS. Growth of this market will be driven by government reforms and initiatives towards healthcare centralization. Penetration of PACS into specialties such as endoscopy and oncology will lead to additional PACS applications and thus market growth. Furthermore, features such as integrated speech recognition and advanced clinical decision support systems will also contribute to expansion of PACS market.
For the purpose of this study, the LATAM RIS and PACS market is categorized as follows:
Latin America majorly constitutes major countries such as Brazil, Mexico, Argentina, Chile and others. Between these countries Brazil, Mexico and Argentina are expected to be the major countries that will prima facie determine the trends in RIS and PACS market. In 2010, four distributors for a PACS and RIS system were added in Latin American market. Novarad had added Electrónica Medica (Panama), Medizintechnik (Chile), Represander (Colombia) and TAG (Guatemala) to represent its NovaPACS and NovaRIS systems in the region and support its sales team. Both systems were available in Spanish and as a Software as a Service (SaaS) offering. Thus, post this event Latin America market became more competent in terms of overall healthcare information systems and leading companies initiated strengthening their presence in the region. Market experts suggest that, overall Latin America still has a long way to go with increasing adherence to the DICOM standard, especially in smaller cities and rural areas. Furthermore, in all but the largest urban hospitals, information technology infrastructure is seriously lacking. Macroeconomic instability, which could adversely affect medical IT and PACS spending, is also becoming a serious concern in Brazil, although it is much less of an issue in Mexico and Chile. Thus, Mexico and Chile, were observed as two of the most developed countries in this region, are expected to display strong growth during the next eight years. In contrast, economic difficulties in Colombia and Venezuela are expected to force sharp cutbacks in government and private spending that could have negative consequences for the medical IT market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of LATAM RIS and PACS market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
