Market Insights
Medical imaging professionals continue to experience the beneficial applications of healthcare IT. One such technology is the picture archiving and communications system (PACS), which allows any healthcare organization 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, and 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 periodic 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 modules for the better functioning of the healthcare industry.
The report titled “LATAM RIS and PACS Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023” offers strategic insights into the overall RIS and PACS market, along with the market size and estimates for the duration of 2016 to 2023. This report examines the 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 is categorized by delivery mode into cloud-based, on-premise, and web-based RIS. Integrated RIS and standalone RIS are the two product modes prevalent in the RIS market. The end-users of RIS include hospitals, imaging centers, and others.
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, rement mode, and imaging modality. The imaging modalities thus considered are X-ray, CT, ultrasound, MRI, PET, and SPECT. Similar to VNA, procurement modes in the PACS market are classified as departmental PACS and enterprise PACS. This report provides market size and forecasts for each considered segment and sub-segment for the period 2014-2024, along with respective CAGRs for the period 2016-2024, while considering 2015 as the base year.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading players in the RIS and PACS markets, an attractive investment proposition, Porter’s five forces model, and market positioning of key manufacturers. Other in-depth analysis provided in the report includes:
Geographically, the RIS and PACS markets are studied for the following regional markets:
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Chile
- Columbia
- Peru
- Central America
- Rest of LATAM
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for a better analysis of the overall market scenario and future prospects. Information such as market inclination insights and drivers, challenges, and opportunities assists the readers in understanding the ongoing trends in the LATAM RIS and PACS markets. Tools such as market positioning of key players and an attractive investment proposition provide the readers with insights into the competitive scenario of the LATAM RIS and PACS markets. This report concludes with a company profiles section that highlights major information about the key players engaged in the RIS and PACS markets. In-depth competitive environment analysis and historical years’ (2013 and 2014) 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 2016 to 2023, keeping in mind the above-mentioned factors.
Latam RIS Market Product Segmentation Investigation
The LATAM RIS market is studied for the following categories:
- Delivery Mode
- Cloud-based
- On-Premise
- Web-based
- Product Type
- Integrated RIS
- Standalone RIS
- End-User
- Hospitals
- Imaging Center
- Others
A radiology information system is a computer system that is aimed at supporting effective workflow and business analysis in a radiology department. This system helps manage all the business functions of the department, from patient management to 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 only be accessed by 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 by delivery mode, product type, and end-user. The delivery mode is further divided into cloud-based RIS, on-premise RIS, and web-based RIS. According to delivery mode, cloud-based RIS held the largest share in the LATAM RIS market. On the basis of product type, integrated RIS products are the highest-grossing sub-segment in the product segment. At the same time, the hospital 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:
- Product Type
- Departmental
- Enterprise
- Modalities
- X-Ray
- CT Scan
- MRI
- PET and SPECT
- Ultrasound
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 manage images on departmental and enterprise levels. While investing in a PACS solution, a hospital system has to consider the environment of deployment. Major components of PACS are imaging modalities, a secure online network for distribution and information exchange, workstations, and a secure cloud or local server. Healthcare systems can be motivated to install, upgrade, or replace PACS 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 are supporting the demand for PACS. The growth of this market will be driven by government reforms and initiatives toward 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 the expansion of the PACS market.
For the purpose of this study, the LATAM RIS and PACS market is categorized as follows:
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Chile
- Columbia
- Peru
- Central America
- Rest of LATAM
Latin America comprises 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 the RIS and PACS markets. In 2010, four distributors for a PACS and RIS system were added to the 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, after this event, the Latin American 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, which 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.
