According to the latest report published by Credence Research, Inc. “LATAM RIS and PACS Market – (RIS Market – Delivery Mode: Cloud based, On-Premise, Web-based, Product Type: Integrated RIS, Standalone RIS, End-User: Hospitals, Imaging Centers and Other; PACS Market – Product Type: Departmental and Enterprise, Modalities: X-Ray, CT Scan, MRI, PET & SPECT and Ultrasound): Market Growth, Future Prospects and Competitive Analysis, 2016-2023,” the market was valued at USD 4,19.7 Mn in 2015, and is expected to reach USD 800.2 Mn by 2023, expanding at a CAGR of 8.5% from 2016 to 2023.
Market Insights
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. Picture Archiving and Communication System (PACS) facilitates short- and long-term storage, retrieval, management, distribution and presentation of medical images.
Browse the full report LATAM RIS and PACS: Market Growth, Future Prospects and Competitive Analysis, 2016-2022 at http://www.credenceresearch.com/report/latam-ris-and-pacs-market
PACS allows healthcare systems to image management on departmental and enterprise levels. 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. 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.
The geographical segmentation of the LATAM RIS and PACS market comprises countries such as Brazil, Mexico, Argentina, Chile, Columbia, Peru, Central America and Rest of LATAM. Brazil held the largest share in the overall LATAM RIS and PACS market. Brazil has a large healthcare system in both the public and private sectors. Total investments in healthcare in the country reached R$ 72 billion in 2011, according to a research study. Moreover, market leaders in RIS and PACS market are executing merger and acquisition strategy to increase the market penetration in Brazilian market.
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Columbia is anticipated to be the fastest growing segment in the LATAM RIS and PACS market. According to key market players such as Agfa and Philips, the Colombian healthcare information systems market is primarily being driven by a high level of interest shown by multiple top players in the implementation of integrated healthcare systems. This is compounded by the increasing cost of running healthcare organizations along with other drivers of the Colombia healthcare information systems market such as growing geriatric demographic, a rising number of investments in the Colombia IT healthcare market, and favorable government policies.
The key players operating in the LATAM RIS and PACS market include Fujifilm Teramedica, Inc, Merge Healthcare, McKesson Corporation, Siemens Healthineers, Carestream Health, Inc. The other notable players include Pismeo, Agfa Healthcare, Cerner Corporation, Sectra, Philips Healthcare and Allscripts Healthcare Solutions, Inc. and others.
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