South and Central America PACS and RIS Market is expected to reach US$ 183.9 million by 2027

Picture Archive and Communication System (PACS) Segment has the Largest Share of Product in the South and Central America PACS and RIS Market during 2019–2027

According to a new market research study on “South and Central America PACS and RIS Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product, Component, Deployment, and End User,” is expected to reach US$ 183.9 million by 2027 from US$ 107.9 million in 2019. The market is estimated to grow at a CAGR of 6.8% from 2020 to 2027. The report provides trends prevailing in the South and Central America PACS and RIS market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the developments in diagnostic imaging modalities coupled with rising number of diagnostic test procedures and the affordable price of new generation PACS software. However, the market is expected experiencing slow growth during the forecast period owing to the availability of better substitutes and concerns regarding data privacy.

South and Central America is facing significantly challenging situations due to COVID 19 pandemic. Governments in the region have announced massive relief packages in order to fight against coronavirus pandemic. The Brazilian scenario in relation to the radiological imaging for COVID 19 patient’s diagnosis supports the market growth. During this pandemic the need for intensive support and accurate diagnostic imaging systems has increased the need for PACS and RIS, in both public and private hospitals. Similar situation was observed in Argentina, Peru, Chile and other South and Central American countries that eventually increased the need for Radiology Information System and Picture Archiving and Communication System thereby positively impacting the growth of PACS and RIS market during the pandemic. For instance, in April 2020, PaxeraHealth one of the major market player in South America region launched initiative called as CoronaCare a complete tracking system for patients with COVID-19-like symptoms that is designed to screen and identify the highest risk patients quickly in real-time.

The market for PACS and RIS market is segmented into product, component, deployment, and end user. Based on product, the market is segmented into Picture Archive and Communication System (PACS) and Radiology Information System (RIS). In 2019, the picture archive and communication system (PACS) segment accounted for the largest share of the PACS and RIS market by product. The growth of the market for this segment is attributed to the as the solution offers benefits such as improved viewing and analysis, easy access to images and other reports, efficient data management, and a user-friendly interface. A growing number of product introductions and approvals are estimated to offer a lucrative opportunity for market growth. Moreover, the market for the picture archive and communication system (PACS) segment is estimated to grow at the highest CAGR during the forecast period.

Agfa-Gevaert Group, INFINITT Healthcare Co., Ltd., Cerner Corporation, General Electric Company, Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Siemens AG, IBM, and Novarad are among the leading companies in the South and Central America PACS and RIS market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in April 2020, Phillips launched Series 4000i, a new air purifier for domestic and commercial application. The new air purifier is powered by smart connected technology and used 3-layer filter for purifying air.

The report segments the South and Central America PACS and RIS market as follows:

By Product

• Picture Archiving And Communication System (PACS)
• Radiology Information System (RIS)

By Component

• Hardware
• Software
• Services

By Deployment

• Web-Based
• On-Premise
• Cloud-Based

By End User

• Hospitals
• Diagnostic Centers
• Others

By Country

• South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America