New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to the updated research report titled Global Radiology Information System Market published by Reports Insights, the global radiology information system market was valued at USD 834.50 Million in 2022, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.5%, reaching USD 2,115.60 Million by the year 2030. This estimation is based on a comprehensive analysis of the market's historical and current trends, industry dynamics, and macroeconomic factors that are expected to impact the market's growth during the forecast period.
Radiology Information System Market Size, Share & Trends Analysis, By Type (Integrated RIS, and Standalone RIS), Component (Software and Services) Deployment (Web-based, Cloud-based, and On-premise), End-use (Hospitals, Diagnostic Centers, and Others), By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. provided an inclusive research report on the radiology information systems market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as motion, system, application, industry, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
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The expansion of electronic medical record (EMR) utilization is anticipated to boost the sales of radiology information systems. The EMR in the medical sector has various benefits as they streamline the service delivery and decision-making processes. Additionally, the EMR system guarantees superior quality documentation and uncomplicated data retrieving system than the paper-based medical record system. In addition, according to the report published by Statista, the diagnostic imaging devices segment is projected to reach USD 55.94 Million by 2027. Owing to the abovementioned factors, the global radiology information system market is anticipated to grow during the forecast period.
The high demand for AI has improved the tracking of radiology imaging orders and billing information. Data gathering and mining have limitless possibilities in the world of medical imaging when enabled through AI. However, by using artificial intelligence (AI) in radiology information systems, companies can accelerate the billing process, reduce the risk of errors, and shorten the time-to-market for these advanced products.
Growing emphasis on patient-centered care is driving the growth of web-based communications solutions and is estimated to witness a significant increase among diagnostic centers and academic and research institutes. The patient-centered care has increased with the help of web-based communications solutions to enclose a cultural shift in care delivery, starting with patients' experiences entering a facility.
Global Radiology Information System Market Growth Drivers:
- The growing demand for diagnostic imaging services, coupled with the rising prevalence of chronic diseases, is driving the growth of the RIS market. RIS helps healthcare providers manage patient information, track diagnostic tests, and streamline workflows, making it an essential tool in diagnostic imaging.
- The increasing healthcare IT spending by healthcare providers is also driving the growth of the RIS market. Healthcare providers are investing in advanced IT solutions such as RIS to improve patient care, enhance operational efficiency, and reduce costs.
- The development of new technologies such as artificial intelligence, cloud computing, and big data analytics is fueling the growth of the RIS market. These technologies are helping healthcare providers improve patient outcomes, reduce costs, and enhance operational efficiency.
Restraints
- The cost of implementing a radiology information system can be quite high, which can deter some healthcare providers from adopting the technology.
- Radiology information systems need to integrate with other healthcare information systems, such as electronic health records (EHRs) and picture archiving and communication systems (PACS). Integration challenges can slow down adoption and increase implementation costs.
Competitive Landscape
As per the research, GE Healthcare (General Electric), International Business Machines Corporation, Koninklijke Philips N.V., and Siemens Healthineers AG (Siemens) are major market players that comprise the latest market circumstances. Such companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, lightweight, and cost-effective as well. Further, the global radiology information system market is expected to grow steadily due to rising demand for diagnostic imaging services, especially in the North America and Asia Pacific region is estimated to boost the market statistics in the coming years. Additionally, the trend towards new technologies such as artificial intelligence, cloud computing, and big data analytics is also estimated to drive demand for radiology information system which is anticipated to increase the competition in the market.
Recent Developments
In March 2022, Intelerad Medical Systems unveiled its Enterprise Imaging and Informatics Suite at the HIMSS Global Health Conference and Exhibition. This new offering presents radiologists with a cutting-edge solution for managing medical images.
In February 2022, Carestream Health India introduced the DRX Compass, a digital radiology solution aimed at elevating the efficiency of radiologists. This solution is designed to be accurate, convenient, and customizable, offering radiologists a new level of operational efficiency.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 2,115.6 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | GE Healthcare (General Electric), International Business Machines Corporation, Koninklijke Philips N.V., Siemens Healthineers AG (Siemens), Carestream Health, Pro Medicus, Ltd, eRAD, MedInformatix, Inc., Cerner Corporation (ORACLE), Sectra AB, and Intelerad Medical Systems Incorporated |
| By Type | Integrated RIS and Standalone RIS |
| By Component | Software and Services |
| By Deployment | Web-based, Cloud-based, and On-premise |
| By End-use | Hospitals, Diagnostic Centers, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Southeast Asia, Japan, India, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Spain, Turkey, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
The integration of artificial intelligence (AI) in radiology information systems is anticipated to offer opportunities for market players in the healthcare industry. The high demand for AI has improved the tracking of radiology imaging orders and billing information. Data gathering and mining have limitless possibilities in the world of medical imaging when enabled through AI. However, by using artificial intelligence (AI) in radiology information systems, companies can accelerate the billing process, reduce the risk of errors, and shorten the time-to-market for these advanced products.
A radiology information system (RIS) refers to an information system that is used to develop, store, and manage radiological data and images of patients. It is a type of health or hospital information system (HIS), developed to automate and supervise the processes in the radiological department.
Growing emphasis on patient-centered care is driving the growth of web-based communications solutions and is estimated to witness a significant increase among diagnostic centers and academic and research institutes. The patient-centered care has increased with the help of web-based communications solutions to enclose a cultural shift in care delivery, starting with patients' experiences entering a facility.
The expansion of electronic medical record (EMR) utilization is anticipated to boost the sales of radiology information systems. The EMR in the medical sector has various benefits as they streamline the service delivery and decision-making processes. Additionally, the EMR system guarantees superior quality documentation and uncomplicated data retrieving system than the paper-based medical record system.
Key Market Takeaways
- The global radiology information system market size is expected to garner USD 2,115.6 Million by 2030 and expand at a CAGR of 7.5% during the forecast period (2023-2030).
- By type, the standalone RIS is expected to grow with the fastest CAGR over the forecast period.
- By component, the services segment is expected to grow with the fastest CAGR over the forecast period.
- Based on deployment, the web-based segment holds the largest market share.
- By end use, diagnostic centers are anticipated to witness the fastest CAGR growth over the forecast period.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific is projected to lead the market growth with excellent revenue shares due to access to astonishing healthcare infrastructure, including treatment facilities and advanced diagnostics.
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List of Major Radiology Information System Market Players
• GE HealthCare (General Electric)
• International Business Machines Corporation
• Koninklijke Philips N.V.
• Siemens Healthineers AG (Siemens)
• Carestream Health
• Pro Medicus, Ltd
• eRAD
• MedInformatix, Inc.
• Cerner Corporation (ORACLE)
• Sectra AB
• Intelerad Medical Systems Incorporated
Global Radiology Information System Market Segmentation:
- By Type
- Integrated RIS
- Standalone RIS
- By Component
- Software
- Services
- By Deployment
- Web-based
- Cloud-based
- On-premise
- By End-use
- Hospitals
- Diagnostic Centers
- Others
Key Questions Covered in the Global Radiology Information Systems Market Report
What will be the potential market valuation for the global radiology information system market by 2030?
What insights are covered by the factors driving the growth of the global radiology information system market, as well as the opportunities and challenges that may impact the market’s future development?
What specific segmentation details are covered in the radiology information system market report, and how do they contribute to the overall market analysis?
What are some of the most important applications of radiology information systems, and how do they impact the industry's growth potential?
Based on current market trends and future predictions, which geographical region will have the largest impact on the radiology information systems market's growth in the coming years?
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