North America and Europe are expected to dominate the global radiology information system market during the forecast period, while the emerging countries in the Asia-Pacific and Latin America are projected to offer significant growth opportunities.
Global Radiology Information System Market was valued at $603 million in 2015, and is expected to reach $941 million by 2022, supported by a CAGR of 5.9% during the forecast period. A radiology information system (RIS) is majorly used to organize and manage the workflow of the radiology department.
Factors such as enhancement of healthcare IT services, technological advancements, and surging prevalence of chronic diseases drive the market of radiology information system. In addition, increase in adoption of healthcare IT services in emerging economies are expected to create new opportunities for the key players during the analysis period. However, shortage of experienced IT professionals in healthcare and interoperability issues are the major barriers that restrain the market growth.
The integrated radiology information systems held the largest share in 2015 and is expected to grow at the highest CAGR of 6.0% during the analysis period. This is owing to the surging adoption and demand of integrated healthcare information technology platforms in various healthcare organization for easy operations to curb over expense and provide quality health.
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Services component segment held the largest market share with more than three-eighths share in 2015 due to high improving healthcare infrastructure in the emerging markets such as Brazil and Middle East. Software segment is expected to grow at the highest CAGR during the analysis period owing to the increase in the demand of RIS software in radiology and imaging laboratories.
Web-based deployment segment dominated the RIS market in 2015 and accounted for three-fifths of the overall RIS market. However, cloud-based segment is expected to grow at the fastest CAGR of 7.8% during the analysis period, due to increase in demand for cloud-based services because they reduce operational cost for the healthcare organization.
Adoption of Cloud Technology related services
Radiology information system is one of the components of electronic health record system. Every day electronic health record data such as patient related data and imagery data are on an increase, and therefore, it is difficult to store the bulk data on the local storage devices, as there is chance of losing essential data. Moreover, it is difficult to share the bulk amount of data via offline mode. Hence, adoption of cloud technology in the radiology information system industry becomes necessary because it allows easy sharing and storage of big data. According to the Cisco sponsored survey regarding the acceptance of cloud-based healthcare IT services shows that the 74% of patients are comfortable having their health records available in the cloud. Therefore, the demand of cloud-based technology and increase in adoption of cloud-based radiology information services drive the market growth.
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Increasing concerns regarding the patient data safety & security
Due to the increase in cyber-attacks, safeguarding the patient information is a great challenge for healthcare companies. The U.S. and China are the leading countries in cybercrime, followed by Germany and Britain. Recently, the Office of the National Coordinator for Health Information Technology (ONC) in the U.S., funded $250,000 for securing confidential patient information from cyber threat and ensuring the secure sharing of information between the healthcare organizations. Most of the security threats are related to the non-traditional end points and represent the largest sources of malicious traffic that include connected medical endpoints, internet-facing personal health data, and security systems, and edge devices. Thus, the increase in threat of cyber-attacks and the potential misuse of patient related confidential data hinders the growth of RIS adoption and market growth to certain extent.
The report provides a comprehensive analysis of some of the key players operating in this market including Epic Systems Corporation, MedInformatix, Inc., GE Healthcare, Carestream Health, Inc., Cerner Corporation, Merge Healthcare Incorporated, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Koninklijke Philips N.V., and Siemens AG.