Market Synopsis
Market Research Future (MRFR) asserts that the Global Radiology Information System Market is predicted to garner USD 1100 million, grabbing a CAGR of 8.20% during the forecast period (2018-2023). Facilities such as tracking a patient’s entire history within the radiology department are accelerating the demand for radiology information system across the globe. Radiology information system (RIS) is referred to as a part of the electronic health record systems which helps to track a patient’s utilization of radiology services during the entire treatment procedure. RIS uses a software suite with the digitization of the process which helps to ensure accuracy besides minimizing the loss of data which occurs due to manual errors. The importance of RIS has grown immensely and had now become a crucial component of the healthcare industry.
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Market Potential and Pitfalls
The radiology information system (RIS) is considered a revolutionary healthcare technology. The implementation of RIS has improved medical imagery data management to a certain extent. With the development of these systems, the physicians can track radiology imaging order. RIS is also used in combination with PACS and VNAs in order to manage billing and image archives, and record keeping. Such factors are likely to impact the market positively. Advantages offered by a radiology information system in the purview of the complex healthcare system is immensely contributing to the development of the RIS market across the globe. Facilities offered by RIS such as tracking a patient’s history within the radiology department are likely to trigger the demand for the system throughout the assessment period. Moreover, the migration of scheduled and daily activities in the healthcare setup in electronic format has further offered momentum to the market growth.
Radiology information systems can keep a huge amount of data in an organized manner, which can be easily accessed. The increased level of reliance on such systems has further bolstered the demand for the market throughout the appraisal period. The growing investments in the healthcare sector have trickled down to the radiology domain which has further contributed to the market development. Additional factors gearing up the market growth are the increasing cases of chronic diseases coupled with an increasing population base comprising the geriatric population.
On the contrary, lack of experienced IT professionals in the healthcare sector coupled with the issues associated with its inoperability is some of the top barriers considered to vitiate the market growth to a certain extent.
Radiology Information System Market: Segmental Analysis
The global radiology information system market has been segmented on the basis of type, component, deployment, and end-users.
By mode of type, the global radiology information system market has been segmented into standalone radiology information system and integrated radiology information system.
By mode of component, the global radiology information system market has been segmented into services, software, and hardware.
By mode of deployment, the global radiology information system market has been segmented into on-premise and cloud-based/web-based. Among these, the cloud-based deployment has become an essential part of the RIS market as it enables easy storage and sharing of big data.
By mode of end-users, the global radiology information system market has been segmented into research & academic institutes, hospitals & clinics, and others.
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Regional Insights
Geographically, the global radiology information system market span across regions namely, Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Among all the regions, the American region is considered to occupy the major market portion and is anticipated to retain its dominance in the coming years. The growth is credited to the technological advancements, cost-effectiveness, rising demand for improved healthcare systems, growing geriatric population, and growth in the usage of web-based solutions and cloud computing. Moreover, the increasing number of chronic diseases along with the merging of the healthcare providers to offer better healthcare services are likely to enhance the market growth.
Meanwhile, the Asia Pacific and the European regions are estimated to showcase significant growth pockets in the global RIS market. The regions together control around 74.8 percent share of the global market. In the Asia Pacific, the market is mainly driven by factors such as better opportunities in developed as well as in the developed economies. Moreover, the rapid adoption of digitization in the healthcare sector has further contributed to the growth of the market. Pharmaceutical companies are also undertaking strategic initiatives like mergers or acquisitions in order to innovate and create solutions and operations for expanding the global presence.
Industry Updates
November 26, 2018: QT Ultrasound implemented eRAD technology to support its innovation in breast imaging. The company has developed a breast imaging system which produces high-resolution transmission ultrasound images with no radiation and no compression.
Competitive Dashboard
The prominent players operating the global radiology information system market are Ambra health, NextGen healthcare, PERFECT Imaging LLC, Koninklijke Philips N.V, GE healthcare, IMAGE information systems, Allscripts healthcare solutions, Epic systems, Advanced data systems corporation, eRAD, Cerner Corporation, Medinformatix Inc, Carestream Health, IBM Watson health, and Bayer AG.
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