Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Radiology Information Systems have a multitude of features, for example, they can be integrated with Picture Archiving and Communication System (PACS), Electronic Medical Record (EMR) system or Hospital Information System (HIS). Dictation support as in-app voice recognition or integration is another fracture of these systems that allows the microphone to speak commands and dictate notes and reports. Result delivery via email and administrative dashboard and reports make for the other pivotal factors of radiology information systems.
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The global radiology information system market was valued at US$ 814.3 million in 201.0 and is expected to garner up to 1,620.5 million by the end of 2027.
Surging implementation of these systems is fuels the growth of the global radiology information system market. For instance, in February 2019, Radiology Associates of Albuquerque, a provider of diagnostic imaging services in the U.S. selected MedInformatix to deploy a new RIS. The leading players in this market are focused on offering grants to boost R&D in the field of radiology, which is expected to offer lucrative growth opportunities for players in the market. For instance, in April 2019, Macadamian, a software company, received a US$ 495,000 grant from Eurostars, a European funding program for innovative R&D projects, and the National Research Council of Canada for X-AID, an AI-driven radiology clinical decision support software tool.
On the contrary, rising security concerns regarding these systems are likely to hinder the global market development over the projected timeframe. These systems are highly susceptible to hacking and theft of sensitive patient information, and ransomware, which is another restraining factor for market growth.
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Key Takeaways of the Global Radiology Information System Market:
The integrated segment was valued at US$ 561.7 million in 2018 and is expected to reach US$ 1,264.7 million by 2027 at a CAGR of 9.0% during the forecast period. Integrated radiology information systems offer access to all the data on a real-time basis, and it can be accessed from anywhere in the hospital.
The cloud-based deployment segment dominated the global radiology information system market in 2018, accounting for a whopping 69.5% market share. Cloud-based services do not require installation of hardware at the installation site, instead, service providers look after data management through cloud services. This is expected to support growth of the segment over the forecast period. Furthermore, among end-users, the hospitals segment led the global radiology information system market in 2018, accounting for a 56.5% market share.
The leading medical diagnostic imaging centers around the globe are adopting RIS. For instance, in February 2019, Welch Road Imaging, a medical diagnostic imaging center in the U.S. integrated RamSoft PowerServer RIS/PACS with openDoctor.
The established players operating in the global radiology information system market include Cerner Corporation, Allscripts Healthcare Solutions Inc., Epic Systems Corporation, General Electric Company, Koninklijke Philips N.V., Siemens AG, McKesson Corporation, Merge Healthcare Incorporated, MedInformatix Inc., eRAD, and RamSoft Inc.
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In June 2019, RamSoft Inc. received order from Washington Open MRI for its PowerServer RIS/PACS to unify its diagnostic imaging workflow into a single database solution in its six facilities across the state of Maryland, U.S.
In November 2018, eRAD received contact to deploy eRAD RIS and Speech Recognition at InMed Diagnostic of Coral Springs, a multi-modality imaging provider in the U.S.
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