The global radiology information system market size was valued at $1,051.6 million in 2020, and is projected to reach $2,141.5 million by 2030, registering a CAGR of 7.0% from 2021 to 2030. A radiology information system (RIS) is a computer networked software system used to manage the workflow of medical imagery and support business analysis in the radiology department. Radiology information systems typically consist of databases and a front-end RIS application that enhances efficiency of patient tracking and billing activities. Furthermore, radiology information systems help in appointment management and documentation.
The increase in number of patients suffering from chronic diseases, such as heart diseases, diabetes, arthritis and other diseases significantly increases owing to rise in geriatric population. Furthermore, rise in number of patients increase the demand for healthcare infrastructure. These factors positively influence the growth of the market. However, increase in concern regarding safety and security of patient data is a major restraint for the growth of the market. Furthermore, adaptation of cloud-based technologies and increase in investment in the healthcare industry provides lucrative growth opportunities for the market.
The radiology information system market is segmented on the basis of type, component, deployment mode, end user, and region. By product, the market is classified into integrated radiology information systems and standalone radiology information systems. On the basis of component, it is categorized into services, software, and hardware. On the basis of deployment mode, it is segmented into web-based, on-premise, and cloud-based. By end user, it is segmented into hospitals, office-based physicians and healthcare payers By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global market have adopted key strategies, such as product launch to strengthen their market outreach and sustain the stiff competition in the market
The major market participants profiled in this report include 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 Healthineers, Inc.
The increase in number of patients suffering from chronic diseases, such as heart diseases, diabetes, arthritis and other diseases significantly increases owing to rise in geriatric population. Furthermore, rise in number of patients increase the demand for healthcare infrastructure. These factors positively influence the growth of the market. However, increase in concern regarding safety and security of patient data is a major restraint for the growth of the market. Furthermore, adaptation of cloud-based technologies and increase in investment in the healthcare industry provides lucrative growth opportunities for the market.
The radiology information system market is segmented on the basis of type, component, deployment mode, end user, and region. By product, the market is classified into integrated radiology information systems and standalone radiology information systems. On the basis of component, it is categorized into services, software, and hardware. On the basis of deployment mode, it is segmented into web-based, on-premise, and cloud-based. By end user, it is segmented into hospitals, office-based physicians and healthcare payers By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global market have adopted key strategies, such as product launch to strengthen their market outreach and sustain the stiff competition in the market
Competition Analysis
The major market participants profiled in this report include 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 Healthineers, Inc.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging radiology information system market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
- Extensive analysis of the radiology information system market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global radiology information system market forecast analysis from 2021 to 2030 is included in the report.
- The key market players within radiology information system market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the radiology information system industry.
Key Market Segments
By Type
- Integrated
- Standalone
By Component
- Hardware
- Software
- Services
By Deployment Mode
- Web-Based
- Cloud-Based
- On-Premise
By End User
- Hospitals
- Office-Based Physicians
- Healthcare Payers
By Region
- Europe
- Germany
- France
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- North America
- U.S.
- Canada
- Mexico
Key Market Players
- General Electric Company
- Allscripts Healthcare Solutions, Inc.
- Carestream Health, Inc
- Cerner Corporation
- epic systems corporation
- IBM
- Koninklijke Philips N.V.
- McKesson Corporation
- MedInformatix, Inc
- Siemens AG
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RADIOLOGY INFORMATION SYSTEM MARKET, BY TYPE
CHAPTER 5: RADIOLOGY INFORMATION SYSTEM MARKET, BY COMPONENT
CHAPTER 6: RADIOLOGY INFORMATION SYSTEM MARKET, BY DEPLOYMENT MODE
CHAPTER 7: RADIOLOGY INFORMATION SYSTEM MARKET, BY END USER
CHAPTER 8: RADIOLOGY INFORMATION SYSTEM MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Radiology Information System Market,' the radiology information system market size was at1.05 billion in 2020, and is estimated to reach $2.1 billion by 2030, growing at a CAGR of 7% from 2021 to 2030.A radiology information system is mostly used in the conjugation with picture archiving and communication system (PACS) and vendor neutral archive to manage billing, record keeping, and image archives. Moreover, these systems provide benefits, such as reliability and privacy as they are only accessible to the authorized users. Furthermore, increase in number of patients suffering from chronic diseases, owing to rise in geriatric populations drives the growth of the market. Also, growth of the healthcare industry in emerging countries and advanced healthcare facilities in developed countries propel the radiology information system market.
By type, the market is segmented into integrated radiology information systems and standalone radiology information systems. Among these, the integrated radiology information systems segment accounted for the highest market share in 2020 and is expected to witness significant growth during the forecast period, owing to rise in number of patients suffering from chronic diseases.
The market is analyzed with respect to different applications in industrial verticals, such as hospitals, office-based physicians, emergency healthcare service providers, and others. The market is mainly driven by rise in geriatric population and increase in investment in the healthcare industry. However, increasing concerns regarding safety and security of patient data, can limit radiology information system market growth.
In 2020, North America dominated the market, in terms of revenue, accounting for around two-fifths global radiology information system market share. Moreover, the market in Asia-Pacific region is growing with high CAGR, owing to advantages of radiology information system such as efficient patient and image tracking. Furthermore, on the basis of end user, the hospitals segment is anticipated to grow rapidly, with a CAGR of 7.8% during the forecast period, owing rapid growth of healthcare industry in developing countries.
For instance, according to India Brand Equity Foundation, by 2022, the Indian healthcare infrastructure is expected to reach a value of US$ 349.1 billion and by 2025, the India e-health market is estimated to reach $US$ 10.6 billion. Furthermore, under ‘Digital India’ initiative, India has set up 638 e-Hospitals as of November 2021.
However, during the COVID-19 pandemic lockdown, various players in the radiology information system market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted companies involved in radiology information system development. In addition, extensive focus of major countries on development of vaccines has also negatively influenced the growth of the market. However, reopening of research facilities and introduction of vaccines for coronavirus disease are anticipated to boost the radiology information system market.
Key findings of the Study
- The report provides an extensive analysis of the current and emerging radiology information system market trends and dynamics.
- Depending on type, the integrated segment dominated the radiology information system market, in terms of revenue in 2020 and is projected to grow at a significant CAGR during the forecast period.
- By end user, the hospitals segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the radiology information system market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the radiology information system industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth radiology information system market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
Companies Mentioned
- General Electric Company
- Allscripts Healthcare Solutions, Inc.
- Carestream Health, Inc
- Cerner Corporation
- epic systems corporation
- IBM
- Koninklijke Philips N.V.
- McKesson Corporation
- MedInformatix, Inc
- Siemens AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 197 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 1051.6 million |
| Forecasted Market Value ( USD | $ 2141.5 million |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
