Global Radiology Information Systems (RIS) Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Demand for the integration of artificial intelligence and machine learning technologies to enhance diagnostic accuracy and streamline workflow efficiency

• A Radiology Information System (RIS) is a specialized software system developed to organize and streamline the operations of a radiology department. It is a centralized platform for radiological data and picture storage, management, and distribution. The significance of RIS in improving workflow efficiency, facilitating communication and collaboration among healthcare workers, and guaranteeing accurate and timely reporting is critical.
• A RIS is made up of numerous essential modules that cover various areas of radiology operations. Patient scheduling, registration, picture collecting and archiving, reporting, billing and administrative responsibilities are all part of these modules. RIS offers seamless coordination of radiological activities by integrating these modules, automating numerous manual processes, and lowering administrative overhead.
• A RIS's principal duty is to handle patient appointments and scheduling. It enables healthcare practitioners to schedule and track radiological exams efficiently, ensuring optimal resource utilization and reducing patient wait times. RIS enables the retrieval and display of radiological images by integrating with other systems such as Picture Archiving and Communication Systems (PACS), giving radiologists and physicians convenient access to patient data.
• RIS is also important in report development and distribution. Based on their interpretations of radiological images, radiologists can use RIS to generate detailed, standardized reports. These reports are then electronically transmitted to referring physicians and healthcare professionals, ensuring that diagnostic findings are communicated quickly and accurately.
• Furthermore, RIS simplifies administrative tasks like billing and revenue management. It keeps track of and stores pertinent patient and procedure data, ensuring accurate and fast billing processes. RIS can link with financial systems, allowing radiology department data to be seamlessly integrated with the larger healthcare organization's financial operations.
• RIS has grown in recent years to include advanced capabilities, including data analytics, decision support, and compatibility with electronic health record (EHR) systems. These improvements allow for the extraction of significant insights from radiological data, the support of evidence-based decision-making, and the smooth movement of data across healthcare systems.
• While RIS has various advantages, installing and maintaining such a system is difficult. These include the initial hardware and software expenses, the complexity of integrating RIS with current systems, guaranteeing data security and privacy, and dealing with user reluctance to change. To guarantee successful RIS installation and adoption, extensive planning, training, and continuing support are required.

Market Segmentations

• The Global Radiology Information Systems (RIS) Market is segmented based on Type, End User, Deployment Mode, and Geography.
• By Type, the market is classified into Integrated and Standalone.
• The integrated RIS segment held highest share of the entire market and is predicted to grow at the fastest CAGR during the forecast period. Both RIS and PACS contain databases, especially if they are purchased from different suppliers. Integrated RIS, on the other hand, incorporates a RIS-PACS solution with a single worklist generated upon registration, which improves workflow operations throughout the business platform. The rise of integrated RIS has simplified and streamlined procedures in radiology departments, allowing staff to concentrate on the task at hand. Radiology service providers have traditionally used RIS to track individual images and accompanying data. However, with the widespread adoption of EHR platforms and digitized pictures and PACS systems, radiology departments now contain a whole clinical workflow of the entire medical facility within the RIS.
• By End User, the market is classified into Hospitals & Clinics, Outpatient Department (OPD), and Others
• The hospitals and clinics had the highest revenue share of market. The most common application of RIS is in hospitals to save the patient record in the form of a database that includes full data for scheduling, patient monitoring, picture tracking, and result reporting. Large healthcare IT businesses are involved in the integration of all hospital databases that connect all of a care setting's systems and equipment. Furthermore, the segment's expansion is being aided by a steady transfer of patients to outpatient settings and improved health coverage.
• By Deployment Mode, the market is classified into Web-based, On-premise, and Cloud-based.
• The web-based category held a highest share of the market. Web-based RIS is intended to evolve clinical and business needs across the continuum of care and to assist in connecting patient data to any desired destination. McKesson's RIS, for example, includes a wide range of Electronic Health Records (EHR) and provides cloud-based and server-based solutions, improving physician productivity and quality treatment. During the projected period, the cloud-based segment is expected to increased. Cloud-hosted services are far less expensive than direct purchases. Instead of purchasing the full model, customers can subscribe to the most recent version for a minimal monthly fee. Cloud-based solutions are easily available online because data is hosted on external servers.
• By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• Americas led the global market with a revenue share. The progress of the RIS, an increase in the number of radiologists, and the launch of new software systems by current providers are all factors driving market expansion in the United States. The introduction of comprehensive RIS with integrated PACS has made medical imaging procedures more systematic and easier, resulting in increased patient compliance and regional expansion. During the forecast period, Asia Pacific is expected to have the highest CAGR. The increased number of outsourced services in Asia Pacific, combined with growing awareness of the need for workflow management in hospitals, clinics, and diagnostic laboratories, is driving the region's demand for RIS.

Recent Development

Intelerad Medical Systems launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition, which may provide radiologists with an emerging option for medical image management. - March 2022

• Carestream Health India launched the DRX Compass, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a whole new level of efficiency. - February 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Radiology Information Systems (RIS) Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Radiology Information Systems (RIS) Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• ● The report offers a comprehensive evaluation of the Global Radiology Information Systems (RIS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• ● The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• ● Excel data sheet for the market size will also be provided with the report.
• ● The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• ● The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
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Report Highlights:

• ● A complete analysis of the market, including the parent industry
• ● Important market dynamics and trends
• ● Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• ● Market segmentation
• ● Competitive Analysis: Comparative analysis of competitor
• ● Historical, current, and projected size of the market based on value and volume
• ● Market size of the US states
• ● Market shares and strategies of key players
• ● Recommendations to companies for strengthening their foothold in the market