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The Radiology Information System (RIS) market is a vital component of modern healthcare, facilitating the efficient management of radiological data, workflows, and patient information The market dynamics change to technological achievements, regulatory factors and the transforming needs of hospitals engaged in diagnostic service provision.
Continuous improvements in imaging technologies, such as digital radiography and Picture Archiving and Communication Systems (PACS), put the developing RIS together. Healthcare providers RIS solutions designed to work along with innovative imaging modalities improve diagnostic capabilities so that they are also likely to influence adoption and development of the solution as well.
It is a generally accepted idea fact that modern healthcare professionals concentrate more on the perfection of workflow efficiency, and RIS provides the required assistance. RIS solutions play a vital role in the automation and simplification of radiological workflows, minimizing administrative loads, and improving performance to different extents by all means not only among those departments but also outside them.
The growing influence that data analytics has on the healthcare sector is also guiding the RIS market. Sophisticated RIS solutions include data analytics tools to provide relevant information through radiological data, making effective resource utilization and establishment of a guideline for performance tracking and strategic decision-making dynamics among administrative leaders in the healthcare organization.
The introduction and demand for telemedicine as well as the information of remote access to medical data did affect the functioning of RIS market. Cloud-based RIS solutions open a possibility for remote work of healthcare providers, with access to radiological data allowing for virtual consultations and improving the ability to provide radiological services in whole.
The interoperability continues to be an issue in the area of RIS: for different systems and vendors, it is necessary to achieve harmonization. The need to define measurement criteria, contributions standards and interfaces has been replaced by efforts to develop the standardized protocols of ensuring much better interoperability and a single unified healthcare information community.
Human-computer interaction and user experience are gaining momentum in the process of RIS solutions building. Intuitive interfaces, usability with the ease of utilization, as well as innovative functionalities that improve the general end-user experience influence RIS coursework among healthcare providers, radiologists and administrative staff.
Consololation by various mergers and acquisitions is witnessed through a learning curve in RIS market that creates connections between manufacturers of developing product formation. The integrated solutions being offered make it possible for the RIS providers as well as imaging equipment manufacturers to work hand in hand and come up with a more innovative product that is needed by radiology departments.
Radiology departments vary in size and scope, and RIS solutions are adapting to these differences by offering customizable features. Whether in a small clinic or a large hospital, tailored RIS solutions accommodate the specific needs and workflows of diverse healthcare settings.
Radiology Information System Market Highlights:
Global Radiology Information System Market Research Overview
Radiology Information System Market Size was valued at USD 1.86 Billion in 2023. The Radiology Information System industry is projected to grow from USD 2.02 Billion in 2024 to USD 3.92 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.64% during the forecast period (2024 - 2032). The market is predicted to expand due to expanding population, increased number of radiology specialists and practices, R&D spending, and desire for cloud-based solutions. Furthermore, in recent years, the number of people suffering from chronic diseases such as cancer, COPD, arthritis, osteoporosis, and others has increased dramatically. This is boosting the demand for medical imaging, driving the expansion of the radiology information system (RIS) market. ​
For instance, financial incentives are available to healthcare providers who use certified RIS software. The care providers must demonstrate meaningful use of the program at the stage 2 level. Eligible professionals can get up to USD 63,750 in Medicaid benefits and up to USD 44,000 in Medicare benefits. This government program has contributed significantly to the increased use of RIS software by radiologists and medical imaging experts.
COVID-19 Impact Analysis
The pandemic of COVID-19 had a substantial impact on the market, particularly in the first half of 2020. According to a study published in the journal Radiology, the number of imaging tests in the US dropped by 40-50% by 2020. When compared to inpatient and emergency departments, the decline in outpatient imaging volume was substantially larger. The gradual increase in patient flow following the pandemic and the resumption of elective imaging operations is expected to strengthen the market. ​
Radiology Information System Market Dynamics
The radiology information systems (RIS) market is expected to grow substantially throughout the projected period. Radiology Information Systems, in the form of dental radiology technology, are gaining prominence in dentistry. This category includes intraoral plate scanners, cone-beam computed tomography imaging, intraoral X-rays, and extraoral X-rays. Furthermore, an increase in radiology information system (RIS) applications will likely drive market expansion. Rising awareness of the benefits of minimally invasive treatments is expected to help market expansion.
Market Drivers
- The increasing prevalence of chronic diseases is likely to fuel the expansion of the market
The increased prevalence of chronic diseases such as cancer, arthritis, cardiovascular disease, and diabetes due to rising fast-food consumption and sedentary lifestyles is one of the key reasons driving the market. For instance, in February 2020, The Radiologex Foundation announced the beginning of Radiologex. It is a healthcare software ecosystem that comprises productivity tools, clinical information systems, medical imaging processing and storage, payment settlement systems, and lending/finance systems.
Market Restraints
- Concerns regarding the safety and security of patient data are growing
Despite various considerations, the increased threat of cyber-attacks and the potential exploitation of patient-related personal data stymies RIS adoption and market expansion. However, the radiology information systems (RIS) market is projected to be hampered by a lack of educated IT experts and high treatment costs. Interoperability difficulties will also provide a barrier, potentially stifling the expansion of the radiology information systems (RIS) market.
Market Opportunities
- Increase in expenditure for the healthcare IT sector
Technological advancement and rising healthcare IT spending are likely to propel the radiology information systems (RIS) market forward and give lucrative prospects for expanding radiology information system (RIS). Furthermore, technological advancement and growing markets will create new prospects for the market for radiology information system future growth rate.
Radiology Information System Market Segmentation
Type Insights
The market segmentation of radiology information system, by type, is integrated radiology information system and others. Integrated radiology information system has the most revenue share in the radiology information system market growth in 2021 and is expected to register the fastest CAGR throughout the forecast period. RIS and PACS contain databases, especially if 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 radiology information systems has simplified and streamlined procedures in radiology departments, allowing staff to concentrate on the task at hand.
Deployment Insights
The radiology information system market segmentation by deployment is analyzed for cloud-based/web-based and on-premises. In 2021, the cloud-based/web-based segment dominated the market with the highest revenue share. The cloud/web-based section is intended to evolve clinical and business needs across the continuum of care and assist in connecting patient information 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. The cloud-based/web-based market is also predicted to increase rapidly during the forecast period. 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.
Component Insights
The market for a radiology information system by deployment is analyzed for software, services, and others. In 2021, the software segment dominated the market with the highest revenue share due to technological advancements.
End User Insights
By end user, the market is segmented into hospitals & clinics and research & academic institutes. The hospitals and clinics segment had the most revenue share in 2021 and is expected to grow at the fastest CAGR throughout the forecast period. 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 integrating all hospital databases that connect a care setting's systems and equipment.
Global Radiology Information System Market Market Share by Region
By Region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North American region accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America
In 2021, North America had the highest revenue share of the market for radiology information system. 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.
Asia-Pacific
During the forecast period, Asia-Pacific is expected to have the greatest CAGR in the market for radiology information system. The increased number of outsourced services in the 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.
Radiology Information System Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as NextGen Healthcare (US), GE HEALTHCARE (US), Koninklijke Philips NV (Netherlands), and Bayer AG (US) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in The radiology information system market research include NextGen Healthcare (US), GE HEALTHCARE (US), Koninklijke Philips NV (Netherlands), Bayer AG (US), Medinformarix Inc. (US), Cerner Corporation (US), Allscripts Healthcare Solutions (US), IBM Waston Health (US), LLC (US), among others.
Scope of The radiology information system market Report
Type Outlook
- Integrated Radiology Information System
- Others
Component Outlook
- Software
- Services
- Others
Deployment Outlook
- Cloud-Based/Web-Based
- On-Premises
End User Outlook
- Hospitals & Clinics
- Research & Academic Institutes
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Radiology Information System Market Forecast & Size:
To identify and estimate the market size for The radiology information system market report segmented by type, component, deployment, and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in The radiology information system market forecast between 2024 and 2032.
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in The radiology information system market growth
Market Influencing Factors:
To find out the factors which are affecting The radiology information system market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
- Producers
- Hospitals, Healthcare key players
- Governments, associations, and industrial bodies
Recent developments
Jan 2023:Allscripts Healthcare Solutions (US) launch of its new cloud-based health information system, which is expected to revolutionize the way patients access and manage their healthcare data.
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