Radiology Information System Market Size Worth USD 1,111 Million by 2028 at 8.2% CAGR – Report by Market Research Future (MRFR)
Radiology Information System Market Trends and Insights By Type (Integrated Radiology Information System, and Others), By Component (Software, Services, and Others), By Deployment (Cloud-Based/Web-Based, and On-Premises), By End User (Hospitals & Clinics, and Research & Academic Institutes), and Region (North America, Europe, Asia-Pacific, and the Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2028
New York, USA, March 16, 2023 (GLOBE NEWSWIRE) — Radiology Information System Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Radiology Information System Market Information By Type, Component, Deployment, End-User and Region – Forecast till 2028“, the market size is projected to reach USD 1111.1 million by 2028 at 8.2% CAGR during the forecast period 2021 to 2028.
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. For instance, healthcare providers who utilise approved RIS software are eligible for financial incentives. The care providers must exhibit stage 2 programme utilisation that is relevant. Professionals who qualify may receive Medicaid benefits worth up to USD 63,750 and Medicare benefits worth up to USD 44,000. Radiologists and other specialists in medical imaging are using RIS software more frequently as a result of this government programme.
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|Market Size in 2030||USD 1111 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Component, Deployment and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Technological advancement and rising healthcare IT spending are likely to propel the radiology information systems (RIS) market|
|The increasing prevalence of chronic diseases is likely to fuel the expansion of the market|
Radiology Information System Market Landscape for Competition
There are tier-1, tier-2, and local players in the market. The tier-1 and tier-2 players are well-known and have a wide range of products. The market is dominated by businesses like NextGen Healthcare (US), GE Healthcare (US), Koninklijke Philips NV (Netherlands), and Bayer AG (US) because of their unique products, financial stability, strategic advances, and regionally diverse presence. The participants are focusing their efforts on promoting R&D. Additionally, they support strategic expansion activities including product introduction, joint ventures, and partnerships to expand their client base and boost their market position.
Prominent players in the radiology information system market 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, LLC (US)
Radiology Information System Market Dynamics
The market is expected to grow as a result of rising R&D expenditures, a growing number of radiology practises and experts, and consumer demand for cloud-based solutions. In addition, the number of persons afflicted with chronic illnesses like cancer, COPD, arthritis, osteoporosis, and others has sharply increased in recent years. As a result, the market for radiology information systems (RIS) is growing as demand for medical imaging rises.
The market for radiology information systems (RIS) is anticipated to expand significantly throughout the forecasted time frame. Dental radiology technology, or radiology information systems, is becoming more common in dentistry. Cone-beam computed tomography imaging, intraoral X-rays, and extraoral X-rays are all included in this category. Also, the market will likely grow as additional radiology information system (RIS) applications are developed. Increased consumer understanding of the advantages of minimally invasive procedures is anticipated to support market growth.
One of the main factors propelling the market is the rising prevalence of chronic diseases including cancer, arthritis, cardiovascular disease, and diabetes brought on by rising fast-food consumption and sedentary lifestyles. For instance, The Radiologex Foundation announced the launch of Radiologex in February 2020. Productivity tools, clinical information systems, medical image processing and storage, payment settlement systems, and lending/finance systems make up this ecosystem of healthcare software.
RIS implementation and market expansion are hampered despite a number of factors by the rising danger of cyberattacks and the potential exploitation of patient-related personal data. Yet, it is anticipated that a lack of qualified IT specialists and high treatment costs may hinder the demand for radiology information systems (RIS).
Another obstacle that could potentially stifle the market growth for radiology information systems (RIS) is interoperability issues.
The radiology information systems (RIS) industry is expected to grow and offer attractive opportunities for developing radiology information systems as a result of technological improvement and increased healthcare IT spending (RIS). The future growth rate of the market for radiology information systems will also have new opportunities brought about by technical development and expanding markets.
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Radiology Information System Market Segmentation
Integrated radiology information systems and others make up the market segmentation of radiology information systems. The integrated radiology information system is predicted to develop at the quickest CAGR over the course of the forecast period and has the largest revenue share in the radiology information system market.
Databases are present in RIS and PACS, particularly if they were acquired from separate vendors. Contrarily, integrated RIS integrates a RIS-PACS solution with a single worklist created upon registration, which enhances workflow operations throughout the entire business platform. As integrated radiology information systems have grown in popularity, procedures in radiology departments have been streamlined and made simpler, allowing staff to focus on the current work.
The market segmentation of radiology information systems according to deployment is examined for cloud-based/web-based and on-premises options. With the largest revenue share in 2021, the cloud-based/web-based category led the market. The cloud/web-based portion aims to advance clinical and business requirements throughout the continuum of care and help link patient data to any preferred location.
For instance, McKesson’s RIS comprises a variety of Electronic Health Records (EHR) and offers cloud-based and server-based solutions, enhancing doctor efficiency and treatment quality. Throughout the period of forecasting, it is also expected that the cloud-based/web-based market will expand quickly. Services hosted in the cloud cost far less than purchases made directly. Customers can pay a small monthly charge to subscribe to the most recent version rather than buying the entire model.
The market for software, services, and other components of a radiology information system is examined by deployment. Due to technological developments, the software segment commanded the largest sales share in 2021.
The market is divided into hospitals & clinics and academic & research institutions based on end user. The sector consisting of hospitals and clinics had the largest revenue share in 2021 and is anticipated to expand at the quickest CAGR over the course of the forecast period. Hospitals use RIS most frequently to save patient records as databases that contain all the information needed for scheduling, patient monitoring, picture tracking, and result reporting. All hospital databases that link the devices and systems in a care setting are integrated by large healthcare IT companies.
Radiology Information System MarketRegional Outlook
The North American, European, Asia-Pacific, and Rest of the World regions make up the market. The largest market share was in the North American region.
The region with the highest CAGR during the predicted period will be Asia-Pacific.
The radiology information system market’s revenue share in North America was the highest in 2021. The rise of the market in the United States is being fueled by the development of the RIS, an increase in the number of radiologists, and the release of new software systems by existing suppliers. Medical imaging operations are now more systematic and simpler thanks to the advent of comprehensive RIS with integrated PACS, which has boosted patient compliance and led to regional growth.
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The market for radiology information systems is anticipated to grow at the highest CAGR during the period of forecasting in Asia-Pacific.
The need for RIS in the Asia-Pacific is being driven by a rise in outsourced services as well as a rising understanding of the necessity of workflow management in hospitals, clinics, and diagnostic laboratories.
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