Number of pages: 100 | Report Format: PDF | Published date: March 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global radiology information systems market was valued at US$ 990 million in 2022 and is expected to register a revenue CAGR of 10.11% to reach US$ 2,141.32 million by 2031.
Radiology Information Systems Market Fundamentals
The global radiology information systems market is growing significantly due to the increased use of healthcare technology, growing demands for better patient care, and a rise in the number of radiological procedures conducted globally. The market is anticipated to grow significantly during the forecast period, which is driven by factors such as the expanding usage of AI and ML in radiology, the rising demand for cloud-based radiology information systems solutions, and the growing integration of radiology information systems with other healthcare software platforms, including electronic health records, picture archiving, and communication systems, and healthcare information systems.
The leading players are investing in research and development to improve their radiology information systems solutions and provide better customer service. In addition, the market is witnessing the emergence of several smaller players who are providing cost-effective radiology information systems solutions to small- and medium-sized radiology practices.
North America dominates the global radiology information systems market due to the high adoption of radiology information systems software by healthcare providers in the region. The Asia Pacific region, on the other hand, is expected to grow significantly during the forecast period due to rising demand for advanced healthcare technologies and increased government initiatives to modernize healthcare infrastructure. The radiology information systems market is projected to grow steadily in the coming years, owing to technological advancements and rising demand for better patient care.
Radiology information systems utilize computer technology to manage medical images, patient data, and related information in radiology departments and medical practices. The primary function of radiology information systems software is to aid healthcare providers in efficiently managing the complete process of acquiring, storing, and distributing radiological images and data. Additionally, radiology information systems software assists in appointment scheduling, patient care tracking, and billing and insurance claims management. Radiology information systems can seamlessly integrate with other medical software, such as EHRs, PACS, and HIS, resulting in better patient care and workflow efficiencies. By automating administrative tasks and streamlining workflows, radiology information systems software can help radiology departments improve efficiency, reduce errors, and increase revenue.
Radiology Information Systems Market Dynamics
The rising prevalence of chronic diseases, the aging population, and a greater emphasis on preventive healthcare have increased the number of radiology procedures performed globally. As a result, there is a high demand for radiology information systems that can efficiently manage the growing volume of radiology data. Radiology information systems solutions can be integrated with other healthcare software systems, such as EHRs, PACS, and HIS, providing seamless workflows and better patient care. This integration can help healthcare providers reduce administrative tasks and improve efficiency. Radiology information systems software is increasingly combined with AI and ML technologies to enhance image analysis, automate workflows, and deliver quicker and more accurate diagnoses. AI-powered radiology information systems can help radiologists minimize their burden and boost their productivity, driving revenue growth in the radiology information systems market.
The demand for cloud-based radiology information systems has risen in recent years, as they are flexible, scalable, and cost-effective. Healthcare practitioners can expedite their processes and gain access to patient data from any location using cloud-based radiology information systems. Governments worldwide are investing in modernizing healthcare infrastructure to improve patient outcomes and reduce costs. This is increasing the need for radiology information systems programs that can assist medical professionals in delivering better patient care and more effective radiology processes.
However, the rising concerns about data security and privacy are restricting the revenue growth of the radiology information systems market. The lack of skilled professionals for the appropriate use of radiology information systems solutions, such as radiologists and IT staff, hampers the radiology information systems market revenue growth.
Radiology Information Systems Market Ecosystem
The global radiology information systems market is analyzed from four perspectives: deployment mode, product, component, and region.
Radiology Information Systems Market by Deployment Mode
Based on the deployment mode, the global radiology information systems market is segmented into on-premises and cloud-based.
The cloud-based segment is expected to experience a lucrative growth rate during the forecast period, as they are typically less expensive than conventional on-premises systems. Cloud-based systems are a preferred option for smaller healthcare providers who may not have the funds for expensive infrastructure. Cloud-based systems may be readily scaled up or down based on the company’s needs, allowing healthcare providers to pay for only the required resources, and boosting segment growth. Moreover, cloud-based solutions can be accessed from any location with the Internet connection. Radiologists can access patient information and pictures remotely, enabling flexible work schedules. Cloud-based systems are frequently built to interact with other healthcare information technology systems to improve interoperability and reduce the need for duplicate data entry. These systems frequently have greater security mechanisms than on-premises systems since the cloud operator may devote significant resources to secure the system and data.
Radiology Information Systems Market by Product
Based on the product, the global radiology information systems market is segmented into integrated RIS and standalone RIS.
The integrated RIS segment accounted for the largest revenue share of the radiology information systems market. Integrated RIS solutions provide a comprehensive solution that integrates many functions, such as patient scheduling, picture tracking, report preparation, and billing. This comprehensive solution lowers errors and saves time by removing the need for numerous software systems. Integrated RIS systems are made to enhance radiology workflows and make radiologists’ jobs easier and more productive. The technology allows radiology departments and other healthcare practitioners to work more efficiently, decreasing delays and enhancing patient care. The benefits of integrated RIS systems for patients are reduced wait times, improved communication, and quicker access to results. This results in increased patient satisfaction and improved outcomes. By eliminating the need for numerous software systems and increasing operational effectiveness, integrated RIS solutions can also assist healthcare providers in saving money. The technology can also cut errors, saving money as fewer malpractice and liability claims will be filed.
The standalone RIS segment accounted for the second leading revenue share of the radiology information systems market. For smaller clinics and hospitals with tighter budgets, standalone RIS solutions are frequently more cost-effective and simpler to implement than integrated systems. Moreover, standalone RIS systems offer healthcare providers a great degree of customization and flexibility so they may adapt the system to their particular needs. Furthermore, standalone RIS solutions frequently offer a simpler user interface, making them easier for healthcare professionals to understand and utilize. If a healthcare provider already uses an EMR or PACS system and does not want to integrate it with a new RIS system, they can choose standalone RIS solutions.
Radiology Information Systems Market by Component
Based on the component, the global radiology information systems market is segmented into hardware, software, and services.
The software segment dominates the radiology information systems market with the highest revenue share. The radiology information system’s backbone is the software, offering crucial capabilities for maintaining and following patient data, images, and reports. Software for radiology information systems can be customized to a particular organization’s requirements to better serve healthcare practitioners’ demands. Moreover, radiology information systems software frequently includes security features to safeguard patient data. Radiology information systems software can be scaled up or down based on the organization’s needs, making it an appealing option for small and large healthcare organizations. Software used in radiology information systems can be integrated with those used in other healthcare information technology systems, improving interoperability and obviating the need for repeated data entry.
Radiology Information Systems Market by Region
Geographically, the global radiology information systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the prominent revenue share in 2022. The aging population in North America has increased the demand for healthcare services, which has created a greater need for radiology services. As a result, there has been an increase in the adoption of radiology information systems to manage and maintain patient data effectively. Governments in North America are actively taking measures to enhance healthcare infrastructure and services. These initiatives aim to elevate the overall quality of healthcare, resulting in a heightened demand for radiology information systems. The growing incorporation of advanced technology in radiology information systems offers higher efficiency and better patient outcomes. Cloud-based radiology information systems are gaining popularity in the North America market due to their cost-effectiveness, scalability, and flexibility. As a result, there has been a notable surge in the adoption of cloud-based systems throughout the region. The healthcare industry in North America is increasingly focusing on providing patient-centered care. Radiology information systems play a crucial role in this. These systems allow for better patient engagement, improved communication, and faster access to results.
Radiology Information Systems Market Competitive Landscape
The prominent players operating in the global radiology information systems market are:
Radiology Information Systems Market Strategic Developments
The global radiology information systems market is expected to be valued at US$ 2,141.32 million by 2031.
The global radiology information systems market is estimated to register a revenue CAGR of 10.11% during the forecast period.
The prominent players in the global radiology information systems market are GE HealthCare, IBM, Merge Healthcare Incorporated, Koninklijke Philips N.V., Siemens Healthineers AG, and Allscripts Healthcare Solutions Inc.
North America accounts for the largest market share in terms of revenue.
The Integrated RIS segment dominates the global radiology information systems market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain