Radiology Information System Market Research Report - Forecast till 2027

Radiology Information System Market: Information by Type (Integrated Radiology Information System and others), Component (Software, Services, and others), Deployment (Cloud-Based/Web-Based and On-Premise), End-User (Hospitals & Clinics and Research & Academic Institutes) and Region - Forecast till 2027

ID: MRFR/HCIT/1831-CR | July 2019 | Region: Global | 113 pages

Radiology Information System Market

Radiology Information System Market is expected to register a CAGR of 8.20% and is anticipated to reach USD 1111.1 million by during to forecast of 2021-2028

Segmentation

By Type Integrated Radiology Information System others
By Component Software Services others
By Deployment Cloud-Based/Web-Based On-Premise
By End-User Hospitals & Clinics Research & Academic Institutes

Key Players

  • 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)
  • PERFECT IMAGING

Drivers

  • Rising prevalence of cardiac diseases
  • Increasing expenditure on the healthcare IT sector
  • Rising population is leading to a rise in the geriatric population
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Radiology Information System Market Overview

The radiology information system vendors are expecting a good rise in the market statistics during the ongoing forecast period of 2021-2028. The radiology information system market experts and leaders of the global industry predict that the market is likely to grow and expand at a CAGR of 8.20%. During the period that ends in 2028, the market operations are expected to be valued at USD 1111.1 million. 

COVID 19 Analysis of Radiology Information System Market

Cancer is one of the most feared diseases that has taken the lives of many loved ones all across the globe. Since the novel coronavirus was declared as a public healthcare emergency and a pandemic, the lives of people have taken a toll and diverted the focus of medical professionals and healthcare service providers to treat the patients that have tested positive for COVID-19.

The government is lifting the imposed restrictions and transferring funds for the development of medicines and vaccines for the disease. Hence, cancer and radiology experts are coming back to their field and promising an efficient use of machinery and resources to extract information that is helpful and advantageous for the target audience.

 Radiology Information System Market Dynamics

Drivers

One of the major factors that will drive the demand for radiology information system software is that there has been a huge increase in the rate of spread of chronic diseases amongst populations of various age groups worldwide. The improved access to healthcare information technology systems and the rising support from the government in the form of funding research related to cancer are some promising reasons for the market. Also, the rising population is leading to a rise in the geriatric population and the increased risks of contracting diseases and development of major lifestyle disorders is another factor that will improve the chances of global market growth. There has been a rise in people suffering from arthritis, diabetes, cardiovascular diseases, and cancer that needs to be treated with the proper facility, and hence, the radiology information system market expects excellent growth.

Restraints

Funding is an important factor that needs to be considered and an absence of the same in underdeveloped and developing nations. Also, lack of awareness is another factor that causes issues on the way of the global market growth. Also, sometimes, people tend to ignore their health and don’t get their tests done in a proper timeline which deteriorates their health and further, causes a decline in the demand till the situation worsens.

Technology Analysis

Based on the statistics released by the World Health Organization in the form of their Ageing and Health Fact Sheet that was published in 2018, the population of senior citizens that is people who are above 60 years of age, is expected to cross the 2 billion mark. Also, the geriatric population is prone to contracting chronic and complex diseases at a higher rate which has great attributes in store for the market. Also, the technological advancements are such that the information drawn is accurate and to the point.

Study Objectives



  • To have an idea about the trends prevalent under the global market scenario that will help in developing the market dynamics like opportunities related to growth and the possible restraints during the growth process of the radiology information system market by the end of the forecast period in 2028.

  • To study the market forces and their role in enhancing the ability of the market segments to maintain a proper flow of the demanded market goods and products so that the players can cover up the losses of the pandemic and further, help the market players opt for global diversification.

  • To understand the rising competitiveness amongst the market players and consider the dominant players that have the potential to pull major strings for the market based on the recent developments undertaken by them during the forecast period that ends in 2028.



Global Radiology Information System Market Size, by Type, 2017 and 2023 (USD Million)  Radiology Information System Market

Source: MRFR Analysis

Radiology Information System Market Segmentation

The radiology information system market has been divided all across the globe based on type, component, deployment, end-user, and region.

Based on the Type

The radiology information system market has been divided all across the globe based on the type into standalone radiology information systems and integrated radiology information systems.

Based on the Components

The radiology information system market has been divided all across the globe based on the components into hardware, services, and software.

Based on the Deployment

The radiology information system market has been divided all across the globe based on the deployment into on-premise-based, cloud-based, and web-based.

Based on the End-Users

The market has been divided all across the globe based on the end-users into research and academics institutes, hospitals, and clinics.

Based on the Region

The market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

Radiology Information System Market Regional Analysis

The radiology information system market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the presence of technologically advanced infrastructure, increasing healthcare expenditure, and rising aging population that drives the market demand in this region. An increasing health-conscious population is another driving factor.

The second-largest market share in the global radiology information system market is held by the European region owing to the presence of a well-established technologically advanced healthcare system that drives the market demand in this region. Increasing research and development in this area is another factor that fuels the market demand.

Being the fastest-growing region, the third-largest market share in the global market is held by the Asia-Pacific region owing to increasing healthcare expenditure, increasing aging population, and improvement in healthcare facilities prevailing in this region fuels the market demand. Also, the presence of highly populous countries like China and India is another driving factor.

The Latin American region and the Middle East and African region hold the least market share due to the presence of inadequate infrastructure in both these regions. Moreover, lower per capita disposable income is yet another contributing factor that hinders the radiology information system market growth in these regions.

Global Radiology Information System Market, Asia-Pacific Share, by Country, 2017 (%)  Radiology Information System Market

Source: MRFR Analysis

Competitive Landscape

The most prominent major key players in the radiology information system market all across the globe are mentioned below:



  • 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)

  • PERFECT IMAGING

  • Epic Systems (US)

  • eRAD (US)

  • Carestream Health (US)

  • Advanced-Data Systems Corporation (US)

  • Ambra Health (US)

  • IMAGE Information Systems (UK)



These major key players use various strategies to sustain their market position in the radiology information system market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the radiology information system market all across the globe.

Recent Developments



  • Allscripts Healthcare Solutions (US) is spending considerable money on research and development to get an upper edge over its competitors. This will help the company on enhancing its sales revenue.

  • In May 2018, a healthcare company called Premiere has signed an agreement with Carestream to form an alliance with 3900 hospitals for extending its market sales.

  • In April 2018, an agreement has been signed between Ambra Health and MC healthcare to cater to the increasing demand in the Japanese market for medical imaging platforms. This will also help the company to make its global presence.

  • In November 2016, a collaboration has been made between an additive manufacturing software called Materialise NV and Carestream to enhance its product portfolio in the industrial and medical markets.



Report Overview

This global radiology information system market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



This market research report contains factors that drive the growth of the radiology information system market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the radiology information system market all across the globe is mentioned. The future growth rate in the radiology information system market during the forecasted period is discussed.

Intended Audience

Academic institutes and universities, government research institutes, research and development (R & D) companies, contract research organizations, regulatory agencies, hospitals and clinics, government research organizations, medical device manufacturers, and distributors.

 



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1111.1 million
  CAGR   2018-2023: 8.20%
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Component, Deployment, End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   IMAGE Information Systems (UK), Ambra Health (US), Advanced Data Systems Corporation (US), Carestream Health (US), eRAD (US), Epic Systems (US), PERFECT IMAGING, LLC (US), IBM Watson Health (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), Medinformatix, Inc (US), Bayer AG (US), Koninklijke Philips NV (Netherlands), GE HEALTHCARE (US), and NextGen Healthcare (US)
  Key Market Opportunities   Growth Potential In Emerging Countries
  Key Market Drivers

  • Increasing Spending On The Healthcare IT Sector
  • Increasing Applications Of Radiology Information Systems
  • Rising Prevalence Of Chronic Diseases And Increasing Geriatric Population


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    Frequently Asked Questions (FAQ) :

    The market valuation would be USD 1111.1 million by 2023.

    The rising cost associated with the treatment can have a negative impact on the market.

    The Americas would dominate the market by fetching maximum revenues.

    Global Radiology Information System Market: Competitive Landscape


    The global radiology information system (RIS) market is a huge market, and a large number of companies are involved in the development of this market. That being said, some of the big companies have captured significant share in the global market taking advantage of their strong position in the world business and presence in a number of countries and regions all across the world. The major strategy implied by the players in this market is continuous innovation and development of the new and better products.


    The top market players in the global radiology information system market are IBM Watson Health, Allscripts Healthcare Solutions, Cerner Corporation, Koninklijke Philips and N.V, GE Healthcare. Among these, Allscripts, Cerner Corporation, GE Healthcare, and IBM Watson health together hold more than 40% of the market share.


    Apart from these, there are many privately held companies which have entered the RIS platform services, some of these include IMAGE Information Systems, Ambra Health, Advanced Data Systems Corporation, eRAD, PERFECT IMAGING LLC, and Medinformatix Inc among others. These privately held small companies have come up with innovative software solutions and RIS tools which have created a huge competition among players. Entry of new players with improved products and low pricing has posed a threat to the dominance of established market players. Even though these small players capture market share in relatively smaller regions, their contribution to the growth of the global radiology information system market is significant.


    Allscripts is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations.


    Allscripts is headquartered in Chicago, IL, U.S.A. having the employee strength of more than 7,000 spread across 20 countries across the globe.


    Some of the other big brands namely Siemens Healthcare AG, and McKesson Corporation also contribute substantially to the global radiology information system market revenue.