Radiology Information System Market Research Report - Forecast till 2028

Radiology Information System Market Information 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)—Forecast till 2028

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

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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
Companies Profiled   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
Market Driving Forces   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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Global Radiology Information System Market Research (MRFR Insights)


The radiology information system 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. 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
Radiology Information System Market Market Share by Region, 2021


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 2022 and 2030.


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



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 1111.1 million: 2028
  CAGR   8.2% : 2028
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Component, Deployment, and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   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), and LLC (US)
  Key Market Opportunities   Increase in expenditure for the healthcare IT sector
  Key Market Drivers   Increasing prevalence of chronic diseases is likely to fuel the expansion of the market


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Frequently Asked Questions (FAQ) :

The  radiology information system market forecast period is 2021-2028.

The market is expected to register a CAGR of ~8.2% over the next 10 years, according to  radiology information system market research.

Asia-Pacific is expected to register the highest CAGR during 2021-2028

North America held the largest share in 2021

The market size is expected to be USD 1111.1 million by 2028.

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), and LLC (US) are the major companies operating in the  market.