Radiology Information Systems Market (Type - Integrated Radiology Information Systems, and Standalone Radiology Information Systems; Deployment Mode - Web-based, On-premise, and Cloud-based; End User - Hospitals, Office based Physicians, Emergency Healthcare Service Providers, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on radiology information systems market provides in-depth analysis of segments and sub-segments in the global as well as regional radiology information systems market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional radiology information systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global radiology information systems market.

Market Insight:

The global radiology information systems market was valued at USD 906.55 million in 2022 and is expected to reach USD 2204.52 million in 2030, with a CAGR of 10.22% during the forecast period 2023-2030.

The radiological information system (RIS) is the core system for the electronic management of imaging departments. The major functions of the RIS include patient scheduling, resource management, examination performance tracking, examination interpretation, results in distribution, and procedure billing. RIS complements HIS (hospital information systems) and PACS (picture archiving and communication systems). It is critical to efficient workflow to radiology practices. RIS is typically a database system that radiologists use to keep a record of patient data and image files. The radiology and imaging department generates large digital files. It helps to store and keep track of the data for future reference. Computerized medical systems allow interactive documents. The huge imaging data files generated during diagnosis and treatment are required to be maintained in electronic systems due to data safety and convenience. RIS facilitates improved work efficiency, better patient coordination, reduction in medical errors, improved diagnosis, and streamlined administrative functions.

The rising prevalence rate of chronic diseases coupled with the aging population drives the radiology information system market. Owing to unhealthy lifestyles and a rising aging population, the number of patients suffering from chronic diseases such as cancer, COPD, arthritis, osteoporosis, and others has increased significantly in recent years. For instance, according to WHO, every year, noncommunicable diseases (NCDs) claim the lives of 41 million individuals, amounting to approximately 74% of the total global mortality rate. Therefore, to diagnose diseases, there is a rising demand for medical imaging. This is increasing the demand for medical imaging which in turn requires the radiology information system (RIS) market. Moreover, owing to the rising prevalence of chronic cases across the globe, governments and other organizations are increasingly investing more in enhancing accessibility to healthcare services. Therefore, with increased funding allocated, to address the rising health-related issues, there arises a parallel surge in the need for advanced technological solutions like radiology information systems. These systems play a pivotal role in efficiently managing and analyzing medical imaging data, meeting the escalating demand for accurate and streamlined diagnostic tools within the healthcare sector. Thus, the increase in government spending for improving the healthcare sector drives the demand for the radiology information systems market. However, the expensive installation expenses serve as a barrier hindering the widespread adoption and growth of the radiology information systems market. Nevertheless, continued technological advancements such as artificial intelligence and machine learning and greater integration with other healthcare information systems, create an opportunity for the radiology information systems market to grow.

North America is anticipated to hold a significant share of the radiological information system market. According to the U.S. Department of Health & Human Services, in the United States in 2020, 1,603,844 new cancer cases were reported and 602,347 people died of cancer. During the same time, around 90,222 deaths occurred due to cancer in the country. The rising prevalence of chronic diseases like cancer is expected to propel the market, as cancer diagnosis relies heavily on advanced radiology imaging technology. The data from these radiology systems are analyzed and stored in radiology information systems. North America has a well-established healthcare infrastructure with a high penetration rate of electronic health records (EHRs). Therefore, the demand for the RIS is anticipated to rise as it readily integrates with electronic health records. Additionally, stringent regulations surrounding data privacy and patient safety in North America drive the adoption of secure and compliant RIS solutions. For instance, the Patient Safety and Quality Improvement Act (PSQIA), which is designed to facilitate the confidential gathering of information about patient safety events. Asia Pacific is fastest growing region in the radiological information system market. Increasing outsourcing services in the Asia Pacific, coupled with heightened awareness regarding effective workflow management in hospitals, clinics, and diagnostic labs, is driving the demand for RIS in the region.

Report Scope of the Radiology Information Systems Market:

Segment Covered

The report on global radiology information systems market covers segments such as type, deployment mode, and end user. On the basis of type, the sub-markets include integrated radiology information systems, and standalone radiology information systems. On the basis of deployment mode, the sub-markets include web-based, on-premise, and cloud-based. On the basis of end user, the sub-markets include hospitals, office based physicians, emergency healthcare service providers, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as GE HealthCare, Advanced Data Systems, Siemens Medical Solutions USA, Inc, IBM Corporation, PaxeraHealth, Koninklijke Philips N.V., Oracle (Cerner Corporation), MedInformatix, Inc., Epic Systems Corporation, and NXGN Management, LLC.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the radiology information systems market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.