Radiology Information Systems Market - By Type (Integrated, Standalone), Component (Hardware, Software, Services), Deployment Mode (Web-based, On-premises, Cloud-based), End-use (Hospitals, Office-based Physicians) & Forecast 2023 - 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRadiology Information Systems Market - By Type (Integrated, Standalone), Component (Hardware, Software, Services), Deployment Mode (Web-based, On-premises, Cloud-based), End-use (Hospitals, Office-based Physicians) & Forecast 2023 - 2032
Radiology Information Systems Market Size
Radiology Information Systems Market size accounted for USD 5.7 billion in 2022 and is estimated to grow at 12.6% to reach USD 18.9 billion by 2032. Increasing number of imaging procedures, such as X-rays, CT scans, MRIs and ultrasounds coupled with rising demand for efficient management of radiology data and workflows are significantly propelling the market progress.
Furthermore, chronic diseases such as arthritis, osteoporosis, cancer, chronic obstructive pulmonary disease (COPD), osteoporosis among others has increased significantly in the past few years. This has led to opt for radiology information systems to manage the functional aspects of healthcare facilities, thereby fostering the market growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Radiology Information Systems Market Size in 2022 | USD 5.7 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 12.6% |
| 2032 Value Projection | USD 18.9 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 150 |
| Tables, Charts & Figures | 268 |
| Segments covered | Type, Component, Deployment Mode, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Radiology information system (RIS) is a specialized healthcare software solution designed to manage and streamline the administrative, operational and business functions within a radiology department and imaging centre. A Radiology Information System (RIS) is a specialized software system designed to manage and organize the workflow and data associated with radiology departments and imaging centers. It is a central repository that stores, manages, and distributes radiological images, patient information, and related data. Also, they enable streamlined workflows, improved communication and collaboration among healthcare professionals, and effective management of radiology data and resources.
COVID-19 Impact
The COVID-19 pandemic had a positive impact on the radiology information systems market. The increasing number of COVID-19 cases has highlighted the demand for radiology information systems (RIS) for imaging procedures, particularly chest imaging for COVID-19 cases. The risk of COVID-19 infection and imposed lockdowns had propelled the demand for telemedicine and RIS systems that facilitated remote access to patient data and reporting capabilities.
Furthermore, workflow optimization features helped to manage the increased workload, while enhanced communication tools facilitated the collaboration among radiologists and healthcare professionals. Thus, the pandemic had accelerated the adoption and utilization of RIS systems, emphasizing the need for efficient workflow management, remote capabilities, enhanced communication and data analytics in the radiology industry.
Radiology Information Systems Market Trends
With more and more people facing chronic diseases like cancer, COPD, arthritis, diabetes, and the like, the demand for medical imaging services is growing. This is because imaging tests like X-rays, CT scans, and MRIs are crucial for accurately diagnosing, planning treatment for, and monitoring these diseases. Take lung cancer, for example. In 2020, it led to around 2.2 million new cases and 1.8 million deaths worldwide. Other common cancers include colorectal, liver, stomach, and breast cancer. As the number of people with cancer continues to rise, so does the need for reliable ways to detect and manage it. RIS systems, which help radiologists interpret medical images, are playing a vital role in meeting this growing demand.
Furthermore, RIS system enables healthcare providers to efficiently manage imaging studies, track patient history and streamline reporting, leading to improved patient care and outcomes. Thus, various features offered by the RIS system is expected to drive the market value.
Radiology Information Systems Market Restraint
Increasing concern regarding patient data privacy and security may significantly impact the market expansion. Data breaches are largely noted to act as a cause of concern. For instance, according to the HIPAA Journal, as of 2021, an average of 1.95 healthcare data breaches of 500 or more records were reported each day. Similarly, in 2021, companies and business associates paid nearly USD 6 million for HIPAA settlements and civil monetary policies. Thus, growing reliance on digital platforms and protecting sensitive patient information from unauthorized access and breaches has become a major concern, thereby impeding the market share.
Radiology Information Systems Market Analysis
When it comes to radiology information systems (RIS), there are two main typesintegrated and standalone. Integrated RIS are the more popular option, making up over 60% of the market in 2022. They're expected to keep growing even more in the coming years. Integrated RIS are a game-changer because they work together seamlessly with other systems in hospitals, like electronic health records (EHRs) and picture archiving and communication systems (PACS). This makes the whole process of managing patient information much more efficient. For example, with an integrated RIS, you can easily share images and reports between different departments and even with patients themselves. It makes it easier for doctors to collaborate and share information, which leads to better patient care. Another big advantage of integrated RIS is that they make it easier to exchange data securely and smoothly between different systems. This helps reduce errors and saves time and effort.
Based on component, the radiology information systems market is segmented into hardware, software and services. The software segment is expected to register USD 8.4 billion by 2032. The radiology information systems serve as a centralized platform for managing and storing radiology-related data. The software allows healthcare professionals to efficiently schedule and track appointments, manage patient records, and generate comprehensive reports as well as automate administrative tasks, thereby reducing manual errors and save time. Also, RIS software provides rapid access to critical patient information, ensuring quick and effective decision-making.
Furthermore, software based RIS solutions often provide advanced analytics capabilities, empowering organizations with valuable insights for process optimization and resource allocation. Thus, various benefits associated with RIS software is expected to supplement the market revenue.
When it comes to how radiology information systems are used, there are three main waysweb-based, on-premises, and cloud-based. In 2022, the web-based systems brought in the most money, and experts predict that this trend will continue with a growth rate of 12.6% in the coming years. One reason for the popularity of web-based radiology information systems is that they can be accessed through any regular web browser, which means there's no need to install software on each device. This makes it a lot easier for healthcare professionals to use, as they can access patient information, images, and reports from anywhere as long as they have internet access. All these benefits are expected to keep driving the growth of the web-based radiology information systems market.
When it comes to using radiology information systems, the big players areHospitalsThese folks are the rockstars in the radiology game, bringing in a whopping $2.7 billion in 2022. Why do they love RIS systems? Because they make managing a patient's radiology journey a breeze. From the moment they walk through the door to the day they check out, RIS keeps track of it all. Plus, it helps coordinate appointments, making sure everything runs smoothly. Even better, RIS takes care of all the admin headaches, freeing up hospital staff to do what they do bestcare for patients. Doctors' officesThese guys aren't too shabby either, and they also rely on RIS systems to keep their operations humming. Researchers and academicsThey use RIS systems to dig deep into the world of medical imaging, unlocking new knowledge and helping us all stay healthy. And then there are other folks who find RIS systems mighty useful too. So, with all these heavy hitters using RIS, it's no wonder the market for them is only going to keep growing.
North America radiology information systems market accounted for 40.5% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. The increasing prevalence of chronic disease and rising adoption of radiology information systems is expected to boost the market development. Also, presence of well-established healthcare infrastructure, key market players and academic institutions contribute to the growth of radiology information systems. Moreover, growing demand for effective disease diagnosis & treatment, favorable government regulations and reimbursement policies further support the regional market expansion.
Radiology Information Systems Market Share
Major market players operating in the radiology information systems market
- General Electric Company
- Epic Systems Corporation
- Koninklijke Philips N.V.
Oracle Corporation These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Radiology Information Systems Industry News
- In November 2022, Epic Systems Corporation partnered with Google Cloud. This partnership was aimed to run Epic's EHR workloads on Google Cloud. This strategy enhanced greater innovation, efficiencies, and security of patients data. This strategic partnership helped the company to accelerate healthcare digital transformation and drive revenue growth.
- In February 2022, Carestream India launched the DRX Compass, an advanced digital radiology solution. The Compass Digital X-ray offers the option of configuring the system based on the available floor space and budget with more focus on the improved workflow and an easy upgrade path for future requirements. This strategy helped the company to enhance its product offering, thereby drive revenue growth.
The radiology information systems market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Type
- Integrated
- Standalone
By Component
- Hardware
- Software
- Services
Deployment Mode
- Web-based
- On-premises
- Cloud-based
End-use
- Hospitals
- Office-based physicians
- Academic & Research Institute
- Other end-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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