Radiology Information System Market: Current Analysis and Forecast (2021-2027)

The global radiology information system market is anticipated to grow with an elevated CAGR of around 7% over the forecast period (2021-2027). A radiology information system (RIS) is a networked software system for managing medical imagery and associated data. A RIS is especially useful for tracking radiology imaging orders and billing information and is often used in conjunction with picture archiving and communication systems and hospital information systems to manage image archives, record-keeping, and billing.

The increasing global population has increased the number of patients having chronic diseases that raised the demand for radiology information systems in hospitals. Furthermore, the rising prevalence of chronic diseases such as cardiovascular disorders and arthritis is likely to overburden the hospital staff in the upcoming future. For instance, as per the CDC, from 2013-2015, an estimated 58.5 million US adults annually. It is projected to reach 78 million (26%) US adults by 2040. Moreover, the increasing adoption of modern technology by healthcare institutions is catalyzing the market growth of radiology information systems.

NextGen Healthcare, GE HEALTHCARE, Koninklijke Philips NV, Bayer AG, Medinformarix Inc., Cerner Corporation, Allscripts Healthcare Solutions, IBM Waston Health, LLC, PERFECT IMAGING, and Siemens AG are some of the prominent players operating in the radiology information system market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of radiology information system.

The global impact of COVID-19 has been unprecedented and staggering, with the industries witnessing a negative demand shock across all regions amid the pandemic. However, the radiology information system market faced positive growth during the pandemic. During the pandemic, due to the strict government regulations the healthcare facilities postponed their inessential physical appointment and offered online services that increased the demand for radiology information systems for better management.

Insights Presented in the Report:

Amongst Deployment mode, the cloud-based segment holds the major share"

Based on deployment mode, the market is divided into the market is categorized into web-based, on-premise, and cloud-based. The cloud-based segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years. This is mainly due to the advent of faster internet services and increasing internet penetration by patients and healthcare institutions is contributing to the segmental growth of cloud-based systems in the radiology information system market. For instance, as per Kepios analysis, there were 658.0 million internet users in India in January 2022. India's internet penetration rate stood at 47.0 percent of the total population at the start of 2022 and internet users in India increased by 34 million (+5.4 percent) between 2021 and 2022.

"Amongst Product, Integrated segment holds the major share"

Based on the product, the market is categorized into an integrated type and a standalone type. The integrated segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The improved work efficiency and reduced processing time are attributed to the rising adoption of integrated systems in the RIS market. Integrating RIS and picture archiving and communication systems directly improves efficiency by automating radiology workflow. This is achieved by removing the barriers between images and information, which decreases report turnaround time and significantly refines service to patients and referring physicians.

Amongst End-users, Hospitals & Clinics segment holds the major share"

Based on the end-users, the market is categorized into hospitals & clinics, diagnostic centers, and others. The hospitals & clinics segment accounted for a significant market share in 2020 and it is estimated to witness growth during the forecast period. The presence of skilled professionals and infrastructure for multiple disease treatment is responsible for the lucrative growth of the hospitals & clinics in the RIS market. Furthermore, the increasing global population coupled with the rising number of patients suffering from chronic diseases escalates the demand for RIS systems in hospitals. For instance, as per analysis, the population in the world is, as of 2020, growing at a rate of around 1.05% per year. The current average population increase is estimated at 81 million people per year.

"North America represents one of the largest markets of Radiology Information System market"

For a better understanding of the market dynamics of the radiology information system market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America has a significant share of the radiology information system industry. This can be mainly ascribed to the presence of a well-established diagnostic infrastructure and a significant radiologist population in the region. For instance, as to the U.S. Bureau of Labor Statistics, 29,530 radiologists were employed in the U.S till 2021 and their average annual income was $ 301,720

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Deep dive regional level analysis of the industry

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