Radiology Information Systems (RIS) Market Increasing Prevalence of Chronic Diseases Drives RIS Market Growth
Radiology Information Systems (RIS) Market: Insight
According to the new market research study on “Radiology Information Systems Market to 2027 – Covid-19 Impact and Global Analysis - By Product (Standalone RIS and Integrated RIS), By Deployment (Web-Based RIS, Cloud-Based RIS, and Office Based Physicians), By Component (Services, Hardware, and Software), By End User (Office-Based Physicians, Hospitals, and Emergency Healthcare Service Providers), and By Geography,” the market is expected to reach US$ 1,693.50 million by 2027 from US$ 904.60 million in 2019; it is estimated to grow at a CAGR of 8.3% during 2020–2027. The report highlights trends prevailing in the global radiology information systems (RIS) market along with the driver and restraints pertaining to the market growth.
A radiology information system is a computer-based system that is aimed to support effective workflow and business analysis in radiology departments worldwide. The radiology information software manages data of hospital's radiology departments and clinics in an electronic form. Data could be in any form such as billing, scheduling and medical imaging. It is significant to keep a track of the data and store it for future references. The implementation of radiology information systems facilitates increased work efficiency, better patient coordination, reduction in medical errors with improved diagnosis, and streamlined administrative functions. The importance of radiology information system has increased immensely as they eliminate manual errors, and the systems have now become a crucial component of the overall healthcare sector.
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Radiology Information Systems (RIS) Market: Competition Landscape & Key Developments
The radiology information systems (RIS) market mainly consists of players such as Koninklijke Philips N.V., Siemens Healthineers AG, Bayer AG, Cerner Corporation, General Electric Company, McKESSON CORPORATION, IBM Corporation, Epic Systems Corporation, Fujifilm Corporation, and MedInformatics, Inc.
The companies are focused on the adoption of organic and inorganic strategies such as partnerships, agreements, and expansions to sustain their position in the dynamic market. In February 2017, Philips introduced IntelliSpace Enterprise Edition. The solution offers a complete suite of interoperable healthcare informatics applications and services for hospitals and integrated health networks.
Demographic and societal shifts, such as urbanization and aging populations, are intensifying resource pressures. This compels healthcare organizations to focus on preventive measures. Moreover, the increasing role of radiology systems in pandemics is further increasing its adoption. Increasing investments in healthcare IT start-ups in Asia pacific is offering lucrative opportunities for the growth of the market. For instance, in April 2019, Tencent Trusted Doctor (China), a venture backed by tech giant Tencent Holdings, raised US$ 250 million in a fundraising round. Another Indonesian healthtech platform, Alodokter raised a US$ 33 million in Series C funding in October. The growing healthcare IT industry in Asia Pacific is one of the most lucrative opportunities for the radiology information systems players to expand their capabilities in the region.
Increasing Prevalence of Chronic Diseases Drives RIS Market Growth
RIS help track patients' data in the form of large image files generated during the diagnosis and treatment. The systems allow staff to set appointments for individuals on both inpatient and outpatient bases. In the last few years, there have been various developments in imaging modalities adopted for diagnostic purposes. Radiology has emerged as a recent trend in computerized management in health services; moreover, it has addressed the need for cost-efficient and rapid communication between radiology departments and respective users.
Medical imaging is a vital part of medical care and treatment worldwide. Rising awareness regarding the early diagnosis of diseases has led to an increase in the total number of diagnostic tests procedures performed around the world. For instance, as per the NHS England report, in 2018, ~42.7 million imaging tests were performed in England, with a year-on-year increase of 1.4%. X-ray was the most performed method with 22.9 million procedures, followed by diagnostic ultrasonography (9.51 million), CT Scan (5.15 million), and magnetic resonance imaging (3.46 million).
Increasing FDA approvals for innovative radiology information solutions are also increasingly offering advancements in the Radiology Information Systems (RIS) Market. For instance, in 2019, Philips introduced IntelliSpace Cardiovascular 4.1, a cardiovascular image and information management system. The platform offers efficient pediatric reporting capabilities. With the rising prevalence of cardiovascular disorders, the launch of suitable RIS software is likely to enable better treatment as well as diagnosis of these disorders.
Radiology Information Systems (RIS) Market: Segmental Overview
The Radiology Information Systems (RIS) Market based on product is segmented into integrated systems and standalone systems. In 2019, the integrated systems segment accounted for a larger share. This is attributed to the increasing adoption of these solutions by hospitals and healthcare institutions as they are cost-efficient, easy to use, and compatible with retrofitting in the existing systems. The integrated RIS solutions also help improve workflow processes within a business format. Furthermore, these systems are easier to maintain than that of the standalone systems, making them an ideal fit for most of the healthcare organizations.
On the basis of deployment, the radiology RIS market has been segmented into web-based RIS, cloud-based RIS, and on-premises RIS. The web-based RIS segment held the largest share of the market in 2019, whereas the cloud-based RIS segment is anticipated to register the highest CAGR during the forecast period.
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