Radiology Information System Market Size, Share & Trends Analysis Report By Product, By Deployment Mode (Web-based, On-premise, Cloud-based), By End Use, By Region, And Segment Forecasts, 2019 - 2026

Report Overview

The global radiology information system market size was valued at USD 637.9 million in 2018 and is expected to expand at a CAGR of 7.7% over the forecast period. The growth in demand for Radiology Information System (RIS) can be attributed to the rising population, investments in R&D activities, rising number of radiology professionals and practices, and preference for web-based solutions.

Computerized medical imaging provides interactive documents that are secured and convenient. These documents can be accessed across various healthcare departments. RIS provides a communication link between primary physicians and imaging departments for better care coordination, which can be beneficial for timely diagnosis or treatments to the patients. Such factors are anticipated to bode well for market growth.

Healthcare providers using certified RIS software are eligible to receive financial incentives. The care providers need to demonstrate stage 2 meaningful use of the software. Eligible professionals receive upwards of USD 63,750 from Medicaid and upwards of USD 44,000 from Medicare. This government initiative is a major contributor to the increased adoption of RIS software by the radiologists and medical imaging professionals.

Modern medical informatics solutions offer many benefits by integrating general hospital information systems for other clinical data, hospital information systems such as Picture Archiving and Communication System (PACS) for diagnostic images and RIS for scheduling and diagnostic reporting. In April 2019, Hologic, Inc. announced the launch of the Trident HD specimen in Canada. The Trident HD system is a next-generation radiography solution that delivers enhanced workflow and image quality, along with instant sample verification in stereotactic breast biopsies and breast-conserving procedures.

Deployment Mode Insights

The web-based segment led the overall radiology information system market in terms of revenue share in 2018. Web-based RIS is designed to evolve clinical and business needs across the continuum of care and help connect patient information to any required destination. For instance, McKesson’s RIS features a wide range of Electronic Health Record (EHR) and offers cloud-based and server-based solutions, enhancing physician workflow and quality care.

Cloud-based RIS can be integrated with Artificial Intelligence (AI) algorithms to form a comprehensive radiology software. Such AI tools allow physicians to provide accurate and faster diagnosis and can be integrated with any third-party AI tool.

Product Insights

In the product segment, integrated RIS led the overall market in 2018. RIS and PACS have their database, especially, if both systems are obtained from separate vendors. However, integrated RIS includes RIS-PACS solution with a single worklist generated during registration improving workflow processes across the business platform.

Traditionally, radiology service providers used RIS to track individual images and associated data. However, with the extensive use of EHR platforms and the wide adoption of digitized images and PACS systems, radiology departments include a comprehensive clinical workflow of the entire medical facility within the RIS.

End-Use Insights

Hospitals and clinics led the end-use segment in 2018. The major installation of RIS is in hospitals to maintain the patient record in the form of a database that consists of comprehensive data for scheduling, patient tracking, image tracking, and result reporting.

Big healthcare IT corporations are involved in the integration of all hospital database that connects all the systems and equipment of a care setting. For instance, Infosys hospital information system focuses mainly on the EMR and IT-driven clinical transformation to maximize value for products by including RIS, Laboratory Information System (LIS), Pharmacy Information System (PIS), and Practice Management System (PMS).

Regional Insights

North America led the overall market in terms of revenue share in 2018. The U.S. market growth can be attributed to the advancement in the RIS, an increase in the number of radiologists, and the introduction of new software systems by current providers. The launch of comprehensive RIS with integrated PACS has made the medical imaging procedure systematic and easier resulting in patient compliance further leading to regional growth.

The Asia Pacific, on the other hand, is likely to showcase an impressive CAGR over the forecast period from 2019 to 2026. The rising number of outsourcing services in the Asia Pacific along with growing awareness about the importance of workflow management at hospitals, clinics, and diagnostic laboratories is responsible for the growth of the RIS market.

Key Companies & Market Share Insights

Some of the major players operating in the RIS market are Allscripts; Cerner Corporation; Epic Systems Corporation; McKesson Corporation; GE Healthcare; Siemens Healthcare; Philips Healthcare; Merge Healthcare; and MedInformatix, Inc. The market is characterized by an increase in partnerships and acquisitions to strengthen the market presence of the players.

For instance, in March 2019, Philips announced that it signed an agreement to acquire the Healthcare Information Systems (HCIS) business of Carestream Health Inc., a medical imaging and healthcare IT solutions provider for imaging centers and other specialty medical clinics. The deal is expected to expand Philips’s geographical reach, medical imaging customer base, and healthcare IT portfolio.

Radiology Information System Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the global radiology information system market report based on the deployment model, product, end-use, and region:

• Deployment Mode Outlook (Revenue, USD Million, 2015 - 2026)

  • Web-based

  • On-premise

  • Cloud-based

• Product Outlook (Revenue, USD Million, 2015 - 2026)

  • Integrated Type

  • Standalone Type

• End-Use Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospitals & Clinics

  • Outpatient Department (OPD) Clinics

  • Other Facilities

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Switzerland

    • Netherlands

    • Belgium

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • United Arab Emirates