Radiology Information System Market Size Worth $1.15 Billion By 2026

The global radiology information system market size is expected to reach USD 1.15 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.7% during the forecast period. The market is majorly driven by an increase in the adoption of advanced technologies in healthcare facilities. Growing usage of digital healthcare infrastructure, which helps collect and manage information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services. Moreover, an increase in the number of patients suffering from chronic diseases coupled with rising demand for cloud-based systems are expected to boost the market growth.

Potential opportunities for healthcare IT in reducing operating costs incurred while record keeping and meeting regulatory standards for privacy, as well as efficient hospital workflow management, are among other factors driving the uptake of Radiology Information System (RIS). Furthermore, it is expected that these systems will, in the long run, save money and allow organizations to earn significant profits.

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. For instance, the RADSpa by Telerad Tech is a software platform consisting of RADSpa PACS and Viewer & RADSpa 2D/MPR/MIP/3D Viewer that enables receiving, storing and sending DICOM images along with managing the physician workflow.

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Further key findings from the report suggest:

• Web-based systems deployment mode held majority of the market share in 2018, due to workflow enhancement features such as scheduling, document imaging, automated insurance eligibility functions, and billing

• Integrated radiology information system accounted for the largest market share in the year 2018. It offers data analysis with the help of Picture Archiving and Communication System (PACS) for the development of IT service models

• Hospitals, emergency healthcare service providers, and physicians are a few RIS end-users. Hospitals majorly prefer radiology solutions for patient scheduling, appointments, and for tracking patient history and records

• North America led the radiology information system market in 2018 in terms of revenue attributed to the technological advancements and presence of major market players

• Some of the key market players are Allscripts; Cerner Corporation; Epic Systems Corporation; McKesson Corporation; GE Healthcare; Siemens Healthcare; Philips Healthcare; Merge Healthcare; and MedInformatix, Inc.

Grand View Research has segmented the global radiology information system market based on deployment mode, 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

  •  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