Radiology Information System Market Size to grow US $2.14 billion by 2030 | North America to continue its lead position by 2030
How big is the radiology information system market?
According to the report, the global radiology information system industry generated $1.05 billion in 2020, and is expected to reach $2.14 billion by 2030, witnessing a CAGR of 7.0% from 2021 to 2030.
The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
The integrated segment to continue its leadership status by 2030
The hospitals segment to maintain its dominance in terms of revenue throughout the forecast period
North America to continue its lead position by 2030
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Major Factors Driving the Growth of Radiology Information System Market:
- Increasing prevalence of chronic diseases: The prevalence of chronic diseases, such as cancer, heart disease, and stroke, is increasing worldwide. This is leading to an increase in the demand for medical imaging services, which in turn is driving the demand for RIS systems.
- Technological advancements in RIS systems: RIS systems are becoming increasingly sophisticated and technologically advanced. This is making them more efficient and effective in managing radiology workflows. For example, new RIS systems are being developed that use artificial intelligence (AI) to help radiologists interpret medical images more accurately and efficiently.
- Rising demand for cloud-based RIS systems: Cloud-based RIS systems are becoming increasingly popular as they offer a number of advantages over on-premise systems, such as lower upfront costs, easier scalability, and greater accessibility.
- Government support for the adoption of RIS systems: Governments around the world are providing support for the adoption of RIS systems in order to improve the quality and efficiency of healthcare services. For example, the US government offers financial incentives to hospitals that adopt certified RIS systems.
Here are some examples of how RIS systems are being used today:
- RIS systems are being used to manage the workflow of radiology departments, including scheduling appointments, tracking patient records, and generating reports.
- RIS systems are also being used to integrate with other healthcare IT systems, such as electronic health records (EHRs) and laboratory information systems (LIS). This helps to improve the efficiency and accuracy of healthcare services.
- RIS systems are also being used to support telemedicine and remote radiology. This allows radiologists to provide services to patients in remote locations.
Market Segmentation:
Type:
- On-premise RIS systems: On-premise RIS systems are installed on the customer’s own servers. They offer a number of advantages, such as greater control over data security and performance. However, they can be more expensive to implement and maintain than cloud-based RIS systems.
- Cloud-based RIS systems: Cloud-based RIS systems are hosted on a third-party server. They offer a number of advantages, such as lower upfront costs, easier scalability, and greater accessibility. However, they can be more vulnerable to data security breaches than on-premise RIS systems.
Application:
- Diagnostic radiology: Diagnostic radiology is the use of medical imaging to diagnose diseases and injuries. RIS systems are used to manage the workflow of diagnostic radiology departments.
- Interventional radiology: Interventional radiology is the use of medical imaging to guide minimally invasive procedures. RIS systems are also used to manage the workflow of interventional radiology departments.
End user:
- Hospitals: Hospitals are the largest users of RIS systems.
- Ambulatory surgery centers: Ambulatory surgery centers are also increasingly using RIS systems.
- Imaging centers: Imaging centers are also increasingly using RIS systems.
Geography:
- North America: North America is the largest market for RIS systems.
- Europe: Europe is the second-largest market for RIS systems.
- Asia Pacific: Asia Pacific is the fastest-growing market for RIS systems.
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Regional Growth Dynamics:
North America contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global radiology information system market, and is projected to continue its lead position by 2030. This is attributed to presence of advanced healthcare infrastructure and large government spending on healthcare facilities. However, Asia-Pacific is estimated to witness the largest CAGR of 9.0% during the forecast period. This is due to surge in demand for healthcare facilities owing to rapid growth of the population.
Leading Market Players
- General Electric Company
- Allscripts Healthcare Solutions, Inc.
- Carestream Health, Inc
- Cerner Corporation
- Epic Systems Corporation
- IBM
- Koninklijke Philips N.V.
- McKesson Corporation
- MedInformatix, Inc
- Siemens AG
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Key Questions Answered in the Intelligent Study
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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