Radiology Information System Market Aims for a Staggering US$ 2.14 Billion Milestone by 2030

Allied Market Research published a report, titled, “The global radiology information system market size was $1,051.60 million in 2020, and is projected to reach $2,141.50 million by 2030, growing at a CAGR of 7% 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.

Prime determinants of growth:

The radiology information system market witnessed significant growth in the past decade, owing to increase in number of patients suffering from chronic diseases. A number of players in the radiology information system market is expanding their business to strengthen their foothold in the global market. By type, the integrated segment dominated the radiology information system market share in 2020, in terms of revenue. This is attributed to increase in demand for efficient hospital information management system. Depending on end user, the hospitals segment is expected to grow at a higher CAGR during the forecast period, owing to rise in geriatric population.

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Report coverage & details:

• A major driver in radiology information system market growth. Furthermore, radiology information systems increase the efficiency of record keeping and billing activities.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.

Market Segmentation:

Type:

• Integrated RIS: Combines RIS functionalities with other healthcare information systems like PACS (picture archiving and communication system) and EMR (electronic medical record) for a unified workflow.
• Standalone RIS: Focuses solely on managing patient scheduling, reporting, and billing within the radiology department.

Deployment Mode:

• On-premise: The RIS software is installed and maintained on the healthcare facility’s own servers.
• Cloud-based: The RIS software is hosted by a third-party vendor and accessed via the internet, offering scalability and reduced upfront costs.

Component:

• Hardware: Servers, workstations, and other physical components required for the RIS system.
• Software: The core RIS software application and any additional modules for features like billing or patient portals.
• Services: Installation, training, maintenance, and support for the RIS system.

End User:

• Hospitals: Largest user segment, requiring comprehensive RIS functionalities for managing their radiology departments.
• Imaging centers: Focus on specific imaging modalities and may require more specialized RIS features.
• Private practices: Smaller user segment with varying needs depending on their patient volume and specialty.

Geography:

• North America: Largest market share due to high healthcare spending and advanced technology adoption.
• Europe: Mature market with strong focus on data privacy and interoperability.
• Asia Pacific: Rapidly growing market driven by rising disposable income and increasing healthcare infrastructure.
• Latin America: Growing market with potential for expansion in major economies like Brazil and Mexico.
• Middle East and Africa: Smaller market with potential for future growth due to improving healthcare infrastructure.

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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 Findings of the Study

• The report provides an extensive analysis of the current and emerging radiology information system market trends and dynamics.
• Depending on type, the integrated segment dominated the radiology information system market, in terms of revenue in 2020 and is projected to grow at a significant CAGR during the forecast period.
• By end user, the hospitals segment registered highest revenue in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the radiology information system market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the radiology information system industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
• In-depth radiology information system market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.

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