Radiology Information System Market Updates 2024: Expected to Reach $2.1 Billion by 2030
Radiology Information System Market 2024 – 2030
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 do`minated 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.
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.
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Key Takeaways:
- The hospitals segment to maintain its dominance in terms of revenue throughout the forecast period
- North America to continue its lead position by 2030
- Asia-Pacific is estimated to witness the largest CAGR of 9.0% during the forecast period.
Rapidly increase in the aging population, rise in the number of chronic diseases, and surge in adoption of cloud technology-related services drive the growth of the global radiology information system market. However, rise in concerns regarding patient data safety & security hinders the market growth. On other hand, rise in investments in the Asia-Pacific region presents new opportunities in the coming years.
Major Factors Driving the Growth of Radiology Information System Market:
- Integration with Picture Archiving and Communication System (PACS) and Electronic Health Records (EHRs).
- Developments in artificial intelligence and machine learning to enhance image analysis and diagnostic accuracy.
- Adoption of cloud-based solutions providing scalable and flexible RIS platforms.
- Rise in chronic diseases like cancer, cardiovascular diseases, and neurological disorders requiring frequent imaging studies.
- Aging population contributing to the higher demand for radiological services.
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Segments:
By Type:
- Integrated
- Standalone
By Component:
- Hardware
- Software
- Services
By Deployment Mode:
- Web-Based
- Cloud-Based
- On-Premise
By End User:
- Hospitals
- Office-Based Physicians
- Healthcare Payers
By Region:
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Regional Analysis:
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.
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