Radiology Information Systems Market Assessment, By Type [Integrated Radiology Information System, Stand-Alone Radiology Information System], By Deployment Mode [Web-based, On-premises, Cloud-based], By Component [Hardware, Software, Services], By End-use

Radiology Information Systems Market Assessment, By Type [Integrated Radiology Information System, Stand-Alone Radiology Information System], By Deployment Mode [Web-based, On-premises, Cloud-based], By Component [Hardware, Software, Services], By End-user [Hospitals and Clinics, Outpatient Departments, Emergency Healthcare Service Providers], By Region, Opportunities and Forecast, 2017-2031F

Global radiology information systems market is projected to witness a CAGR of 8.39% during the forecast period 2024-2031, growing from USD 1101.12 million in 2023 to USD 2097.72 million in 2031. The market’s growth is supported by the rapid expansion of the healthcare IT sector, the growing requirement for diagnostic imaging solutions due to the rising number of chronic diseases, the expansion of the geriatric population, and novel product launches by the key players of the market.

Radiology information systems act as an essential link between healthcare providers and patients and are designed to aid busy radiology departments in providing enhanced patient care. They aid radiology departments in streamlining their tasks and eliminating the challenges associated with manual tasks. The digital library created from different patient scans such as MRIs, CT scans, X-rays, and ultrasounds is stored securely and can be easily shared with healthcare professionals, ensuring smooth operations and providing a secure interface for managing referrals.

The increasing investments by the key market players in smart connected imaging systems to enhance information sharing and collaboration between medical domains are also supporting the expansion of the market. The new radiology information system (v. 11.6) by Koninklijke Philips N.V. provides functionalities that are patient-oriented with patient assistance applications that allow them to schedule their exams and provide them with an opportunity to sign in when they enter the facility. Such developments are expected to aid the market’s expansion in the coming years.

Rising Number of Diagnostic Imaging Procedures Augment Market Growth

The increasing requirement for diagnostic imaging procedures can be attributed to the rise in the number of cases of chronic diseases and expansion of the geriatric population. These procedures aid physicians and other healthcare professionals to gain a better understanding of the functioning of the different organs of the body and avoid worsening patient outcomes. This increase is supporting the global radiology information systems market growth as radiology information systems allow for better material management, better patient coordination, fewer data entry mistakes, and improved efficiency.

Additionally, rising collaborations between leading hospitals and medical device companies to enhance patient diagnosis by providing digitalized solutions are also expected to aid the market’s expansion. For instance, in January 2023, Fujifilm India and Manipal hospitals announced that they had entered an agreement under which Manipal hospitals are going to be provided with a Picture Archiving and Communication System (PACS) by Fujifilm India to eliminate the requirement for manual retrieval and storage of reports, films, and sensitive information. The system will ensure that the documents and images are stored securely on off-site servers and can be easily accessed with the help of workstations and mobile devices.

Increasing Investments Towards Healthcare IT Boost Market Demand

The rapid expansion of the healthcare IT sector is bolstering the demand for global radiology information systems globally. The digital transformation of the healthcare sector is supported by the increasing requirement to complete diagnostic and administrative tasks quickly, including addressing patient questions, virtual appointments, and diversification of pathways for payments and treatment, among others. IT in healthcare allows professionals to reduce medical errors, strengthen engagement between providers and patients, enhance patient safety, and improve the quality of healthcare delivery.

Furthermore, the rising efforts of the key market players to increase diagnostic confidence with the help of AI-enhanced informatics solutions are expected to provide lucrative growth opportunities to the market. In November 2022, Koninklijke Philips N.V. announced the release of their new radiology information system that will allow the ancillary users and the radiology department to transfer, store, manage, view, and enter patient information in an easy-to-use web solution.

North America Expected to Hold Significant Share of the Market

The expansion of the market can be attributed to the growing number of cases of chronic diseases such as cancer in the region, rising healthcare expenditure, and the high acceptance rate of novel technologies. As per the estimates of the Canadian Cancer Society, approximately 247,100 new cases and 88,100 deaths related to cancer are expected to occur in Canada in 2024. This increase is expected to support the market’s growth as advanced radiology imaging technology is essential for diagnosing cancer, and the retrieved data is then stored in radiology information systems for analysis at a later stage.

Additionally, strategic collaborations by various companies based in the region are aiding the expansion of the market in North America. In April 2024, AbbaDox announced that were partnering with Radiology Imaging Associates to enhance patient care and radiology operations through the integration of their radiology information system platforms. The partnership is expected to increase operational efficiency and elevate the standard of care across 17 locations. This integration is also expected to enhance automated patient communications and appointment scheduling.

Cloud-based Solutions Anticipated to Witness Significant Growth

The rising adoption of advanced technologies, including analytical sources and radiology information systems, is aiding healthcare facilities in enhancing operational efficiency. Cloud-based radio information systems offer picture archiving and communication system (PACS) integration, stakeholder collaboration and communication, and radiology reporting. With the help of radiology cloud storage, healthcare organizations can improve scalability, increase accessibility, and reduce infrastructural costs. They also aid in facilitating seamless communication among healthcare providers, patients, and radiologists and improve the quality of care provided to the patients. Due to these advantages, the adoption of cloud-based radiology information systems is expected to increase significantly in the coming years.

Furthermore, the expansion of the segment is also supported by increasing collaboration between cloud-based radiology software solution providers. For instance, in June 2024, RamSoft, Inc. and RADPAIR Corporation announced a collaboration for integrating artificial intelligence (AI) driven radiology report generation in the OmegaAI platform. This collaboration is expected to enhance patient care and radiological diagnostics by automating report generation. With this integration, RADPAIR is also expected to streamline the editing process by improving report quality, efficiency, and consistency by providing relevant information and guidelines to radiologists when reporting.

Future Market Scenario (2024-2031F)

Advancements in the areas of artificial intelligence, cloud computing, and technology are expected to aid the growth of the market. The integration of artificial intelligence with radiology information systems is anticipated to aid in enhancing diagnostic efficiency and accuracy and automating different processes, which in turn can provide breakthroughs in predictive analytics. Furthermore, the incorporation of decision support systems (DSS) with radiology information systems is also expected to support the market’s expansion. The DSS provides guidelines developed on the basis of best practices to radiologists to help them in making decisions. For example, a DSS can provide recommendations for different modalities based on the patient history and complaints.

Key Players Landscape and Outlook

Increasing investments by the key players of the market towards the introduction of novel products in different geographical locations is boosting the global radiology information systems market size. In February 2022, Carestream Health, Inc. announce the launch of the DRX compass that is designed to help radiologists in increasing their efficiency by providing configurable and convenient digital radiology solution, in India. The compass is available in two configurations including the Ceiling Suspended Tube System and Floor Mounted Tube System and Floor Mounted Tube System. Such efforts are expected to aid the company in expanding its customer base and allow them to witness significant growth in the coming years.