Global Radiology Information System Market 2023-2030

Global Radiology Information System Market 2023-2030

Global Radiology information system Market Size, Share & Trends Analysis Report by Type (Integrated Radiology Information System and Stand-alone Radiology Information System), by Deployment Mode (On-Premises and Cloud-Based), and by Component (Hardware, Software, and Services) Forecast Period (2023-2030)

The global radiology information system market is anticipated to grow at a significant CAGR of 6.5% during the forecast period. The ongoing technological advancements in radiology information systems is a key factor driving the growth of the market. The rising prevalence of chronic disorders coupled with the rising healthcare expenditure are some other factors which are driving the market globally. According to the World Health Organization (WHO), cancer was a leading cause of mortality around the globe, accounting for nearly 10 million mortalities in 2020, or nearly one in six fatalities. Amongst these, the most common type of cancers were breast, lung, colon and rectum and prostate cancers. Additionally, according to estimates from the International Agency for Research on Cancer (IARC) updates from July 2021, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million fatalities globally by 2040.

In July 2021, Australia-New Zealand collaborated to integrate radiology information system with cloud-based health booking system. Through the online platform, patients can pick a date and time of their diagnostics without the need to call a radiology practice. They can also choose their preferred location, making the booking process easier and more convenient. Such developments are driving the growth of the global market.

Segmental Outlook

The global radiology information system market is segmented based on component, deployment mode, and type. Based on component, the market is segmented into hardware, software, and services. Based on deployment mode, the market is segmented into on-premises and cloud based. Based on type, the market is segmented into integrated radiology information system, and stand-alone radiology information system.

Cloud-Based is anticipated to Exhibit Considerable Growth in the Global Radiology Information System Market

The cloud-based segment is anticipated to exhibit significant growth during the forecast period. The affordability of cloud-based software compared to on-premises is a key factor driving the growth of this market segment. Instead of purchasing the entire model, consumers can subscribe to the latest version at a low price. Online accessibility is facilitated by cloud-based solutions since data is kept on external servers. AI algorithms can be combined with cloud-based radiological information systems to create complete software. These AI technologies can be coupled with any other AI tool and enable doctors to diagnose patients more quickly and accurately.

As cloud-based radiology information system is economic, they are especially well-suited for small to medium-sized hospitals that cannot afford to invest in expensive hardware. Furthermore, cloud-based radiology information system gives medical practitioners the ability to manage who has access to patient information, improving security.

Regional Outlook

The global radiology information system market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all the regions, Asia-Pacific is anticipated to exhibit considerable share on the global market. The growing adoption of radiology information system in emerging economies is a key factor driving the growth of the regional market. The on-going technological advancements in radiology information system is further driving the regional market.

North America Held Considerable Share in the Global Radiology Information System Market

The presence of well-established healthcare infrastructure, growing geriatric population, and high awareness among patients towards early diagnosis of diseases are major factors driving the regional market growth. For instance, in May 2023, the American Hospital Association's annual survey of hospitals in the US reports a total of 6,129 hospitals in the country, with 5,157 of them being community hospitals. The presence of a large number of diagnostic centers, growing prevalence of targeted diseases, rising healthcare expenditure, and adoption of technologically advanced imaging systems are further aiding to high share of the regional market.

Market Players Outlook

The major companies serving the global radiology information system market include Allscripts Healthcare Solutions Inc., Cerner Corp., IBM (Merge Healthcare Inc.), Koninklijke Philips N.V., and Siemens Healthineers among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022, Intelerad Medical Systems launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition, which may provide radiologists with an emerging option for medical image management.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global radiology information system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.