Radiology Information System Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Radiology Information System Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Global Radiology Information System Market is expected to reach US$ 1,388.5 Million by 2027. Globally, a networked software suite utilized to manage medical imagery and data is known as a radiology information system (RIS). A RIS is particularly useful for managing radiological records and associated data across multiple locations. It is frequently used with a picture archiving and communication system (PACS) to manage workflow and billing. A radiology information system (RIS) can track a patient's entire workflow within the radiology division. Images and reports can be counted and recovered from electronic medical records (EMRs) and viewed by authorized radiology personnel.

Worldwide Radiology Information System Market Size is expected to expand at a CAGR of 8.65% during 2021-2027:

Over the forecast period, the increasing preponderance of cancer is anticipated to drive growth in the global radiology information system market. Furthermore, the growing aging population is expected to contribute to market growth. Moreover, incorporating Artificial Intelligence (AI) in RIS will provide lucrative growth opportunities for market participants. AI integration in RIS can result in a more fluid workflow, better patient care, and consistent radiologist support. It can also help radiologists deliver a customized ecosystem experience and provide faster, more accurate and consistent diagnoses. Furthermore, government initiatives to increase RIS adoption are expected to aid market growth.

How did Covid-19 Impact the Global Radiology Information System Industry:

The novel coronavirus (COVID-19) spread rapidly across various countries and regions, having a massive impact on people's lives and the overall community. Though the outbreak of Covid-19 slowed research in RIS, demand remained because the advanced stage of Covid-19 demanded RIS. Furthermore, the COVID-19 pandemic raised awareness about the importance of efficient healthcare facility operations, which influenced the size of the radiology information system, which grew relatively quickly.

Furthermore, as the COVID-19 vaccine is introduced, the number of COVID-19 cases decreases. As a result, companies involved in developing radiology information systems have reopened. This will significantly aid the market's growth. According to Renub Research, Global Radiology Information System Market was US$ 843.9 Million in 2021.

The Integrated Radiology Information System Meets the Diagnostic Imaging Service Needs of Hospitals and Imaging Centers Extensively:

The development of IRIS has simplified and streamlined workflow within a Radiology department or practice, allowing staff to centralize on the job at hand and allowing IRIS to do its best. Furthermore, the vision in developing IRIS was to create a solution that seamlessly integrated with PACS, providing accurate RIS drives PACS for customers, and radiologists, with a single click of a button, dictate reports quickly for more timely delivery Referrers.

Furthermore, IRIS meets the diagnostic imaging needs of hospitals and imaging centers of all sizes. It seamlessly integrates images from all modalities and displays them automatically for Radiologists to view during reporting and verification. Radiologists can improve reporting efficiency by using digital dictation or voice recognition software.

The Cloud-based Segment is Expected to Proliferate During the Forecast Period:

Compared to the direct purchase model, cloud-hosted services are relatively inexpensive globally. They allow users to subscribe to the most recent version of a radiology information system at a lower cost rather than purchasing the entire model. Because cloud-based systems store data on external servers, they are easily accessible via the internet and demand only a computer with an internet connection to function correctly.

Furthermore, cloud-based delivery facilitates access to information by healthcare providers and patients. Because cloud-based radiology information systems are less expensive, they are ideal for small to medium-sized hospitals that cannot afford significant hardware investments. Furthermore, it enables medical practitioners and physicians to restrict access to sensitive information. As a result of the numerous benefits of cloud-based systems, the market is expected to increase during the forecast period.

North America Is Anticipated to Dominate the Market For Radiology Information Systems:

According to our research, North America dominates the market with the highest market share due to the region's well-established healthcare facilities and infrastructure and high reimbursement policies, which are expected to support the region's growth. Furthermore, due to the region's early adoption of advanced technologies and increased disease prevalence, Europe is expected to be the second largest region over the forecast period.

On the other hand, the Asia Pacific is expected to be the fastest-growing region during the forecast period due to augmented demand for healthcare facilities and infrastructure. Furthermore, increased public awareness of various diseases, increased government funding, and rising disposable income are expected to drive the growth of the radiology information system market over the forecast period.

Key Players:

The Global Radiology Information System Market is highly consolidated, oligopolistic, and competitive. Furthermore, significant investments in R&D initiatives are required because the market is capital-intensive. Cerner Corporation, Mckesson Corporation, Varian Medical Systems Inc., Fujifilm Holdings Corporation, Hologic, Inc., General Electric, and Koninklijke Philips N.V. control the Global Radiology Information System Market. Furthermore, these industry players are focusing on expanding their product portfolios through growth strategies such as acquisitions, mergers, and collaborations.

Renub Research latest report “Radiology Information System Market, Global Forecast By Type (Integrated Radiology Information System and Standalone Radiology Information System), Component (Services, Hardware and Software), Deployment mode (Web-Based, On-Premise, Cloud-Based), Region (North America, Europe, Asia Pacific, Middle East & Africa), Companies (Cerner Corporation, Mckesson Corporation, Varian Medical Systems Inc., Fujifilm Holdings Corporation, Hologic, Inc., General Electric, and Koninklijke Philips N.V.)” provides a detailed analysis of Radiology Information System Industry.

Type – Market has been covered from 2 viewpoints:

1. Integrated Radiology Information System
2. Standalone Radiology Information System

Component – Market has been covered from 3 viewpoints:

1. Services
2. Hardware
3. Software

Deployment Mode – Market has been covered from 3 viewpoints:

1. Web-Based
2. On-Premise
3. Cloud-Based

Region – Market has been covered from 4 viewpoints:

1. North America
2. Europe
3. Asia Pacific
4. Middle East & Africa

Company Insights:

• Overview
• Recent Development & Strategies
• Financial Insights

Companies Covered:

1. Cerner Corporation
2. Mckesson Corporation
3. Varian Medical Systems Inc.
4. Fujifilm Holdings Corporation
5. Hologic, Inc
6. General Electric
7. Koninklijke Philips N.V.