According to a new report published by Allied Market Research, titled, “Radiology Information System Market," the radiology information system market size was at $1.05 billion in 2020, and is estimated to reach $2.1 billion by 2030, growing at a CAGR of 7% from 2021 to 2030.
A radiology information system is mostly used in the conjugation with picture archiving and communication system (PACS) and vendor neutral archive to manage billing, record keeping, and image archives. Moreover, these systems provide benefits, such as reliability and privacy as they are only accessible to the authorized users. Furthermore, increase in number of patients suffering from chronic diseases, owing to rise in geriatric populations drives the growth of the market. Also, growth of the healthcare industry in emerging countries and advanced healthcare facilities in developed countries propel the radiology information system market.
By type, the market is segmented into integrated radiology information systems and standalone radiology information systems. Among these, the integrated radiology information systems segment accounted for the highest market share in 2020 and is expected to witness significant growth during the forecast period, owing to rise in number of patients suffering from chronic diseases.
The market is analyzed with respect to different applications in industrial verticals, such as hospitals, office-based physicians, emergency healthcare service providers, and others. The market is mainly driven by rise in geriatric population and increase in investment in the healthcare industry. However, increasing concerns regarding safety and security of patient data, can limit radiology information system market growth.
In 2020, North America dominated the market, in terms of revenue, accounting for around two-fifths global radiology information system market share. Moreover, the market in Asia-Pacific region is growing with high CAGR, owing to advantages of radiology information system such as efficient patient and image tracking. Furthermore, on the basis of end user, the hospitals segment is anticipated to grow rapidly, with a CAGR of 7.8% during the forecast period, owing rapid growth of healthcare industry in developing countries.
For instance, according to India Brand Equity Foundation, by 2022, the Indian healthcare infrastructure is expected to reach a value of US$ 349.1 billion and by 2025, the India e-health market is estimated to reach US$ 10.6 billion. Furthermore, under ‘Digital India’ initiative, India has set up 638 e-Hospitals as of November 2021.
However, during the COVID-19 pandemic lockdown, various players in the radiology information system market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted companies involved in radiology information system development. In addition, extensive focus of major countries on development of vaccines has also negatively influenced the growth of the market. However, reopening of research facilities and introduction of vaccines for coronavirus disease are anticipated to boost the radiology information system market.
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.