Radiology Information System Market Overview
Global Radiology Information System Market was valued at $603 million in 2015, and is expected to reach $941 million by 2022, supported by a CAGR of 5.9% during the forecast period. A radiology information system (RIS) is majorly used to organize and manage the workflow of the radiology department.
Factors such as enhancement of healthcare IT services, technological advancements, and surging prevalence of chronic diseases drive the market of radiology information system. In addition, increase in adoption of healthcare IT services in emerging economies are expected to create new opportunities for the key players during the analysis period. However, shortage of experienced IT professionals in healthcare and interoperability issues are the major barriers that restrain the market growth.
Global Radiology Information System Market Segmentation
Based on the deployment mode, web-based market dominated the RIS market in 2015 owing to the increase in the adoption of web-based healthcare IT services. However, due to surge in demand for cloud-based services due to reduced operational cost & easy accessibility to data, the cloud-based RIS systems market is estimated to grow at the highest growth rate during the forecast period.
Top Investment Pocket
Geographically, the RIS market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share due to factors such well-established healthcare system in the region, higher adoption of healthcare information technologies, and increase in the number of chronic disease. Mexico is estimated to grow at a faster CAGR in the North American RIS market.
Mexico ‐ Radiology Information System Market ($Million), 2014‐2022
Asia-Pacific is expected to emerge as the area with maximum growth potential due to focus of key players in emerging economies and improving healthcare infrastructure.
Market Drivers and Restrains
Rapid increase in aging population and subsequent rise in the number of chronic diseases
Globally, the aging population is an exponential rise, which has led to increase of chronic diseases. Moreover, there is a significant surge in the demand of diagnostic services including medical imaging services. Therefore, there is a great need of healthcare solutions and services, which are economical, rapid, and reliable. In addition, integration of information technology in healthcare is on rapid increase because of many advantages including real-time communication between patient and doctor, easy access to health related information, rapid diagnosis of disease, and many others. Therefore, this is one the key factors that stimulates the market of radiology information system.
PREVALENCE OF CHRONIC DISEASE-RELATED DEATHS IN DEVELOPED AND DEVELOPING ECONOMIES WORLDWIDE IN 2020
Adoption of Cloud Technology related services
Radiology information system is one of the components of electronic health record system. Every day electronic health record data such as patient related data and imagery data are on an increase, and therefore, it is difficult to store the bulk data on the local storage devices, as there is chance of losing essential data. Moreover, it is difficult to share the bulk amount of data via offline mode. Hence, adoption of cloud technology in the radiology information system industry becomes necessary because it allows easy sharing and storage of big data. According to the Cisco sponsored survey regarding the acceptance of cloud-based healthcare IT services shows that the 74% of patients are comfortable having their health records available in the cloud. Therefore, the demand of cloud-based technology and increase in adoption of cloud-based radiology information services drive the market growth.
Increasing concerns regarding the patient data safety & security
Due to the increase in cyber-attacks, safeguarding the patient information is a great challenge for healthcare companies. The U.S. and China are the leading countries in cybercrime, followed by Germany and Britain. Recently, the Office of the National Coordinator for Health Information Technology (ONC) in the U.S., funded $250,000 for securing confidential patient information from cyber threat and ensuring the secure sharing of information between the healthcare organizations. Most of the security threats are related to the non-traditional end points and represent the largest sources of malicious traffic that include connected medical endpoints, internet-facing personal health data, and security systems, and edge devices. Thus, the increase in threat of cyber-attacks and the potential misuse of patient related confidential data hinders the growth of RIS adoption and market growth to certain extent.
TOP COUNTRIES IN CYBER CRIME IN 2015 (%)
RADIOLOGY INFORMATION SYSTEM MARKET KEY BENEFITS:
The study provides an in-depth analysis of the radiology information system market with current trends and future estimations to elucidate the imminent investment pockets in the market
The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities
Extensive analysis by product type, component, & delivery mode helps understand the various trends and prevailing opportunities in the respective market
Comprehensive analysis of all geographical regions is provided, which assist in determining the main opportunities in these geographies
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which predict the competitive outlook of the global radiology information system market
RADIOLOGY INFORMATION SYSTEM MARKET KEY SEGMENTATION :
MARKET BY TYPE
Integrated Radiology Information Systems
Standalone Radiology Information Systems
MARKET BY COMPONENT
MARKET BY DEPLOYMENT MODE
MARKET BY END-USER
Emergency Healthcare Service Providers
MARKET BY GEOGRAPHY
Rest of Europe
Rest of Asia-Pacific
KEY PLAYERS PROFILED IN THE REPORT:
Epic Systems Corporation
Carestream Health, Inc.
Merge Healthcare Incorporated
Allscripts Healthcare Solutions, Inc.
Koninklijke Philips N.V.
LIST OF OTHER PLAYERS: (These players are not profiled in the report. The same will be included on request)
Bayer CropScience Limited
Medical Information Technology, Incorporated