Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Radiology Information System Market – Insights
A radiology information system (RIS) is a networked software system for managing medical imagery and associated data. The workflow includes a collection of patient demographics and contact information.
- Scheduling appointments
- Tracking images
- Monitoring examination performance
- Reporting on results
- Managing billing and reimbursement
The global radiology information system market is estimated to account for US$ 814.3 Mn in terms of value in 2019 and is expected to reach 1,620.5 Mn by the end of 2027.
Global Radiology Information System Market: Drivers
Increasing prevalence of cancer is expected to boost growth of the global radiology information system market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global radiology information system market in 2018, accounting for 43.1% share in terms of value, followed by Europe.
Global Radiology Information System Market: Restraints
Lack of proper healthcare infrastructure and low healthcare expenditure in emerging economies is expected to limit growth of the market. For instance, according to World Bank, health expenditure per capita in Brazil declined from US$ 1,288 in 2011 to US$ 1,015 in 2016.
Moreover, lack of trained professionals in emerging economies is also expected to limit growth of the market.
Global Radiology Information System Market: Opportunities
Integration of Artificial Intelligence (AI) in RIS is expected to offer lucrative growth opportunities for players in the market. Integration of AI in RIS can result in seamless workflow, improved patient care, and consistent radiologist support. It also can aid in delivering a customized ecosystem experience to the radiologists and offer faster, more accurate, and more consistent diagnosis.
Moreover, government initiatives to boost adoption of RIS is also expected to aid in growth of the market. For instance, in February 2020, KareXpert Technologies, a digital healthcare platform provider, implemented RIS/PACS, Telemedicine, HIMS, EMR/EHR, and other services in the state of Uttrakhand, India, under a 5-year MoU with Nainital district administration.
Integrated segment in the global radiology information system market was valued at US$ 561.7 Mn in 2018 and is expected to reach US$ 1,264.7 Mn by 2027 at a CAGR of 9.0% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing increasing introduction of medical imaging ecosystem. For instance, in February 2020, Radiologex Foundation lunched Radiologex, a software ecosystem for the healthcare industry that encompasses productivity tools; clinical information systems; medical imaging processing and storage; entire payment settlement and lending/finance systems.
Major government organizations are focused on renovating their imaging platforms. For instance, in October 2019, Canon Medical Systems ANZ received a US$ 47.2 million contract to roll out a new medical imaging system for Washington Health, replacing the state's old Agfa RIS and picture archiving and communication (PACS) systems.
Value Chain Analysis
Global Radiology Information System Market: Competitive Landscape
Major players operating in the global radiology information system market include, Cerner Corporation, Allscripts Healthcare Solutions Inc., Epic Systems Corporation, General Electric Company, Koninklijke Philips N.V., Siemens AG, McKesson Corporation, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, and RamSoft Inc.
Global Radiology Information System Market: Key Developments
Major players in the market are focused on adopting various marketing strategies to expand their consumer base. For instance, in December 2019, eRAD, a U.S.-based provider of radiology products and services, presented its EHR-Certified RIS at Radiological Society of North America (RSNA) 2019, held in Chicago (U.S).
Similarly, in January 2018, RamSoft Inc. presented PowerServer RIS/PACS at Arab Health 2018.