Radiology Information System Market - Insights
The radiology information system has ability to handle massive amount of data in the forms of images, demographics, clinical information, patient history, billing, and scheduling in one system thereby allowing efficient workflow management and rapid communication across the hospital. Radiology information system offers various services to hospitals practicing radiology. Also, it allows healthcare professionals and care takers to use patient information more effectively. This system primarily comply with industry standards such as Integrating the Healthcare Enterprise (IHE), Health Level 7-International (HL7), Digital Imaging and Communication in Medicine (DICOM) and Fast Healthcare Interoperability Resources (FHIR). These standards improve computer operations, which are used to share healthcare share information. Devices which are approved with established standards, such as IHE, HL7 and DICOM allows the easier data communication with other IHE, HL7 and DICOM approved devices compared to the devices which are not approved. The RIS technology minimizes the possible number of steps within the standard workflow as compared to conventional film and paper-based systems, thereby allowing higher numbers of study performed in real-time and improving patient care with significant reduction in cost.
The global radiology information system market is estimated to be valued at US$ 548.4 million in 2017 and is expected to witness a CAGR of 7.3% over the forecast period (2017 – 2025).
Figure 1. Radiology Information System Market Share (%), by Region, 2017
High prevalence of chronic disorders across the world is projected to drive market growth
Radiology information system market growth is driven by increasing number of people suffering from chronic disorders in developed and emerging economies. According to the American Heart Association (AHA), in January 2018, heart disease and stroke statistics relapsed. Furthermore, cardiovascular disease accounted for high mortality rate annually as compared to all form of cancer and chronic lower respiratory disease. Moreover, around 92.1 million American adults are suffering from cardiovascular disease or with the after-effects of stroke. Moreover, the direct and indirect cost of total cardiovascular diseases and stroke are estimated around US$ 329.7 billion, which includes both health expenditures and lost in the productivity. For instance, according to the World Health Organization (WHO), more than 3.7 million new cases and 1.9 million deaths by cancer were reported annually, making it the second most important cause of death and morbidity in Europe. On the global scale, cancer accounted for 8.2 million deaths (around 13% of the total) in 2012.
Furthermore, according to the same source, Europe comprise only one eighth of the total world population but has around one quarter of the global total of cancer cases with some 3.7 million new patients per year. National Cancer Institute (NIH) is increasingly allocating its fund for the research and development activities. For instance, NIH spent around US$ 4,932 million, US$ 4,952 million and US$ 5,215 million on the research of various cancer types during 2014, 2015 and 2016, respectively. However, the growing incidence rate of chronic disease and increasing spending by government owned research organizations is projected to drive growth of the radiology information system market over the forecast period.
However, lack of experienced healthcare professionals to operate the radiology information system and increasing concerns regarding data safety and security are expected to hinder growth of radiology information system market over the forecast period. Due to increasing cyberattacks, securing patient information is the important for healthcare companies. Moreover, in January 2013, Department of Health and Human Services (HHS) published the HIPAA Omnibus Rule. It is the set of final regulations modifying the Health Insurance Portability and Accountability Act (HIPAA) privacy, security, and enforcement rules, which provides the guidelines regarding where the information is being stored and how the patient information can be secured efficiently.
North America is projected to witness high share in the radiology information system market, owing to the well-established healthcare infrastructure and early adoption of the advancement in the medical and healthcare industry in the U.S. Furthermore, Asia Pacific region is emerging region in radiology information system market, owing to the increasing investments on healthcare facilities and increasing demand for diagnosis and treatment of chronic disease. For instance, according to the China’s Ministry of Finance (MOF), in 2016, the fiscal healthcare spending increased by 10% to reach US$ 18.8 billion, in 2016. Furthermore, according to The Australian, news findings, published in January 2018, the Chinese investment in the Australia’s healthcare system through various mergers and acquisitions and joint ventures from 2015 to 2017 raised by US$ 4.4 billion.
Key players operating in the radiology information system market include Allscripts, Carestream Health, Inc., Cerner Corporation, Comarch SA, Epic Systems Corporation, GE Healthcare, IBM Watson Health, Koninklijke Philips N.V., McKesson Corporation, and Siemens Healthcare.
Radiology Information System (RIS) assist medical procedures in the radiology departments of healthcare facility, such as patient registration, scheduling of imaging services for inpatients and outpatients, custom patient report creation, appointment booking and management of waiting lists. Radiology information system is designed to integrally work with hospital patient information system and it helps in efficient workflow of radiological practices. Various characteristics of radiology information system application includes ability to adapt and configure hospital’s workflows using the user-friendly interfaces. Also, it has ability to electronically interface with eGovernment services, third party applications, and open devices. Furthermore, RIS can be customizable and scalable according to the need of each institution. Radiology information system is a reliable system uses the 64-bit architecture and web technologies and it is compatible with major database management systems. Radiology information system software and interfaces need to follow the international standards such as HL7, DICOM, FHIR and XML. RIS is subsystem of an integrated solution. It can be operated as standalone system or in combination with other third party applications.
The continuous advancement in the radiology information system devices and software and new product launches are driving growth of the radiology information system market over the forecast period. In October 2011, Bio-Optronics, Inc. and Global Imaging Online made partnership and launched integrated Momentum™ Radiology Staff Scheduler and DIAM RIS™ automated scheduling solution. Both radiology workflow offers efficient solution and address the complexities associated with staff scheduling, patient scheduling, and optimized use of resources. Furthermore, in December 2013, Intelerad Medical Systems launched the InteleRIS 8.224, a radiology information system and workflow solution platform. In November 2017, Philips and Nuance Communications, Inc. launched the artificial intelligence-based image interpretation and report capabilities to radiologists, which improves the radiology reporting, accuracy, and standardization. In June 2016, Charlotte Maxeke Johannesburg Academic Hospital launched the Radiology Information System, which provides the efficient radiology workflow processes with reduced cost.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 44 market data tables and 38 figures on “Radiology Information System Market- Global forecast to 2025”.
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.