Radiology Information System (RIS) has various features that include,
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 adoption of RIS is expected to propel growth of the global radiology information system market over the forecast period. For instance, in February 2019, Radiology Associates of Albuquerque, a provider of diagnostic imaging services in the U.S. selected MedInformatix to deploy a new RIS.
Global Radiology Information System Market: Opportunities
Major organizations are focused on offering grants to boost R&D in the field of radiology, which is expected to offer lucrative growth opportunities for players in the market. For instance, in April 2019, Macadamian, a software company, received a US$ 495,000 grant from Eurostars, a European funding program for innovative R&D projects, and the National Research Council of Canada for X-AID, an AI-driven radiology clinical decision support software tool.
Global Radiology Information System Market: Restraints
Security concerns regarding RIS are expected to hamper growth of the market. RIS is prone to hacking and theft of sensitive patient information. RIS is also susceptible to ransomware, where a version of malware halts access to patient records.
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. Integrated radiology information systems offer access to all the data on a real time basis, and it can be accessed from anywhere in the hospital. Moreover, it’s feasible to integrate these systems with radiology information software on premise easily.
The cloud-based deployment segment held dominant position in the global radiology information system market in 2018, accounting for 69.5% share in terms of value, followed by on-premises segment, respectively. Cloud based services do not require installation of hardware at the installation site, instead, service providers look after data management through cloud services. This is expected to support growth of the segment over the forecast period.
The hospitals segment held dominant position in the global radiology information system market in 2018, accounting for 56.5% share in terms of value, followed by diagnostic labs and clinics, respectively.
Major medical diagnostic imaging centers are adopting RIS. For instance, in February 2019, Welch Road Imaging, a medical diagnostic imaging center in the U.S. integrated RamSoft PowerServer RIS/PACS with openDoctor.
Major government organizations are also focused on adopting RIS. For instance, in April 2019, The New South Wales Ministry of Health signed a contract with Sectra, a Sweden-based medical imaging vendor, to roll out an enterprise RIS across 11 local health districts and speciality networks.
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
June 2019: RamSoft Inc. received order from Washington Open MRI for its PowerServer RIS/PACS to unify its diagnostic imaging workflow into a single database solution in its six facilities across the state of Maryland U.S.
November 2018: eRAD received contact to deploy eRAD RIS and Speech Recognition at InMed Diagnostic of Coral Springs, a multi-modality imaging provider in the U.S.