Healthcare “Extra” IT Spending to drive the Radiology Information Systems (RIS) Market
As per Persistence Market Research, the global Radiology Information Systems (RIS) Market will witness a CAGR of over 9% between 2020 and 2030.
The Radiology Information Systems (RIS) market is driven by excessive spending in healthcare IT sector. RIS providing cloud-based data along with image sharing assessment services do show a promising scope as hoards of market players are looking out for spending more on advancement and enhancement in healthcare IT. The sophisticated database system provided herein is likely to accelerate its adoption in medical and clinical verticals all across the Europe, Japan, and the US.
Radiology Information Systems Market: What’s in Store?
Radiology Information Systems have also been finding an increasing acceptance in dental healthcare in the form of dental radiology equipment. They are inclusive of intraoral plate scanners, cone-beam computed tomography imaging, intraoral X-Ray systems, and extraoral X-Ray systems. The dental radiology equipment market is expected to reach US$ 3.2 Bn by 2026.
Demystifying Radiology Information Systems is all set to go a long way in bolstering the Radiology Information Systems (RIS) market. Close to 41.4 Mn diagnostic imaging tests were performed in the UK between Feb 2017 and Jan 2018. This figure is expected to increase manifold going forward.
Interventional radiology implies performance of a wide range of imaging procedures for obtaining images of inside the body. The techniques like MRIs, X-Rays, Fluoroscopy, ultrasounds, and scans are used herein. These factors are expected to give further impetus to the Radiology Information Systems (RIS) market in the upcoming period.
Radiology Information Systems (RIS) Market: By Type
Amongst the types of products, i.e. standalone and integrated, the latter one holds the largest market share, mainly due to the fact that it is inclusive of RIS-PACS solution, that too, with single worklist formed at the time of registration. This helps in enhancing workflows across all the business platforms.
Emergency Information System does play a vital role in extending support to ED (emergency department) workflow. RIS in this form is expected to take the entire medical imaging industry by storm.
The above-mentioned radiology software’s are expected to move around with greater cashflow in the years to come.
Costs Restraining the Radiology Information Systems?
The installation costs of radiology information systems is so much to bear for new entrants. This factor is bound to restrict them from investing more into RIS market. There is a likelihood of these players teaming up with the large players, so as to outsource the process of imaging. This could boil down to high expenses incurred by the patients and hamper the RIS market further.
Though the outbreak of Covid-19 has resulted in slowing down of research in RIS, the demand for the same does not seem to stop, as the advanced stage of Covid-19 calls for RIS. The year 2021 is expected to bring in new hopes in terms of research.
North America leads the Radiology Information Systems (RIS) market. This could be attributed to growth in the number of radiologists along with new software’s getting introduced therein. Asia-Pacific is expected to witness an impressive CAGR from 2020 to 2030 due to increasing awareness over here.
The major players in the Radiology Information Systems (RIS) market include Cerner Corporation, Merge Healthcare, Siemens Healthcare, McKesson Corporation, Epic Systems Corporation, GE Healthcare, Philips Healthcare, Allscripts, and MedInformatix, Inc.
On an inorganic expansion front, Philips, in Mar 2019, did ink an agreement with Carestream Health, Inc.’s HCIS (Healthcare Information Systems) for reaching out to more geographies (on the part of the former one).
Acquisitions, mergers, and collaborations are key strategies adopted by various manufacturers to increase consumer base across different geographies in the global radiology information system market. Strengthening of installation base and post sales services of radiology information systems, particularly in Asia Pacific and the Middle East & Africa are key focus areas for players in this market. The analysts of Persistence Market Research who have worked extensively on the new publication titled, “Radiology Information System Market: Global Industry Analysis and Forecast, 2016–2024,” have observed that manufacturers are focusing on the need to efficiently meet requirements of various end users, while ensuring customized services of the radiology information system, as system efficiency and positive outcome are of utmost importance to end users. While studying the market, the expert team of analysts have observed that the software segment in the MEA market is expected to witness comparatively high growth due to growing adoption rate of integrated and standalone radiology information systems in the region. Besides, APAC represents the most lucrative market, followed by North America and Europe.
Analysts, after a detailed study of the market, have come to a conclusion that acquisitions, mergers, and collaborations are key strategies adopted by various manufacturers to increase their customer base in different regions in the global radiology information system market. For instance, in 2015, Siemens acquired Cerner Corporation and the unique feature of this acquisition was the advancement in the interoperability of electronic health records with medical devices. In a similar way, GE healthcare has collaborated with OneMedNet Corporation, a pioneer in medical image sharing and exchange technologies, which brings secure peer-to-peer image sharing to healthcare suppliers in the U.S. in addition to GE’s cloud-based solutions.
This comprehensive report covers the growth rate projection and forecast factors of the global radiology information system market and includes historical demand trends, radiology information system market growth rate, the financial performance of top companies, raw material production trend and increasing disposable income which is influencing the global radiology information system market. While collecting the data, the analysts have referred to inputs from the government database and trade value and volume inputs from regional manufacturers, secondary and primary sources and benchmarking method. Persistence Market Research has also validated the data under which the expert team of this company have excluded regional average profitability margins from the estimated data collected from distributors. The report also studies the overall market approach and underlines factors influencing the growth of the global radiology information system market along a detailing of the key trends, drivers, restraints, opportunities and regulations. Impact analysis of key regional growth drivers and restraints based on the weighted average model along with key region-specific trends has been included to better equip clients with information and hidden insights. At the end of the report, Persistence Market Research has provided key strategic recommendations for both existing and new players in the market to emerge sustainably profitable.
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The forecast presented in the report assesses total revenue of the global radiology information system market. When developing the forecast of the market, the starting point involves sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the volatile market characteristics, the report triangulates the outcome on the basis of analysis based on supply and demand sides. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the global radiology information system market. As previously highlighted, the global radiology information system market is split into various categories. All these segments have been analysed in terms of basis point share to understand individual segments’ relative contribution to market growth. This detailed level of information is important for the identification of various key trends governing the global radiology information system market.