Software segment is projected to register a significant CAGR in terms of value during the forecast period
Software segment is anticipated to be the most attractive segment in terms of growth rate during the forecast period, attributed to increasing adoption of integrated radiology information systems across the globe. Software segment was estimated to be valued a little more than US$ 300 Mn by 2016 and is expected to reach more than US$ 500 Mn by 2024. The segment is predicted to exhibit a CAGR of 8.5% in terms of value over the forecast period. The segment is also likely to gain significant value share by the end of 2024.
Rising spending on healthcare IT likely to drive the growth of the software segment in the global radiology information system market
Healthcare IT spending has consistently increased in the last few years due to the increasing investment in establishing more advanced IT infrastructure in the healthcare sector. This increased spending is anticipated to represent new avenues for growth of the software segment in the global radiology information system market. Radiology information systems that provide cloud-based data and image sharing assessment services show a potential scope as several market leaders have initiated more spending on improvement and advancement in healthcare IT. Radiology information system providers in the U.S. are focusing extensively on developing cloud-based platforms for the healthcare sector. This would increase the growth of the software segment in the global radiology information system market in the region and fuel adoption of the technology in clinical and medical verticals across the U.S. and other developed regions such as Europe and Japan.
The investment scenario has begun to improve since 2005 as the customers are now increasingly looking at investment in medical technologies such as a radiology information systems to improve and enhance the quality and efficiency of healthcare. The featured advancements in imaging information systems and diagnostics devices provides less expensive and flexible healthcare solutions to medical professionals to ease the management and development of healthcare services. An increasing consumer awareness regarding radiology information systems worldwide is expected to fuel the growth of the software segment over the forecast period. The healthcare informatics system associated with radiology information systems is a computerized database that allows tracking, manipulation and quick transfer of quality image and patient data to the desired location or user, which helps facilitate proper interpretation of the image by a consultant. Rapid developments in digital image processing technologies due to updated software ensure effective data distribution and interpretation, tracking images, managing billing and reimbursement across the globe. With improved transmission capability due to advanced technologies, application of radiology information systems has increased substantially, with an establishment of worldwide centers providing emergency imaging services in countries with different time zones.
The software segment holds a major share in the APAC radiology information system market
Software segment holds a major share of the North America radiology information system market. This segment holds more than 40% of the North America radiology information system market. Software segment is likely to be valued at more than US$ 120 Mn during the projected period in North America. In Europe, the segment is anticipated to be valued at more than US$ 250 Mn by the end of 2024. In APAC, the software segment is projected to hold 50% market share.
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.