Radiology Information Systems Market Worth $1.9 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Oct. 3, 2022
SAN FRANCISCO, Oct. 3, 2022 /PRNewswire/ -- The global radiology information systems market size is expected to reach USD 1.9 billion by 2030, registering a CAGR of 10.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. This market growth is driven by the factors such as the increasing incidences of chronic diseases and the adoption of advanced technologies in healthcare facilities. The growing usage of digital healthcare infrastructure, which helps collect and manage information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services.
Key Industry Insights & Findings from the report:
- Based on deployment mode, the web-based segment held the largest revenue share in 2021, due to workflow enhancement features such as scheduling, document imaging, automated insurance eligibility functions, and billing.
- Based on product, the integrated RIS segment accounted for the largest market share in the year 2021. It offers data analysis with the help of Picture Archiving and Communication System (PACS) for the development of IT service models.
- Hospitals, emergency healthcare service providers, and physicians are a few RIS end-users. Hospitals majorly prefer radiology solutions for patient scheduling, and appointments, along with tracking patient history and records.
- North America led the radiology information systems market in 2021 in terms of revenue attributed to the technological advancements and presence of major market players.
- In July 2021, Kestral, an Australia RIS company, Aceso Health, a healthcare solution provider in New Zealand, and Sorsix Technologies entered into a multi-year collaboration. Under the terms of the agreement, the companies will combine Aceso's Snap scan Patient Online Booking System with Kestral's Karisma RIS.
Read 100 page market research report, "Radiology Information Systems Market Size, Share & Trends Analysis Report By Product, By Deployment Mode (Web-based, On-premise, Cloud-based), By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Radiology Information Systems Market Growth & Trends
The integration of Artificial Intelligence (AI) into radiology information system (RIS) offers lucrative growth opportunities for the market. This will result in smoother workflows, better patient care, and consistent support for radiologists. It also helps radiologists to deliver a coordinated ecosystem experience to make faster, more accurate, and more consistent diagnoses. Additionally, government initiatives to increase the adoption of RIS are expected to boost market growth.
An increasing number of medical imaging tests for various diseases is anticipated to drive the growth of the market. As per Harvard Health, around 80 million CT scans were performed in the U.S. annually. Furthermore, the number of radiology labs and increasing installations of MRI and CT scans have created the demand for RIS in hospitals.
COVID-19 slowed the growth of the market. This was mainly due to the decline in the number of non-urgent medical imaging procedures during the first wave. However, patient volumes recovered strongly in the second half. Many government organizations recommended radio-imaging tests for the detection of black fungus among COVID-19 patients. This positively impacted growth of the market in 2021.
Radiology Information Systems Market Segmentation
Grand View Research has segmented the global radiology information systems market based on the deployment mode, product, and end-use.
RIS Deployment Mode Outlook (Revenue, USD Million, 2016 - 2030)
RIS Product Outlook (Revenue, USD Million, 2016 - 2030)
- Integrated RIS
- Standalone RIS
RIS End-Use Outlook (Revenue, USD Million, 2016 - 2030)
- Hospitals & Clinics
- Outpatient Department (OPD)
RIS Regional Outlook (Revenue, USD Billion, 2016 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players in Radiology Information Systems (RIS) Market
- General Electric Company
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- All scripts Healthcare, LLC
- Epic Systems Corporation
- McKesson Corporation
- MedInformatix, Inc.
- Pro Medicus, Ltd.
Check out more related studies published by Grand View Research:
- Radiology As A Service Market - The global radiology as a service market size is expected to reach USD 4.7 billion by 2028, registering a CAGR of 20.3% over the forecast period, according to a new report by Grand View Research, Inc. The increasing number of medical images and low availability of radiologists around the globe are the factors propelling the market growth over forecast years. According to the report published by the National Health Service (NHS) England, nearly 42.7 million medical images were reported in 2018 compared to 42.1 million in 2017, which indicates an increase of 1.4% yearly. The radiology as a service model provides quality diagnostic imaging services through teleradiology, technology management, cloud-based imaging, and consulting services via trained professionals. radiology as a service offers 24/7 service support to patients and radiologists across the globe. Increasing healthcare expenditure and the growing adoption of advanced cloud-based platforms are anticipated to accelerate the market growth over the forecast years.
- Teleradiology Services Market - The global teleradiology services market size is expected to reach USD 25.9 billion by 2025, registering a CAGR of 2.3% over the forecast period, according to a new report published by Grand View Research, Inc. Shortage of radiologists in several countries has increased the adoption of teleradiology services in recent years. According to the 2017 workforce report by the Royal College of Radiologists (RCR), U.K., the National Health Service (NHS) spent USD 150 Million for outsourcing patient radiology scans due to shortage of radiologists. Moreover, several factors, such as need for after working hour coverage, lower reporting cost, and short Turn-Around-Time (TAT) have led to an increase in outsourcing of teleradiology services.
- Teleradiology Software Market - The global teleradiology software market size is expected to reach USD 2.4 billion by 2025, expanding at a CAGR of 8.1% over the forecast period, according to a new report by Grand View Research, Inc. Shortage of radiologists in countries such as U.S. and India is one of the prominent growth drivers.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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