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(Health-NewsWire.Net, April 21, 2021 ) Radiology Information Systems Market size is anticipated to reach $1,620.5 million by 2026, growing at a CAGR of 9.8% during the forecast period 2021-2026. The Radiology Information Systems Industry growth rate is attributed to the improved IT programs for healthcare, increased prevalence rates of chronic diseases, and increased government support for cancer-related research and is anticipated to bring new opportunities. Radiology Information Systems is a technology that enables physicians and radiologists to maintain a full electronic record of patient history and medical imaging data. Often referred to as RIS, Radiology Information Systems is essentially a measure of electronic health record systems that track the usage of radiology services by a patient during a care process. Radiology information systems provide software and hardware that is the central framework for all hospital-wide electronic control of imaging departments. Processes such as inventory control, patient scheduling, success monitoring of tests, delivery of reports and billing of procedures. The adoption of Radiology Information Systems is bode by the computerized medical imaging provides interactive documents that are secured and convenient. These documents can be accessed across various healthcare departments. RIS provides a communication link between primary physicians and imaging departments for better care coordination, which can be beneficial for timely diagnosis or treatments to the patients. Furthermore, healthcare providers using certified RIS software is eligible to receive financial incentives. However, owing to the shortage of experienced IT professionals in healthcare and interoperability issues are the major barriers that restrain the market growth.
Radiology Information Systems Market Segment Analysis - By Deployment Mode
On the basis of deployment mode, web-based segment accounted for the largest segmental revenue of the Radiology Information Systems market in 2020. In order to develop clinical and business needs across the continuum of care, web-based RIS is designed to help link patient information to any desired destination. McKesson's RIS, for example, features a wide variety of Electronic Health Records (EHR) and provides cloud-based and server-based solutions, improving the workflow of physicians and quality care.
On the contrary, cloud-based segment of graft substitute type is anticipated to witness significant growth along the forecast period 2021-2026 owing to increasing usage technical solutions, such as radiology information systems and analytical sources, strengthened healthcare institutions and services, the modernization of operations and approaches. On external servers, cloud-based systems store data where it can be accessed through the network, needing only a device with an internet connection.
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Radiology Information Systems Market Segment Analysis - By End-User
On the basis of end-user, hospitals segment accounted for the largest segmental revenue of the Radiology Information Systems market in 2020 owing to an increased number of major installations of RIS is in hospitals to maintain the patient record in the form of a database that consists of comprehensive data for scheduling, patient tracking, image tracking, and result reporting. The integration of all hospital databases that connect all the systems and equipment of a care environment involves major healthcare IT companies. For instance, Infosys hospital information system focuses primarily on EMR and IT-driven clinical transformation to optimize product value by including RIS, Laboratory Information System (LIS), and Pharmacy Information System (Pharmacy Information System) (PIS). All these factors are anticipated to stimulate market growth during the forecast period 2021-2026.
However, the Outpatient Department (OPD) Clinics are poised to hold the highest growth rate with a CAGR of 9.89% over the forecast period 2021-2026. This is owing to the facts that increased demand for diagnostic and curative drugs that are not invasive. Since radiology relies on various electromagnetic and other processes, it typically does not require any incisions; this makes it preferable to the majority of modern-day patients, and is anticipated to support the growth of dental healthcare in the Radiology Information Systems Market.
Radiology Information Systems Market Segment Analysis - By Geography
North America is the major region dominating the Radiology Information Systems market with a market share of 37.2% in the year 2020. This can be attributed to the advancement in the RIS, an increase in the number of radiologists and the introduction of new software systems by current providers. The launch of comprehensive RIS with integrated PACS has made the medical imaging procedure systematic and easier resulting in patient compliance over the forecast period 2021-2026. Furthermore, radiology information systems are used for patient administration, examination, reporting, statistics, and system administration which displays, stores, retrieves, transfers, exchanges, and prints Radiology orders, results, and reports are anticipated to make this a lucrative segment by signaling tremendous potential in the region.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to the rising number of outsourcing services in the Asia Pacific along with growing awareness about the importance of workflow management at hospitals, clinics, and diagnostic laboratories is responsible for the growth of the Radiology Information Systems market.
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Radiology Information Systems Market Drivers
Rapid Rise in the Elderly Population
The Radiology Information Systems market is poised to receive an upswing owing to an exponential rise in the aging population has contributed to an increase in chronic diseases. In addition, the market for diagnostic services, including medical imaging services are substantially growing. There is, therefore, a great need for economical, fast, and effective healthcare solutions and services.
Radiology Information Systems Market Challenges
Increasing Concerns Regarding the Patient Data Safety & Security
Despite several drivers, the increase in the threat of cyber-attacks, and the potential misuse of patient-related confidential data hinders the growth of RIS adoption and market growth to a certain extent. The leading countries in cybercrime are the U.S. and China, led by Germany and Britain. The Office of the National Coordinator for Health Information Technology (ONC) in the United States recently funded $250,000 to protect sensitive cyber threat patient information and ensure the safe exchange of information between healthcare organizations, which in turn is poised to impact the revenue growth in the forecast period 2021-2026.
Radiology Information Systems Industry Outlook
Product launches, mergers, and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Radiology Information Systems Market. In 2020, Radiology Information Systems Market share is fragmented by the top ten players present in the market. Radiology Information Systems Market top 10 companies are Allscripts; Cerner Corporation; Epic Systems Corporation; McKesson Corporation; GE Healthcare; Siemens Healthcare; Philips Healthcare; Merge Healthcare; MedInformatix, Inc. and others.
Acquisitions/Product Launches
In February 2020, Radiologex Foundation launched Radiologex, a software ecosystem for the healthcare industry that encompasses productivity tools; clinical information systems; medical imaging processing and storage; entire payment settlement and lending/finance systems.
In October 2019, Canon Medical Systems ANZ received a US$ 47.2 million contract to roll out a new medical imaging system for Washington Health, replacing the state's old Agfa RIS and picture archiving and communication (PACS) systems.
Key Takeaways
North America dominated the Radiology Information Systems Market with a share of 37.2% in the year 2020.
The factors such as rising population, investments in R&D activities, rising number of radiology professionals and practices, preference for web-based solutions are amongst the major factor projected to impel growth of Radiology Information Systems Market.
Technological advancements and surging prevalence of chronic diseases are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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