Radiology Information Systems Market 2014-2022: Emerging Applications of RIS to Boost Demand in Future

Global Radiology Information System Market was valued at $603 million in 2015, and is expected to reach $941 million by 2022, supported by a CAGR of 5.9% during the forecast period. A radiology information system (RIS) is majorly used to organize and manage the workflow of the radiology department.

Factors such as enhancement of healthcare IT services, technological advancements, and surging prevalence of chronic diseases drive the market of radiology information system. In addition, increase in adoption of healthcare IT services in emerging economies are expected to create new opportunities for the key players during the analysis period. However, shortage of experienced IT professionals in healthcare and interoperability issues are the major barriers that restrain the market growth.

Segment Review

Based on the deployment mode, web-based market dominated the RIS market in 2015 owing to the increase in the adoption of web-based healthcare IT services. However, due to surge in demand for cloud-based services due to reduced operational cost & easy accessibility to data, the cloud-based RIS systems market is estimated to grow at the highest growth rate during the forecast period.

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Geographic Review:

Geographically, the RIS market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share due to factors such well-established healthcare system in the region, higher adoption of healthcare information technologies, and increase in the number of chronic disease. Mexico is estimated to grow at a faster CAGR in the North American RIS market.

Asia-Pacific is expected to emerge as the area with maximum growth potential due to focus of key players in emerging economies and improving healthcare infrastructure.

Market Drivers and Restrains

Rapid increase in aging population and subsequent rise in the number of chronic diseases

Globally, the aging population is an exponential rise, which has led to increase of chronic diseases. Moreover, there is a significant surge in the demand of diagnostic services including medical imaging services. Therefore, there is a great need of healthcare solutions and services, which are economical, rapid, and reliable. In addition, integration of information technology in healthcare is on rapid increase because of many advantages including real-time communication between patient and doctor, easy access to health related information, rapid diagnosis of disease, and many others. Therefore, this is one the key factors that stimulates the market of radiology information system.

Adoption of Cloud Technology related services

Radiology information system is one of the components of electronic health record system. Every day electronic health record data such as patient related data and imagery data are on an increase, and therefore, it is difficult to store the bulk data on the local storage devices, as there is chance of losing essential data. Moreover, it is difficult to share the bulk amount of data via offline mode. Hence, adoption of cloud technology in the radiology information system industry becomes necessary because it allows easy sharing and storage of big data. According to the Cisco sponsored survey regarding the acceptance of cloud-based healthcare IT services shows that the 74% of patients are comfortable having their health records available in the cloud. Therefore, the demand of cloud-based technology and increase in adoption of cloud-based radiology information services drive the market growth.

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Increasing concerns regarding the patient data safety & security
Due to the increase in cyber-attacks, safeguarding the patient information is a great challenge for healthcare companies. The U.S. and China are the leading countries in cybercrime, followed by Germany and Britain. Recently, the Office of the National Coordinator for Health Information Technology (ONC) in the U.S., funded $250,000 for securing confidential patient information from cyber threat and ensuring the secure sharing of information between the healthcare organizations. Most of the security threats are related to the non-traditional end points and represent the largest sources of malicious traffic that include connected medical endpoints, internet-facing personal health data, and security systems, and edge devices. Thus, the increase in threat of cyber-attacks and the potential misuse of patient related confidential data hinders the growth of RIS adoption and market growth to certain extent.

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