Radiology Information System Market Can Expect to Exceed $1100 Mn Valuation by 2023: MRFR

Radiology information system Overview:

The radiology information system market is drifting towards an unprecedented market valuation with a growth that is almost double of its 2017 valuation. The technology has stirred a lot of feathers in recent times with its revolutionary impact in the healthcare sector. Its impact can be felt in the imaging technology mostly where the physicians now mostly rely on the radiology imaging as its accuracy is better than the rest available in the market. The workflow has become much smoother in the radiology units due to the advents in a radiology information system. Integration of computer has further helped in sharing reports and better coordination which eases the process of diagnosis or treatments. The global radiology information system market can expect a rise up to USD 1100 million with an impressive 8.20% CAGR during the forecast period (2018-2023). Market Research Future’s (MRFR’s) report on the same provides some insights on the segmental analysis and drivers that can veer the radiology information system market towards better prospect.

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Cloud technology is expected to take the radiology information system market further ahead in the coming years. The system requires bulk data storage which can work offline as well. Cloud provides easy sharing and storage of bulk data. At the same time, non-invasive diagnostic and curative means are getting traction due to which the radiology information system can experience much preference in the healthcare sector. Escalating investment in the healthcare sector can open up avenues for the radiology information system market which can lead to better prospects in the coming years.

However, risks are also several as storing information on a cloud platform can attract the attention of the online hackers. A data breach can make individuals vulnerable to potential threats. This can prove to be a significant irritant for the radiology information system market.

Most Prominent Industry Key Players:

Companies making a name for themselves in the radiology information system market are IMAGE information systems, Ambra health, Advanced data systems corporation, Carestream Health, eRAD, Epic systems, PERFECT Imaging, LLC, IBM Watson health, Allscripts healthcare solutions, Cerner Corporation, Medinformatix, Inc, Bayer AG, Koninklijke Philips N.V, GE healthcare, and NextGen Healthcare.

Segmentation:

The radiology information system market can be segmented by component, type, end-user, deployment, and region.

Deployment-based segmentation of the radiology information system market consists of on-premise and cloud-based/web-based.

Type-wise segmentation of the radiology information system market comprises standalone radiology information system and integrated radiology information system.

Based on the end-users, the radiology information system market can be segmented into research & academic institutes, hospitals & clinics and others.

Component-wise segmentation of the radiology information system market consists services, software, and hardware.

Regional Segmentation:

Region-specific analysis of the radiology information system market includes namely Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA) and Europe.

The Americas is driving the market forward at present. The trend is expected to remain the same during the forecast period. This can be attributed to the cost-effectiveness of EHRs, technological advancement level, rising investment in the healthcare sector and increasing adoption of cloud computing and web-based solutions to facilitate procedures & simplify workload.

Europe and the APAC can become profitable growth pockets for the radiology information system market. The regions together control almost a 74.8 % share of the global market. The APAC region is enjoying the bliss of countries investing much in the healthcare sector to evolve as a possible medical tourism hub. Pharmaceutical companies are also eyeing for expansion in the region as it offers business prospects with minimal investment.

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Latest Industry Updates and Trends:

In 2018, Philips unveiled their latest IntelliSpace Discovery 3.0 that is a comprehensive, open platform where Artificial Intelligence gains prominence in radiology, and it enables radiologists to aggregate, normalize and anonymize data. This data can later be analyzed with algorithms.

In November 2018, QT Ultrasound launched eRAD RIS and PACS that can be considered the best possible breast imaging system with high-resolution transmission ultrasound images, without compression or radiation.

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This release was published on openPR.