Radiology Information Systems (RIS) Market worth US$ 1,693.50 million by 2027 at a CAGR of 8.3% - Exclusive Report by The Insight Partners

Radiology Information Systems (RIS) Market: Key Insights

According to the new market research study on "Radiology Information Systems Market to 2027 - Covid-19 Impact and Global Analysis - By Product (Standalone RIS and Integrated RIS), By Deployment (Web-Based RIS, Cloud-Based RIS, and Office Based Physicians), By Component (Services, Hardware, and Software), By End User (Office-Based Physicians, Hospitals, and Emergency Healthcare Service Providers), and By Geography," the market is expected to reach US$ 1,693.50 million by 2027 from US$ 904.60 million in 2019; it is estimated to grow at a CAGR of 8.3% during 2020-2027. The report highlights trends prevailing in the global radiology information systems (RIS) market along with the driver and restraints pertaining to the market growth.

A radiology information system is a computer-based system that is aimed to support effective workflow and business analysis in radiology departments worldwide. The radiology information software manages data of hospital's radiology departments and clinics in an electronic form. Data could be in any form such as billing, scheduling and medical imaging. It is significant to keep a track of the data and store it for future references. The implementation of radiology information systems facilitates increased work efficiency, better patient coordination, reduction in medical errors with improved diagnosis, and streamlined administrative functions. The importance of radiology information system has increased immensely as they eliminate manual errors, and the systems have now become a crucial component of the overall healthcare sector.

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Radiology Information Systems (RIS) Market: Competitive Landscape and Key Developments
The radiology information systems (RIS) market mainly consists of players such as Koninklijke Philips N.V., Siemens Healthineers AG, Bayer AG, Cerner Corporation, General Electric Company, McKESSON CORPORATION, IBM Corporation, Epic Systems Corporation, Fujifilm Corporation, and MedInformatics, Inc. The companies are focused on the adoption of organic and inorganic strategies such as partnerships, agreements, and expansions to sustain their position in the dynamic market. In February 2017, Philips introduced IntelliSpace Enterprise Edition. The solution offers a complete suite of interoperable healthcare informatics applications and services for hospitals and integrated health networks.

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The RIS market, by deployment, is segmented into web-based RIS, cloud-based RIS, and on-premises RIS. In 2019, the web-based RIS segment accounted for the largest share of the global radiology information systems (RIS) market. However, the cloud-based RIS is likely to register the highest CAGR in the market during forecast years. The cloud-based delivery mode offers a standardized way to help commercial and academic institutions to manage their data generated from different laboratory functions, such as sample testing, instrument usage, automation, and report generation. Cloud-based delivery mode system is an extremely manageable alternative that helps in the assessment of real-time information regarding patients, employees, and devices in a healthcare facility's premises. It covers every step of the patient journey from appointment scheduling to sending out reminders, thereby acting as an advanced tool for business reporting.

Demographic and societal shifts, such as urbanization and aging populations, are intensifying resource pressures. This compels healthcare organizations to focus on preventive measures. Moreover, the increasing role of radiology systems in pandemics is further increasing its adoption. Increasing investments in healthcare IT start-ups in Asia pacific is offering lucrative opportunities for the growth of the market. For instance, in April 2019, Tencent Trusted Doctor (China), a venture backed by tech giant Tencent Holdings, raised US$ 250 million in a fundraising round. Another Indonesian healthtech platform, Alodokter raised a US$ 33 million in Series C funding in October. The growing healthcare IT industry in Asia Pacific is one of the most lucrative opportunities for the radiology information systems players to expand their capabilities in the region.

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