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Radiology Information Systems Global Market is Projected to Increase Revenues Growth, Business Insights, Future Demand and Forecast 2024-2033 | McKesson Corporation, General Electric Company, Oracle Corporation, Siemens Healthineers AG, Hologic Inc.
Radiology Information Systems Global Market
According to The Business Research Company's, The radiology information systems market size has grown strongly in recent years. It will grow from $0.85 billion in 2023 to $0.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to regulatory changes, demographic trends, cost pressures, consolidation in healthcare, and quality improvement initiatives.
The radiology information systems market size is expected to see rapid growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to population health management, telemedicine expansion, artificial intelligence integration, patient-centric care models, data analytics and business intelligence. Major trends in the forecast period include increasing adoption of cloud-based solutions, integration of blockchain technology for data security and interoperability, expansion of imaging modalities beyond traditional radiology, emphasis on interoperability and data exchange standards, and growth of teleradiology and remote reporting services.
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Market Drivers and Trends:
The rising incidence of chronic diseases is expected to propel the growth of the radiology information systems market going forward. Chronic diseases, also known as non-communicable diseases (NCDs), are long-term health conditions that typically develop gradually and persist over an extended period. Chronic diseases arise because of the aging population, sedentary lifestyles, poor diet, physical inactivity, and environmental factors. Radiology information systems are used for the diagnosis, management, and monitoring of chronic diseases by facilitating the efficient storage, retrieval, and interpretation of medical imaging data. For instance, in January 2023, according to the National Library of Medicine, a US-based government medical agency, there will be 142.66 million people with chronic diseases worldwide by the year 2050, up from 71.522 million in 2020. Furthermore, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases, that happen every year globally. Therefore, the rising incidence of chronic diseases is driving the growth of the radiology information systems market.
Major companies operating in the radiology information systems market are expanding innovative features in their healthcare application suites, such as study-oriented workflow capabilities, for radiology departments and imaging centers to help increase asset use and revenue. A study-oriented workflow capability refers to the system's ability to manage and streamline the workflow related to radiology studies and imaging procedures within a healthcare facility. For instance, in March 2021, Glassbeam Inc., a US-based software company, launched Clinsights 2.0, an advanced healthcare analytics software suite designed to optimize radiology department operations and enhance value-based care delivery through comprehensive data analysis and actionable insights. This new release aims to improve productivity, patient care experiences, and value-based care delivery by providing expanded features such as executive dashboards, industry benchmarking, what-if analysis, referral analysis, and reject analysis. This solution leverages a cloud-based platform to collect and analyze operational data from imaging fleets, enabling organizations to optimize asset uptime and utilization. The main features integrated into Clinsights 2.0 include study-oriented workflow capability, online quality control, full leg or full spine software, and toolkit software to link the ADC ID station with the RIS (Radiology Information System) or HIS (Hospital Information System). These features provide actionable insights, optimize patient workflow, improve asset utilization, and drive higher revenues in the healthcare industry.
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Major Key Players of the Market:
McKesson Corporation, General Electric Company, Oracle Corporation, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Cerner Corporation, Hologic Inc., Shimadzu Corporation, Epic Systems Corporation, Agfa-Gevaert Group, Veradigm LLC, Carestream Health, Allscripts Healthcare LLC, Esaote S.p.A., Sectra AB, Canon Medical Systems Corporation, Pro Medicus Limited, EIZO Corporation, eRAD, Fischer Medical, MedInformatix Inc.
Radiology Information Systems Market 2024 Key Insights:
• The radiology information systems market size is expected to see rapid growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Surging Prevalence Of Chronic Diseases Fuels Growth In The Radiology Information Systems Market
• Advanced Healthcare Analytics Software Suite For Radiology Departments
• North America was the largest region in the radiology information systems market in 2023
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