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Sales of Radiology Information Systems will Amass US$ 1,179.2 Mn Revenues by 2024
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In its latest publication, Persistence Market Research has compiled more of such factors that will keep driving the growth of global radiology information system market in the years to come. According to this report, the global market for radiology information systems, which is presently valued at US$ 580.2 Mn, is anticipated to soar at 8.3% CAGR and reach US$ 1,179.2 Mn value by the end of 2024.
Titled as “Radiology Information Systems Market: Global Industry Analysis and Forecast, 2016-2024,” the report reveals that global demand for radiology information systems continues to grow on the account of rising incidence rate of lifestyle-related diseases. Increasing consumer awareness to radiological procedures, and easy accessibility to these technologies are also serving as proponents for adoption of radiology information systems. Since installing radiology information systems supports a value-based healthcare model, medical practitioners are also promoting it as the immediate future of “digitalized” radiology.
The report reveals that in 2017 and beyond, the demand for cloud-based radiology information systems will remain considerably higher than on-premise systems. Deployment of cloud-based radiology information systems is projected to bring more than US$ 800 Mn by the end of 2024, while revenues emanating from on-premise deployment will soar at 7.3% CAGR. During the forecast period, a little over 45% of global revenues will be accounted by sales of radiology information software. The adoption of radiology information services is also slated to grow robustly, while radiology information hardware is likely to incur a moderate dip in revenues.
Through 2024, medical institutions adopting radiology information systems will continue to do so on integrated platforms. Similar to the current scenario, integrated radiology information systems will procure over three-fourth of global market value by the end of 2024. Standalone radiology information systems, however, will be valued at just over US$ 280 Mn by the end of projection period. And, hospitals will undoubtedly be the largest end-users of radiology information systems. More than US$ 600 Mn worth of global radiology information system revenues will be emanating from hospitals spanned across the globe. Adoption of such systems will also be considerably high in diagnostic labs and ambulatory surgical centers.
By the end of 2024, North America will remain as the largest market for radiology information systems in the world. In 2016, the region’s radiology information systems market was valued at US$ 269 Mn. Meanwhile, Europe’s advanced healthcare infrastructure will also work in the favor of radiology information system adoption. Throughout the period, Europe’s radiology information system revenues will soar at a health CAGR, and contribute to nearly 23% share. Although, fastest revenue growth is expected to be recorded by Latin America and the Asia-Pacific regions – revenues from which will surge at more than 8% CAGR.
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Ten of the leading companies developing radiology information systems in the world are profiled in the report, and they include Cerner Corporation, Siemens AG, Merge Healthcare Incorporated (IBM), Koninklijke Philips NV, Allscripts Healthcare Solutions Inc., Epic Systems Corporation, Novarad Corp., General Electric Company, McKesson Corporation, and Medinformatix Inc.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.
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