Forecast on Radiology Information Systems Market for the Period 2016 - 2024

Radiology information systems (RIS) are a part of electronic health record systems and track a patient’s utilization of radiology services throughout a treatment procedure. These days, RIS utilize a software suite, with digitization of the process helping ensure accuracy and minimizing data loss due to manual errors. As a part of hospital information systems, RIS have immensely grown in importance in the last few years and have now become full-fledged components of the overall healthcare industry.

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Radiology is a vital diagnostic tool for several diseases. Numerous imaging technologies, such as X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET), are included under the umbrella term of radiology and used for the diagnosis of a wide variety of diseases and skeletal conditions such as fractures. Interventional radiology, which consists of carrying out medical procedures with the aid of imaging technologies, is another important part of radiology used in medicine. The rising consumption of these vital procedures is fueling the global RIS market.

The primary driver of the global radiology information systems market is the rising demand for noninvasive diagnostic and curative means. Since radiology relies on various electromagnetic and other processes, it usually does not involve any incisions; this makes it preferable to the majority of modern-day patients. The rising prevalence of diseases such as cancer and bone disorders is also boosting the demand from the global radiology information systems market. The rising demand for integrated RIS from the healthcare sector is the primary trend shaping the trajectory of the global market. Since integrated RIS are more comprehensive in their examination and thus more efficient, they have surpassed standalone RIS recently and are expected to remain the largest segment of the market in the coming years.

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One of the major drivers propelling the global radiology information systems market is the rising number of mergers and acquisitions among medical imaging device manufacturers. Since most players in the healthcare devices market aim at regional expansion currently, increasing bulk demand from hospital chains has also emerged as a major growth driver for the global radiology information systems market. The global radiology information systems market is led by North America. The developed countries in this region have established widespread and sophisticated healthcare infrastructures, enabling steady demand for advanced RIS. The rising demand for digitization in this region has also been beneficial for the regional radiology information systems market, along with the financial ability of the average consumer in North America to avail advanced treatments including radiology in various forms. While the demand for sophisticated medical infrastructure components is rising elsewhere, particularly in Asia Pacific, North America will retain a strong hold on the global radiology information systems market.

Major companies operating in the global radiology systems market include Carestream Health, Inc., Philips Healthcare, McKesson Corp., GE Healthcare, and Siemens Healthcare. The performance of major players in the Asia Pacific market for RIS is expected to be vital to their chances of dominating the global market in the near future.

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