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Radiology Information System (RIS) Market: Market Competitive Situation and Trends

Radiology Information System (RIS) Market: Market Competitive

North America is projected to witness high share in the radiology information system market, owing to the well-established healthcare infrastructure and early adoption of the advancement in the medical and healthcare industry in the U.S. Furthermore, Asia Pacific region is emerging region in radiology information system market, owing to the increasing investments on healthcare facilities and increasing demand for diagnosis and treatment of chronic disease. For instance, according to the China’s Ministry of Finance (MOF), in 2016, the fiscal healthcare spending increased by 10% to reach US$ 18.8 billion, in 2016. Furthermore, according to The Australian, news findings, published in January 2018, the Chinese investment in the Australia’s healthcare system through various mergers and acquisitions and joint ventures from 2015 to 2017 raised by US$ 4.4 billion.

The global radiology information system market is estimated to be valued at US$ 548.4 million in 2017 and is expected to witness a CAGR of 7.3% over the forecast period (2017 – 2025).

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However, lack of experienced healthcare professionals to operate the radiology information system and increasing concerns regarding data safety and security are expected to hinder growth of radiology information system market over the forecast period. Due to increasing cyberattacks, securing patient information is the important for healthcare companies. Moreover, in January 2013, Department of Health and Human Services (HHS) published the HIPAA Omnibus Rule. It is the set of final regulations modifying the Health Insurance Portability and Accountability Act (HIPAA) privacy, security, and enforcement rules, which provides the guidelines regarding where the information is being stored and how the patient information can be secured efficiently.

Moreover, increasing number of the chronic disease among emerging and developed economies are expected to drive growth of radiology information system market during the forecast period. According to the American Heart Association (AHA): heart disease and stroke statistics relapsed in January 2018, cardiovascular disease accounted for the death of more lives each year than all forms of cancer and chronic lower respiratory disease combined. In addition, about 92.1 million American adults are living with some form of cardiovascular disease or with the after-effects of stroke. Moreover, the direct and indirect cost of total cardiovascular diseases and stroke are estimated around US$ 329.7 billion, which includes both health expenditures and lost in the productivity. For instance, according to the World Health Organization (WHO) findings, there were more than 3.7 million new cases and 1.9 million deaths each year were registered due to the cancer, making it the second most important cause of death and morbidity in Europe, however on the global scale, cancer accounted for 8.2 million deaths (around 13% of the total) in 2012.

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The radiology information system has ability to handle massive amount of data in the forms of images, demographics, clinical information, patient history, billing, and scheduling in one system thereby allowing efficient workflow management and rapid communication across the hospital. Radiology information system offers various services to hospitals practicing radiology. Also, it allows healthcare professionals and care takers to use patient information more effectively.

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