Radiology Information Systems Market - By Type (Integrated, Standalone), Component (Hardware, Software, Services), Deployment Mode (Web-based, On-premises, Cloud-based), End-use (Hospitals, Office-based Physicians) & Forecast 2023 - 2032

Radiology Information Systems Market Size

Radiology Information Systems Market size accounted for USD 5.7 billion in 2022 and is estimated to grow at 12.6% to reach USD 18.9 billion by 2032. Increasing number of imaging procedures, such as X-rays, CT scans, MRIs and ultrasounds coupled with rising demand for efficient management of radiology data and workflows are significantly propelling the market progress.
 

Furthermore, chronic diseases such as arthritis, osteoporosis, cancer, chronic obstructive pulmonary disease (COPD), osteoporosis among others has increased significantly in the past few years. This has led to opt for radiology information systems to manage the functional aspects of healthcare facilities, thereby fostering the market growth.
 

Radiology information system (RIS) is a specialized healthcare software solution designed to manage and streamline the administrative, operational and business functions within a radiology department and imaging centre. A Radiology Information System (RIS) is a specialized software system designed to manage and organize the workflow and data associated with radiology departments and imaging centers. It is a central repository that stores, manages, and distributes radiological images, patient information, and related data. Also, they enable streamlined workflows, improved communication and collaboration among healthcare professionals, and effective management of radiology data and resources.

COVID-19 Impact

The COVID-19 pandemic had a positive impact on the radiology information systems market. The increasing number of COVID-19 cases has highlighted the demand for radiology information systems (RIS) for imaging procedures, particularly chest imaging for COVID-19 cases. The risk of COVID-19 infection and imposed lockdowns had propelled the demand for telemedicine and RIS systems that facilitated remote access to patient data and reporting capabilities.
 

Furthermore, workflow optimization features helped to manage the increased workload, while enhanced communication tools facilitated the collaboration among radiologists and healthcare professionals. Thus, the pandemic had accelerated the adoption and utilization of RIS systems, emphasizing the need for efficient workflow management, remote capabilities, enhanced communication and data analytics in the radiology industry.
 

Radiology Information Systems Market Trends

Increasing prevalence of chronic diseases such as cancer, chronic obstructive pulmonary disease (COPD), arthritis, diabetes among others is expected to boost the market size. For instance, according to the GLOBOCAN International Agency 2020, lung cancer accounted for approximately 2.2 million new cases and 1.8 million associated deaths, followed by colorectal accounting for 9.4%, liver for 8.3%, stomach for 7.7%, and female breast cancer for 6.9% of the total cancer patients. Thus, the rising burden of cancer and growing demand for effective diagnostic imaging solutions to support accurate and timely diagnosis, treatment planning and monitoring has boosted the adoption of RIS systems.
 

Furthermore, RIS system enables healthcare providers to efficiently manage imaging studies, track patient history and streamline reporting, leading to improved patient care and outcomes. Thus, various features offered by the RIS system is expected to drive the market value.
 

Radiology Information Systems Market Restraint

Increasing concern regarding patient data privacy and security may significantly impact the market expansion. Data breaches are largely noted to act as a cause of concern. For instance, according to the HIPAA Journal, as of 2021, an average of 1.95 healthcare data breaches of 500 or more records were reported each day. Similarly, in 2021, companies and business associates paid nearly USD 6 million for HIPAA settlements and civil monetary policies. Thus, growing reliance on digital platforms and protecting sensitive patient information from unauthorized access and breaches has become a major concern, thereby impeding the market share.
 

Radiology Information Systems Market Analysis

By type, the radiology information systems market is classified into integrated and standalone. The integrated segment accounted for 63.6% of the industry share in 2022 and is projected to witness robust growth over the analysis timeframe. The integrated radiology information systems seamlessly integrate with other healthcare information systems, such as electronic health records (EHR), picture archiving and communication systems (PACS) that enables streamlining workflow and help to attain operational efficiency. The integrated RIS facilitate communication among healthcare professionals, promoting interdisciplinary collaboration and enhancing patient care. Furthermore, integrated RIS support interoperability, allowing smooth data exchange and reducing duplicate data entry and enhancing data accuracy.
 

Based on component, the radiology information systems market is segmented into hardware, software and services. The software segment is expected to register USD 8.4 billion by 2032. The radiology information systems serve as a centralized platform for managing and storing radiology-related data. The software allows healthcare professionals to efficiently schedule and track appointments, manage patient records, and generate comprehensive reports as well as automate administrative tasks, thereby reducing manual errors and save time. Also, RIS software provides rapid access to critical patient information, ensuring quick and effective decision-making.
 

Furthermore, software based RIS solutions often provide advanced analytics capabilities, empowering organizations with valuable insights for process optimization and resource allocation. Thus, various benefits associated with RIS software is expected to supplement the market revenue.
 

By deployment mode, the radiology information systems market is segmented into web-based, on-premises and cloud-based. The web-based segment accounted for significant market revenue in 2022 and is expected to grow at 12.6% during the forecast period. Web-based RIS allows access to the system through standard web browsers, eliminating the need for complex software installations on individual devices. Also, web based RIS system allows flexibility and convenience, as healthcare professionals can securely access patient data, images and reports from any location with internet connectivity. Thus, various potential benefits associated with the web based RIS is expected to significantly drive the market size.
 

The end-use in radiology information systems market is categorized into hospitals, office-based physicians, academic & research institute, and other end-users. Hospitals segment accounted for USD 2.7 billion market revenue in 2022. Hospitals are the primary facilities for adopting radiology information system, as it allows to track a patient's entire radiology history from admission to discharge and coordinate the history with past, present and future appointments. Furthermore, RIS facilities administrative tasks and reduce the burden of hospital staff while coordinating effective patient care. Thus, usage of radiology information system in hospital settings as well as other end-users is expected to spur the market demand.
 

North America radiology information systems market accounted for 40.5% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. The increasing prevalence of chronic disease and rising adoption of radiology information systems is expected to boost the market development. Also, presence of well-established healthcare infrastructure, key market players and academic institutions contribute to the growth of radiology information systems. Moreover, growing demand for effective disease diagnosis & treatment, favorable government regulations and reimbursement policies further support the regional market expansion.
 

Radiology Information Systems Market Share

Major market players operating in the radiology information systems market:

• General Electric Company
•  Epic Systems Corporation
•  Koninklijke Philips N.V.

Oracle Corporation These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
 

Radiology Information Systems Industry News:

• In November 2022, Epic Systems Corporation partnered with Google Cloud. This partnership was aimed to run Epic's EHR workloads on Google Cloud. This strategy enhanced greater innovation, efficiencies, and security of patients data.  This strategic partnership helped the company to accelerate healthcare digital transformation and drive revenue growth.
   
• In February 2022, Carestream India launched the DRX Compass, an advanced digital radiology solution. The Compass Digital X-ray offers the option of configuring the system based on the available floor space and budget with more focus on the improved workflow and an easy upgrade path for future requirements. This strategy helped the company to enhance its product offering, thereby drive revenue growth.
   

The radiology information systems market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:

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By Type

• Integrated
• Standalone

By Component

• Hardware
• Software
• Services

Deployment Mode

• Web-based
• On-premises
• Cloud-based

End-use

• Hospitals
• Office-based physicians
• Academic & Research Institute
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA