Emphasis on Deployment Mode (Web-Based, On-Premises, and Cloud-Based); Product (Integrated Type and Standalone Type); End-users (Hospitals & Clinics, Diagnostic Centers, and Others); Region/Country
The global radiology information system market is anticipated to grow with an elevated CAGR of around 7% over the forecast period (2021-2027). A radiology information system (RIS) is a networked software system for managing medical imagery and associated data. A RIS is especially useful for tracking radiology imaging orders and billing information and is often used in conjunction with picture archiving and communication systems and hospital information systems to manage image archives, record-keeping, and billing.
The increasing global population has increased the number of patients having chronic diseases that raised the demand for radiology information systems in hospitals. Furthermore, the rising prevalence of chronic diseases such as cardiovascular disorders and arthritis is likely to overburden the hospital staff in the upcoming future. For instance, as per the CDC, from 2013–2015, an estimated 58.5 million US adults annually. It is projected to reach 78 million (26%) US adults by 2040. Moreover, the increasing adoption of modern technology by healthcare institutions is catalyzing the market growth of radiology information systems.
NextGen Healthcare, GE HEALTHCARE, Koninklijke Philips NV, Bayer AG, Medinformarix Inc., Cerner Corporation, Allscripts Healthcare Solutions, IBM Waston Health, LLC, PERFECT IMAGING, and Siemens AG are some of the prominent players operating in the radiology information system market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of radiology information system.
The global impact of COVID-19 has been unprecedented and staggering, with the industries witnessing a negative demand shock across all regions amid the pandemic. However, the radiology information system market faced positive growth during the pandemic. During the pandemic, due to the strict government regulations the healthcare facilities postponed their inessential physical appointment and offered online services that increased the demand for radiology information systems for better management.
Insights Presented in the Report
Amongst Deployment mode, the cloud-based segment holds the major share”
Based on deployment mode, the market is divided into the market is categorized into web-based, on-premise, and cloud-based. The cloud-based segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years. This is mainly due to the advent of faster internet services and increasing internet penetration by patients and healthcare institutions is contributing to the segmental growth of cloud-based systems in the radiology information system market. For instance, as per Kepios analysis, there were 658.0 million internet users in India in January 2022. India’s internet penetration rate stood at 47.0 percent of the total population at the start of 2022 and internet users in India increased by 34 million (+5.4 percent) between 2021 and 2022.
“Amongst Product, Integrated segment holds the major share”
Based on the product, the market is categorized into an integrated type and a standalone type. The integrated segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The improved work efficiency and reduced processing time are attributed to the rising adoption of integrated systems in the RIS market. Integrating RIS and picture archiving and communication systems directly improves efficiency by automating radiology workflow. This is achieved by removing the barriers between images and information, which decreases report turnaround time and significantly refines service to patients and referring physicians.
Amongst End-users, Hospitals & Clinics segment holds the major share”
Based on the end-users, the market is categorized into hospitals & clinics, diagnostic centers, and others. The hospitals & clinics segment accounted for a significant market share in 2020 and it is estimated to witness growth during the forecast period. The presence of skilled professionals and infrastructure for multiple disease treatment is responsible for the lucrative growth of the hospitals & clinics in the RIS market. Furthermore, the increasing global population coupled with the rising number of patients suffering from chronic diseases escalates the demand for RIS systems in hospitals. For instance, as per analysis, the population in the world is, as of 2020, growing at a rate of around 1.05% per year. The current average population increase is estimated at 81 million people per year.
“North America represents one of the largest markets of Radiology Information System market”
For a better understanding of the market dynamics of the radiology information system market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America has a significant share of the radiology information system industry. This can be mainly ascribed to the presence of a well-established diagnostic infrastructure and a significant radiologist population in the region. For instance, as to the U.S. Bureau of Labor Statistics, 29,530 radiologists were employed in the U.S till 2021 and their average annual income was $ 301,720
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Radiology Information System Market Covid-19 Impact
6. Global Radiology Information System Market Revenue, 2019-2027f
7. Market Insights By Deployment Mode
8. Market Insights By Product
9. Market Insights By End-users
10. Market Insights By Region
11. Radiology Information System Market Dynamics
12. Radiology Information System Market Opportunities
13. Radiology Information System Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Global Radiology Information System Market Analysis (2021-2027)
Analyzing the historical market, estimating of the current market, and forecasting the future market of the global radiology information system market were the three major steps undertaken to create and analyze the adoption of radiology information systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global radiology information system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the radiology information system through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the radiology information system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as deployment mode, product, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of radiology information systems across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the radiology information system. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisitions, business expansion, and product launches in the radiology information system sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Radiology Information System market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the radiology information system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of deployment mode, product, and end-users of the radiology information system market.
The main objective of the radiology information system market Study
The current & future market trends of radiology information system were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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