The radiology information system market was valued at $603 million in 2015, and is projected to reach $941 million by 2022, growing at a CAGR of 5.9% from 2016 to 2022. The integrated radiology information systems segment held over three-fifths share of the total market in 2015.
Radiology information system (RIS) is a computer networked system used to organize and manage the workflow of medical imagery and radiology department, supporting business analysis in a department. RIS is widely used along with picture archiving and communication system (PACS) and vendor neutral archive to manage billing, record keeping, and image archives.
The integrated radiology information systems held the largest share in 2015 and is expected to grow at the highest CAGR of 6.0% during the analysis period. This is owing to the surging adoption and demand of integrated healthcare information technology platforms in various healthcare organization for easy operations to curb over expense and provide quality health.
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Services component segment held the largest market share with more than three-eighths share in 2015 due to high improving healthcare infrastructure in the emerging markets such as Brazil and Middle East. Software segment is expected to grow at the highest CAGR during the analysis period owing to the increase in the demand of RIS software in radiology and imaging laboratories.
Web-based deployment segment dominated the RIS market in 2015 and accounted for three-fifths of the overall RIS market. However, cloud-based segment is expected to grow at the fastest CAGR of 7.8% during the analysis period, due to increase in demand for cloud-based services because they reduce operational cost for the healthcare organization.
KEY FINDINGS OF THE STUDY
- Integrated radiology information system was the leading segment in 2015
- North America is projected to grow at a CAGR of 5.5%
- Asia-Pacific is expected to grow at the highest CAGR during the analysis period
- Hospital held the largest market share of the total RIS market in 2015
- The global cloud-based market is expected to grow at a CAGR of 7.8% during the study period
Geographically, North America accounted for the largest market share in 2015, due to well-established healthcare system in the region, higher adoption of healthcare information technologies, and increase in the number of chronic disease. However, Asia-Pacific is expected to emerge as the area with maximum growth potential due to focus of key players in the emerging economies and improving healthcare infrastructure.
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According to Hemali Narkhede, Manager, Healthcare Research at Allied Market Research "North America and Europe are expected to dominate the global radiology information system market during the forecast period, while the emerging countries in the Asia-Pacific and Latin America are projected to offer significant growth opportunities."
The report provides a comprehensive analysis of some of the key players operating in this market including Epic Systems Corporation, MedInformatix, Inc., GE Healthcare, Carestream Health, Inc., Cerner Corporation, Merge Healthcare Incorporated, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Koninklijke Philips N.V., and Siemens AG.
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