San Francisco, 28 January 2020:The ReportRadiology Information System MarketSize, Share & Trends Analysis Report By Product, By Deployment Mode (Web-based, On-premise, Cloud-based), By End Use, By Region, And Segment Forecasts, 2019 – 2026
The global radiology information system market size is expected to reach USD 1.15 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.7% during the forecast period. The market is majorly driven by an increase in the adoption of advanced technologies in healthcare facilities. Growing usage of digital healthcare infrastructure, which helps collect and manage information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services. Moreover, an increase in the number of patients suffering from chronic diseases coupled with rising demand for cloud-based systems are expected to boost the market growth.
Potential opportunities for healthcare IT in reducing operating costs incurred while record keeping and meeting regulatory standards for privacy, as well as efficient hospital workflow management, are among other factors driving the uptake of Radiology Information System (RIS). Furthermore, it is expected that these systems will, in the long run, save money and allow organizations to earn significant profits.
Cloud-based RIS can be integrated with Artificial Intelligence (AI) algorithms to form a comprehensive radiology software. Such AI tools, allow physicians to provide accurate and faster diagnosis and can be integrated with any third party AI tool. For instance, the RADSpa by Telerad Tech is a software platform consisting of RADSpa PACS and Viewer & RADSpa 2D/MPR/MIP/3D Viewer that enables receiving, storing and sending DICOM images along with managing the physician workflow.
Web-based systems deployment mode held majority of the market share in 2018, due to workflow enhancement features such as scheduling, document imaging, automated insurance eligibility functions, and billing
Integrated radiology information system accounted for the largest market share in the year 2018. It offers data analysis with the help of Picture Archiving and Communication System (PACS) for the development of IT service models
Hospitals, emergency healthcare service providers, and physicians are a few RIS end-users. Hospitals majorly prefer radiology solutions for patient scheduling, appointments, and for tracking patient history and records
North America led the radiology information system market in 2018 in terms of revenue attributed to the technological advancements and presence of major market players
Some of the key market players are Allscripts; Cerner Corporation; Epic Systems Corporation; McKesson Corporation; GE Healthcare; Siemens Healthcare; Philips Healthcare; Merge Healthcare; and MedInformatix, Inc.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.