The Global Radiology Information System (RIS) Market, by Product(Integrated RIS and Standalone RIS), by Deployment (Web Based RIS, Cloud Based RIS, and On-Premise RIS), by Component (Services, Software, and Hardware), by End User (Hospitals (In-Patient and Out-Patient), Physician Clinic, Emergency Healthcare Service Providers, and Radiology Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 548.4 million in 2017 and is projected to exhibit a CAGR of 7.3% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights.
Radiology information system is a network suite of software, which allows easy sharing of electronic health record (EHR) data for sharing and quick retrieval. Integration of cloud technology in the radiology information system assists healthcare professionals and hospitals to access data from various locations. These cloud-based system offers various benefits over the web-based or on-premise radiology information system, such as cloud-based technology operates at low cost for uploading images over the cloud and allows secure access to images whenever required. Moreover, increasing integration of cloud services in the radiology information system has reduced the dependency on IT administration. The cloud-based RIS helps to convert the radiology to a virtual solution, where the radiologist can effectively analyze and send the report to the cloud, without the need to physically move from the one location.
Recent advances in healthcare imaging and adoption of advanced technology in the healthcare market have increased the use of IT and serve as the principal driver for adoption of cloud computing. Moreover, healthcare regulations and reforms generate the need to create the stringent requirements for the security, confidentiality, privacy, traceability of access, and long-term storage of data. Cloud services comply all these legal, regulatory, and accreditation requirements and can offer sophisticated security controls, including data encryption, better access controls, and access logging. Healthcare functionality is enhanced with cloud-based healthcare IT systems, which offers broader integration, allowing the easy and secure share of electronic health record (EHR) among the healthcare professionals, which in turn is fueling the growth of the market. For instance, according to the Dell’s Global Technology Adoption 2015 data, the adoption of cloud technology in the healthcare increased from 25% in 2014 to 41% in 2015.
Key Takeaways from the Radiology Information System (RIS) Market:
- The global Radiology Information System (RIS) Market is expected to exhibit a CAGR of 7.3% over the forecast period, owing to increasing adoption of cloud-based technology in the healthcare and medical segment.
- Among product, the integrated radiology information system segment is estimated to hold a dominant position in the market, owing to the ability to integrate various functions with a single information system such as patient examination, reporting, administration, and generating report statistics.
- Among deployment, the cloud-based radiology information system segment holds a dominant position, owing to the extensive capabilities of cloud-based applications such as customization, easy to use interface, ability to support various user requirements and data access in offline mode.
- Among components, the software segment is the largest segment, owing to the inevitable need of the software in administration and management of radiology devices and easy integration of various technological aspects in the software thereby reducing the overall cost of data management.
- Among end users, the radiology clinics segment holds a dominant position in the market, owing to the on-site availability of various radiology devices and radiology information systems at one location.
- Key players operating in the radiology information system market include Allscripts, Carestream Health, Inc., Cerner Corporation, Comarch SA, Epic Systems Corporation, GE Healthcare, IBM Watson Health, Koninklijke Philips N.V., McKesson Corporation, and Siemens Healthcare.