Global Radiology Information Systems (RIS) Market – Industry Trends and Forecast to 2031

Radiology Information Systems (RIS) Market Analysis and Size

The United Nations' world population ageing 2022 report predicts a substantial increase in the global population aged 65 and above, from 10% in 2022 to 16% by 2050. With the elderly being susceptible to complex and chronic illnesses, this demographic shift is anticipated to significantly boost the demand for radiology services, positively influencing the radiology information systems  market.                    

Data Bridge Market Research analyses that the global radiology information systems (RIS) market which was USD 1,138.21 million in 2023, is expected to reach USD 2,130.28 million by 2031, and is expected to undergo a CAGR of 8.15% during the forecast period of 2024 to 2031. This indicates that the market value. "Standalone" dominates the type segment of the radiology information systems market due to the increasing preference for standalone systems in various surgeries and medical procedures. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Radiology Information Systems (RIS) Market Scope and Segmentation

Market Definition

Radiology information systems (RIS) are comprehensive software systems designed for the management of radiological workflows and data. They facilitate the scheduling of appointments, tracking patient information, managing image archives, and aiding in the interpretation and reporting of medical imaging studies, enhancing the total efficiency of radiology departments in healthcare settings.            

Global Radiology Information Systems (RIS) Market Dynamics

Drivers

• Growing Diagnostic Imaging Procedures

Radiology information systems (RIS) are vital for healthcare, efficiently handling the rising volume of diagnostic imaging data from X-rays, CT scans, MRIs, and ultrasounds. As demand for these procedures grows, RIS plays a crucial role in managing and organizing the associated data in healthcare facilities, ensuring effective diagnostic processes.

• Emphasis on Healthcare Interoperability

The increasing emphasis on interoperability and smooth data exchange across diverse healthcare IT systems propels the adoption of radiology information systems (RIS). Integration with electronic health records (EHRs) and picture archiving and communication systems (PACS) is crucial for healthcare providers, with RIS serving as a key facilitator in achieving seamless interoperability.

Opportunities

• Integration With Artificial Intelligence (AI) Solutions

The synergy of AI and radiology information systems (RIS) offers accelerated and precise diagnoses. RIS, functioning as a dominant center, can efficiently manage insights generated by AI tools, enhancing diagnostic efficiency. The evolving landscape presents a promising opportunity for seamlessly integrating RIS with AI-driven solutions for advanced image analysis and interpretation.

• Expansion in Emerging Markets

Emerging markets such as Asia-Pacific and Latin America are experiencing heightened healthcare investments and infrastructure development. This trend presents substantial growth prospects for radiology information systems (RIS) providers, as healthcare facilities in these regions actively pursue modernization and digitalization solutions for enhanced operational efficiency and patient care.

Restraints/Challenges

• High Implementation Costs

Implementing radiology information systems (RIS) entails substantial initial costs, encompassing software licensing, hardware infrastructure, training, and integration with existing healthcare systems. These financial barriers can pose challenges for smaller healthcare facilities and organizations with limited budgets, limiting their adoption of RIS technology.

• Data Security and Privacy Concerns

The rising digitization of patient data raises concerns about security and privacy breaches in radiology information systems (RIS). Storing sensitive patient information exposes RIS to cyberattacks, requiring healthcare providers to implement expensive and intricate security measures to mitigate these risks, adding complexity and financial strain to their operations. 

This global radiology information systems (RIS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global radiology information systems (RIS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In November 2022, a strategic partnership between Epic and Google Cloud was formed, enabling hospitals utilizing Epic electronic health records (EHR) technology to store records in the cloud. This collaboration broadens healthcare organizations' choices for managing records in a cloud environment, offering enhanced flexibility and access to specialized tools
• In March 2022, Intelerad Medical Systems introduced the Enterprise Imaging and Informatics Suite during the HIMSS Global Health Conference. This innovative solution offers radiologists an emerging option for medical image management, potentially enhancing efficiency and capabilities in the dynamic landscape of healthcare information and management systems
• In February 2022, Carestream Health India introduced the DRX Compass, a precise, convenient, and customizable digital radiology solution. Engineered to enhance radiologists' efficiency, it offers a new level of accuracy in diagnostic imaging, reflecting advancements in technology and addressing the evolving needs of the healthcare industry

Global Radiology Information Systems (RIS) Market Scope

The global radiology information systems (RIS) market is segmented on the basis of type, component, deployment mode and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Integrated
• Standalone

Component

• Services
• Consulting Service
• Custom Application Development
• System Integration
• Support And Training Service
• Software
• Hardware

Deployment Mode

• Web Based
• On-Premise
• Cloud-Based

End User

• Hospitals and Clinics
• Outpatient Department
• Office Based Physicians
• Emergency Healthcare Service Providers
• Research And Academic Institute

Global Radiology Information Systems (RIS) Market Regional Analysis/Insights

The global radiology information systems (RIS) market is analysed and market size insights and trends are provided by country, type, component, deployment mode and end user as referenced above.

The countries covered in the global radiology information systems (RIS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the global radiology information systems (RIS) market due to a surge in radiologists and advancements in software by existing providers. The region's growth is further propelled by the introduction of comprehensive RIS featuring integrated PACS, contributing to an accelerated market expansion in North America.   

Asia-Pacific is expected to grow in the global radiology information systems (RIS) market during the forecast period 2024-2031. This growth is driven by increasing awareness of workflow management importance in clinics, hospitals, and diagnostic labs. The region also sees a surge in outsourcing services, contributing to the expanding adoption of RIS.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The global radiology information systems (RIS) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for global radiology information systems (RIS) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the global radiology information systems (RIS) market. The data is available for historic period 2016-2021.

Competitive Landscape and Global Radiology Information Systems (RIS) Market Share Analysis

The global radiology information systems (RIS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global radiology information systems (RIS) market.

Some of the major players operating in the global radiology information systems (RIS) market are:

• Koninklijke Philips N.V. (Netherlands)
• Siemens Healthcare GmbH (Germany)
• Oracle (U.S.)
• MCKESSON CORPORATION (U.S.)
• GE HealthCare. (U.S.)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• FUJIFILM Holdings Corporation (Japan)
• Esaote SPA (Italy)
• Hitachi Ltd. (Japan)
• Veradigm LLC (U.S.)
• MedInformatix, Inc. (U.S.)
• Epic Systems Corporation (U.S.)
• Carestream Health (U.S.)
• Shimadzu Corporation (Japan)
• Hologic, Inc. (U.S.)
• EIZO Corporation (Japan)
• Sectra AB (Sweden)
• Fischer Medical (U.S.)

SKU-2036