Rockville, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The global Radiology Information System Market is calculated at US$ 1.18 billion for 2024, as per a new study by Fact.MR, a market research and competitive intelligence provider. Global demand for RISs (radiology information systems) is projected to reach a market value of US$ 1.75 billion by 2034-end. Growing need for computerized medical imaging is set to drive global market growth over the coming years.
Increasing elderly population is estimated to lead to rising healthcare issues. In addition, the significant growth of the diagnostic services market is forecasted to generate the need for effective, quick, and inexpensive healthcare products and services. Further, increased expenditure on healthcare IT services is projected to improve RIS facilities.
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Key Segments of Radiology Information System Industry Research Report
| By Platform | By Deployment | By Component | By End User |
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In recent years, there has been a significant increase in the cases of chronic diseases, including cancer, osteoporosis, arthritis, COPD, and others. This is forecasted to stimulate demand for efficient medical imaging and radiology information systems.
Key Takeaway from Market Study
- Worldwide sales of radiology information systems are pegged at US$ 1.18 billion in 2024.
- The global radiology information system market is projected to reach US$ 1.75 billion by 2034-end.
- The market is predicted to advance at a CAGR of 4% from 2024 to 2034.
- North America is estimated to hold 45.8% share of global market revenue in 2024.
- The market in East Asia is forecasted to reach US$ 189 million by the end of 2034.
- Worldwide sales of integrated radiology information systems are predicted to reach US$ 1.33 billion by the end of 2034.
- Cloud-based radiology information systems are projected to hold 72.9% share of the global market by 2034.
“Growing demand for digitalization in healthcare along with rising adoption of diagnostic imaging processes are contributing to the growth of the radiology information system market,” says a Fact.MR analyst.
Introduction of Numerous Software Applications for Radiology Information Systems
North America is predicted to hold close to 50% share of global market revenue by 2034. Market growth in the region is being driven by an increasing number of radiologists. In addition, the introduction of many new software applications for radiology information systems is also projected to contribute to regional market growth opportunities over the coming years.
Winning Strategy
Market players are adopting several strategies, including mergers and partnerships, to achieve their business goals.
For instance:
- In March 2019, Philips inked an agreement with Carestream Health, Inc. to reach out to more geographies around the world.
Prominent manufacturers of radiology information systems are Merge Healthcare, Cerner Corporation, Siemens Healthcare, Epic Systems Corporation, McKesson Corporation, GE Healthcare, Allscripts, Philips Healthcare, and MedInformatix.
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Integrated radiology information systems offer a unified platform to streamline workflows across various departments in healthcare settings. They enable efficient management of billing, reporting, appointment scheduling, and administrative tasks related to radiology services. The consolidation of functions is anticipated to reduce redundancies and improve operational efficiency, saving resources and time for healthcare professionals.
Cloud-based radiology information systems provide scalability, allowing healthcare providers to manage resources effectively based on their needs. These systems can easily expand their storage capacities to accommodate the growing volume of medical imaging data. Additionally, they contribute to improved computational resources without the need for extensive hardware upgrades.
| Report Attribute | Details |
| Value Projection (2034) | USD 1.75 Billion |
| Growth Rate (2024-2034) | 4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
Market Competition
Enterprises are directing their efforts toward streamlined supply chain management, product quality control, innovation, new product introductions, and collaborative ventures to secure a competitive advantage.
For example:
- In March 2022, Intelerad Medical Systems introduced the Enterprise Imaging & Informatics Suite, anticipated to furnish radiologists with efficient solutions for medical image management.
- Carestream Health India unveiled the DRX Compass in February 2022, presenting a user-friendly, configurable, and precise digital radiology solution aimed at enhancing efficiency for radiologists.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the radiology information system market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on platform (integrated, standalone), deployment (cloud-based, on-premise), component (services, consulting services, custom application development, system integration, support & training services, hardware, software), and end user (hospitals, clinics, ASCs [ambulatory surgical centers], diagnostic labs), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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