Radiology Information Systems (RIS) Market Size, Trends and Growth Analysis by 2027

The global market for radiology information systems (RIS) is projected to achieve a value of US$ 1,693.50 million by the year 2027, rising from US$ 904.60 million in 2019. This growth trajectory indicates a compound annual growth rate (CAGR) of 8.3% from 2020 to 2027.

The primary drivers behind this market expansion include significant advancements in diagnostic imaging technologies, an increasing volume of diagnostic procedures, and a growing trend of partnerships and collaborations among key industry players. Nevertheless, concerns regarding data privacy pose a challenge to the market's growth potential.

Companies that are integrating machine learning technologies into radiology are encouraged to pursue strategic alliances with healthcare providers, as this approach is deemed highly beneficial. The trend of IT partnerships is gaining momentum, with large healthcare systems, insurance payers, technology vendors, and retail pharmacies increasingly adopting these innovative solutions.

Market participants are employing various strategies to enhance their market presence. For example, in August 2019, Philips completed the acquisition of the Healthcare Information Systems (HCIS) division from Carestream Health Inc. This acquisition allowed Philips to broaden its customer base in medical imaging and expand its healthcare IT offerings. Additionally, in June 2019, AllScripts entered into a partnership with Gloucestershire Hospitals NHS Foundation Trust (GHFT) to improve care coordination, facilitate health data exchange, and optimize clinical workflows across the hospital network.

In November 2018, GE Healthcare introduced the Edison healthcare artificial intelligence platform, which aims to enhance operational workflows by connecting a multitude of medical imaging devices. This platform enables clinical partners to develop algorithms and allows technology partners to implement advancements in Edison applications and smart devices.

The global RIS market is categorized based on several factors, including product type, deployment method, component, end user, and geographical region. In terms of product type, the market is divided into integrated RIS and standalone RIS. As of 2019, the integrated systems segment held a larger market share, primarily due to the growing adoption of these solutions by hospitals and healthcare facilities. Integrated RIS are favored for their cost-effectiveness and user-friendly nature, as they can seamlessly integrate with existing systems, thereby eliminating the need for new hardware purchases and conserving resources. Furthermore, integrated solutions enhance workflow processes, making them more suitable for healthcare organizations.

Regarding deployment, the market is segmented into web-based RIS, cloud-based RIS, and on-premises RIS. The components of the market are classified into hardware, software, and services. The end users of RIS are categorized into hospitals, office-based physicians, and emergency healthcare providers.

In preparing this report, several important secondary sources were consulted, including the European Commission (EC), World Health Organization (WHO), Organization for Economic Co-operation and Development (OECD), National Institute of Cancer Prevention and Research (NICPR), Ministry of Food and Drug Safety (MFDS), and the European Society of Radiology (ESR).