The global radiology information systems (RIS) market is expected to reach US$ 1,693.50 million by 2027 from US$ 904.60 million in 2019. The market is estimated to grow at a CAGR of 8.3% from 2020 to 2027.
The growth of the market is mainly attributed to advancements in diagnostic imaging solutions and rising number of diagnostic procedures, and increasing number of partnerships and collaborations among market players. However, rising concerns regarding data privacy is the factor hampering the market growth to a certain extent.
The companies engaged in the integration of machine learning solutions in radiology need to focus on strategic collaborations and a partnership with healthcare providers as it isthe most profitable step. IT partnerships have increasingly become popular, as large health systems, payers, and technology vendors, and retail pharmacies have started opting for these solutions. Players in the market are incorporating various strategies to increase their market share. For instance, in August 2019, Philips acquired the Healthcare Information Systems (HCIS) business of Carestream Health Inc. Carestream provides medical imaging and healthcare IT solutions for imaging centers and other specialty medical clinics. The company expanded Philips’ medical imaging customer base, and healthcare IT portfolio. Moreover, in June 2019, AllScripts collaborated with Gloucestershire Hospitals NHS Foundation Trust (GHFT). This collaboration was aimed at enhancing care coordination, promoting the health data exchange, and streamlining the clinical workflows across the hospitals. In November 2018, GE Healthcare launched the Edison healthcare artificial intelligence platform, which is designed to improve the workflows by connecting millions of medical imaging devices. This platform would enable the clinical partners to develop algorithms and technology partners to process advancements to Edison applications and smart devices.
The global radiology information systems (RIS)markethas been segmented on the basis of product, deployment, component, end user,and geography.The market, by product, is segmented intointegrated RIS and standalone RIS. In 2019, the integrated systems segment accounted for a larger share of the market; this is attributed to the increasing adoption of these solutions by hospitals and healthcare institutions as they are cost-efficient and easy to use; moreover,they can be integrated with the existing systems within the organizations, which eliminates the need to buy new hardware systems, thus saving up on resources. The integrated RIS solutions also help improve workflow processes in a business format. Further, these solutions are easier to maintain than standalone systems, which makes them an ideal fit for most of the healthcare organizations. On the basis of deployment, the market is segmented into web-based RIS, cloud-based RIS, and on-premises RIS. Based on component, the market is segmented into hardware, software, and services. On the basis of end user, the market is segmented into hospitals, office-based physicians, and emergency healthcare providers.
Several crucial secondary sources studied while preparing this report include European Commission (EC), World Health Organization (WHO),and Organization for Economic Co-operation and Development, National Institute of Cancer Prevention and Research (NICPR), Ministry of Food and Drug Safety (MFDS), European Society of Radiology (ESR).