Radiology Information Systems (RIS) Market

Global Radiology Information Systems (RIS) Market Size (2023 to 2028)

The size of the global radiology information systems market is anticipated to be worth USD 1.99 billion by 2028 from USD 1.16 billion in 2023, growing at a CAGR of 11.44% from 2023 to 2028.

Global Radiology Information Systems (RIS) Market Share Insights:

• Based on deployment mode, the web-based segment led the market in 2022.
• Based on product, the integrated RIS segment accounted for the major share of the global market in 2022.
• Based on end-use, the hospitals and clinics segment captured the leading share of the worldwide market in 2022.
• Based on region, North America held the major share of the worldwide market in 2022.

Impact of COVID-19 on the global radiology information systems (RIS) market:

The COVID-19 pandemic has significantly impacted the global radiology information system (RIS) market. Because of social-distancing measures, there has been a rise in demand for remote access to radiological systems. The COVID-19 pandemic has accelerated the deployment of cloud-based healthcare technologies. The scalability, remote access, and data-sharing features of cloud-based RIS solutions became vital. The need for effective data transmission and integration between RIS and other healthcare systems became more apparent during the pandemic. Interoperability standards and linkages with other healthcare IT systems, such as electronic health records (EHR) and PACS, became a focus to enable effective and simpler operations.

However, healthcare facilities faced budgetary constraints and operational challenges. As a result, non-essential capital expenditures, such as investments in RIS solutions, may have been delayed or abandoned. The top market participants decreased their operations in several countries due to supply chain disruptions. According to a study published in the journal Radiology, the number of imaging tests performed in the United States reduced by 40-50% in 2020. Outpatient imaging volume declined significantly faster than in inpatient and emergency departments. The policies put in place to combat the spread of COVID-19 reduced demand for imaging services. This is likely affecting demand for radiology information systems, which analyse data from radiology institutions.

MARKET DRIVERS:

The growing adoption of IT solutions in the healthcare industry majorly drive the growth of the RIS market. The healthcare industry has been using IT technologies to improve operational efficiency, decrease manual errors, and improve patient care. RIS systems are essential for improving radiology workflows and integrating data across departments. Continuous technological advances, such as 3D imaging, artificial intelligence (AI), and machine learning, are increasing the demand for RIS systems that can handle these advanced capabilities. RIS solutions are required to efficiently manage and process this massive volume of data. By automating patient scheduling, image tracking, reporting, and billing duties, RIS solutions assist in increasing workflow efficiency. These systems allow radiologists to easily access and share patient data, resulting in shorter turnaround times and better patient care. According to research published in the Journal of Digital Imaging, RIS deployment reduced report turnaround time by 37% and transcription errors by 26%.

The continuous advancements in medical imaging technology, such as digital imaging modalities and Picture Archiving and Communication Systems (PACS) propel the market growth. The integration of information and technology (IT) in the healthcare industry is positively influencing the market by allowing for real-time communication between patients and doctors, simple access to health-related information, and rapid diagnosis. Integration of RIS, picture archiving and communication systems (PACS), and other healthcare information technology (IT) systems, such as electronic health records (EHR), is critical for seamless data sharing and comprehensive patient care.

The growing patient population of chronic diseases, increasing number of initiatives and incentives by the governments of several countries, rising focus on workflow optimization and patient safety and growing demand for integrated healthcare systems fuel the growth rate of the RIS market. Massive volumes of data are generated by RIS solutions, which can be used for analytics, performance monitoring, and reporting. These insights can help to improve decision-making and patient care. According to a poll conducted by the College of Healthcare Information Management Executives (CHIME), 81% of healthcare businesses have invested in data analytics or plan to spend in the future. Furthermore, prominent market companies provide innovative cloud-based services to facilitate large data storage, bolstering market growth.

MARKET RESTRAINTS:

High costs associated with RIS solutions hampers the growth of the radiology information system (RIS) market. Implementing and maintaining RIS solutions can be costly, especially for smaller healthcare facilities with limited budgets. The expenditures include software licencing, hardware infrastructure, personnel training, customisation, and ongoing maintenance. Issues associated with integrating RIS solutions with other healthcare IT systems hinders the market growth. It can be complicated and difficult to connect RIS solutions with other healthcare IT systems, such as EHR, PACS, and LIS. Incompatibility concerns, a lack of defined data formats, and disparities in vendor systems can all impede seamless interoperability and data interchange, reducing the usefulness of RIS solutions. Data privacy concerns impedes the market growth. RIS solutions handle sensitive patient data, such as medical imaging and personal health information. The possibility of data breaches, unauthorised access, and potential privacy violations is a major worry for healthcare providers. Compliance with data protection standards, such as the Health Insurance Portability and Accountability Act (HIPAA) in the US, may hinder the growth of the market.

REPORT COVERAGE: 

This research report on global radiology information systems market has been segmented and sub-segmented based on the following categories.

Global Radiology Information Systems (RIS) Market - By Deployment Mode:

• Web-based

• On-premises
• Cloud-based

Based on deployment mode, the cloud-based segment is anticipated to account for the major share of the global market during the forecast period. Factors such as the growing adoption of cloud-based solutions across various industries, including healthcare and increasing need for remote access to data and images propel the growth of the cloud-based segment in the worldwide market.

The web-based segment is expected to capture a substantial share of the global market in the coming years. The rising trend towards web-based applications and the need for efficient data sharing and collaboration between healthcare providers contribute to the growth of web-based segment in the global market.

Global Radiology Information Systems (RIS) Market - By Product:

• Integrated RIS
• Standalone RIS

Based on product, the integrated RIS segment is anticipated to occupy the leading share of the worldwide market during the forecast period. The rising demand for efficient and interoperable healthcare IT solutions drives the growth of integrated RIS segment in the global market.

Global Radiology Information Systems (RIS) Market - By End-Use:

• Hospitals & Clinics
• Outpatient Department (OPD)
• Others

Based on end-user, the hospitals and clinics segment accounted for the leading share of the global market in 2022 and is expected to continue to be the dominating segment throughout the forecast period. The rapid adoption of digital health solutions in hospitals and clinics, rising emphasis on integrating radiology information systems with electronic health records (EHR) for seamless data exchange and interoperability drive the growth of the hospitals and clinics segment in the global market. The growing patient volumes and increasing need for streamlined radiology operations to meet the growing demand for diagnostic imaging services further propel the growth rate of the hospitals and clinics segment in the global market.

Global Radiology Information Systems (RIS) Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the market in 2022 and is expected to showcase the domination in the worldwide market during the forecast period. The rising demand for efficient and integrated healthcare IT solutions to streamline radiology workflows, favorable government initiatives and investments in healthcare IT and digitalization and growing prevalence of chronic diseases and the need for efficient radiology services for diagnosis and treatment primarily propel the growth of the RIS market in the North American region. The U.S. had the major share of the North American market in 2022 and is expected to continue the same trend in the coming years. Factors such as the availability of well-established healthcare infrastructure, early adoption of advanced healthcare technologies and the presence of key market players majorly drive the RIS market in the U.S.

Europe is a notable regional market for radiology information systems and is predicted to account for a substantial share of the global market during the forecast period. The rapid adoption of digital healthcare solutions and emphasis on interoperability in radiology systems, growing demand for improved patient care, increasing need for efficient radiology management solutions and collaboration between healthcare providers and IT companies to enhance radiology services drive the growth of the European market. Germany is expected to capture the leading share of the European market during the forecast period. An increasing number of advancements in healthcare infrastructure, increasing awareness about the benefits of RIS adoption, and supportive government policies primarily drive the growth of the German market.

APAC is the most lucrative regional market for radiology information systems and is predicted to register the fastest CAGR in the worldwide market in the coming years. The growing healthcare access, increasing demand for advanced diagnostic imaging services and increasing number of initiatives from the governments of APAC countries to promote the digitization of healthcare and the adoption of electronic health records (EHRs) fuel the RIS market in the Asia-Pacific region. The growing medical tourism and the need for efficient radiology services for international patients further promotes the regional market growth. India followed by China and Japan are estimated to hold the major share of the APAC market in the coming years.

KEY MARKET PLAYERS:

Cerner Corporation, McKesson Corporation, Siemens Healthineers AG, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Agfa-Gevaert Group, GE Healthcare, Merge Healthcare, Koninklijke Philips N.V. and MedInformatix, Inc. are some of the major companies in the global RIS market.

RECENT HAPPENING IN THE MARKET:

• In June 2023, Royal Health Inc., a leading provider of healthcare software and services, has announced the formation of RoyalAi Inc., its new subsidiary. This forward-thinking division specialises in leveraging the power of artificial intelligence (AI) to improve operational decision-making processes in radiology and related areas.  The company enables radiologists and healthcare professionals to optimise operational efficiencies, expedite workflows, and improve patient care by integrating cutting-edge AI technologies.