Global Radiology Information Systems Market Projected to Value Over US$ 1.2 Billion by 2026 End

  • 07 Jun 2019

The global radiology information systems market is forecasted to value over US$ 1.2 billion by the end of 2026 and register at a CAGR of over 7.8% during the forecast period of 2019-2026.

A radiology information system (RIS) is an information system that manages radiological data and patient information. It is a system to manage health-related or hospital information system (HIS), designed to automate and manage the processes in the radiological department. The radiology information system is efficient in handling heavy data in any form and thus facilitating quick communication across the hospital. It allows healthcare professionals to manage patient information more effectively. This systems primarily comply with industries like Integrating the Healthcare Enterprise (IHE), Health Level 7-International (HL7), Digital Imaging and Communication in Medicine (DICOM) and Fast Healthcare Interoperability Resources (FHIR). These make information processing simpler and eliminates the paper-based systems, thereby allowing the data analysing done faster giving quick results with a significant reduction in cost along with the sustainability. 

 Due to increasing cyber attacks, securing patient information is important for healthcare companies. Moreover, in January 2013, the Department of Health and Human Services (HHS) published the HIPAA Omnibus Rule. It is the set of final regulations modifying the Health Insurance Portability and Accountability Act (HIPAA) privacy, security, and enforcement rules, which provides the guidelines regarding where the information is being stored and how the patient information can be secured efficiently. In April 2019, Hologic, Inc. announced the launch of Trident HD specimen in Canada. The Trident HD system is a next-generation radiography solution that delivers enhanced workflow and image quality, along with instant sample verification in stereotactic breast biopsies and breast conserving procedures.

Global Radiology Information Systems Market: Restraints
+ Lack of Skilled Professionals
+ Concerns About Data Safety and Security

Global Radiology Information Systems Market: Segmentation 
By Component
+ Services
+ Software
+ Hardware 

By Deployment 
+ On-premise
+ Remote
+ Cloud-Based
The surge in demand for cloud-based services given their reduced operational cost & accessibility to data, the cloud-based RIS systems market is expected to grow at the highest growth rate during the forecast period.

By End User
+ Hospitals
+ Diagnostic Laboratories
+ Outpatient Centres
+ Clinics
Hospitals and clinics led the highest revenue garnering end segment in 2018. The major installation of RIS is in hospitals to maintain and manage patient records. Big healthcare IT corporations are involved in the compilation of all hospital database that connects all the systems.  

By Region
+ Europe  
+ North America  
+ APAC  
+ Latin America
+ Rest of World
North America accounted for the largest market share due to factors such as the well-established healthcare system in the region, higher adoption of healthcare information technologies, an increase in the number of chronic diseases. Mexico is estimated to grow at a faster CAGR in the North American radiology information system market.

Competitive Landscape:  
+ Tier 1 players- Established companies in the market with a major market share  
+ Tier 2 players -Emerging players which are growing rapidly 
+ New Entrants  

FutureWise Takeaways  
+ Growth prospects  
+ SWOT analysis 
+ Key trends 
+ Key data-points affecting market growth  

Objectives of the Study:
+ To provide with an exhaustive analysis on global radiology information systems market by component, deployment type, end-user and region 
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market  
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies


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