SEATTLE, April 21, 2020 (GLOBE NEWSWIRE) -- A radiology information system (RIS) is used to manage medical imagery and associated data. This networked software system tracks radiology imaging orders and billing data. Along with Picture Archiving and Communication System (PACS) and Vendor Neutral Archives (VNAs), RIS can be used to manage image archives, record-keeping and billing.
Statistics:
The global radiology information system market is estimated to account for US$ 1,620.5 Mn in terms of value by the end of 2027.
Market Drivers
Increasing launch of RIS-related programs is expected to propel growth of the global radiology information system market over the forecast period. For instance, in June 2019, Wellbeing Software, a RIS provider, launched its Connected Radiology Program to help radiology departments share resources, improve workflows and address the issue of reporting backlogs.
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Moreover, increasing adoption of RIS is also expected to aid in growth of the market. For instance, in March 2020, NHS Nightingale, a hospital run by Barts Health NHS Trust, announced to adopt Cerner Corporation’s electronic patient record (EPR) and the Sectra RIS and CliniSys pathology software.
Market Opportunities
Development of novel IoT technologies that operate along with RIS is expected to offer lucrative growth opportunities for players in the global radiology information system market. For instance, in April 2020, MedInformatix, a health IT company, launched Wait in Car, a new mobile-friendly application that allows patients to wait in the safety of their automobiles for assigned medical appointments. The app integrates with RIS platforms and electronic health record (EHR) to provide the service.
Moreover, increasing integration of pathology imaging solution and laboratory information system is also expected to aid in growth of the market. For instance, in April 2020, Sectra, a medical imaging IT and cybersecurity company, collaborated with Hospital for Special Surgery, an academic medical center focused on musculoskeletal health, to integrate FDA approved digital pathology imaging solution with laboratory information system for integrated diagnostics capabilities between radiology and pathology.
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Key Takeaways:
The global radiology information system market was valued at US$ 803.9 Mn in 2019 and is forecast to reach US$ 1,620.5 Mn by 2027 at a CAGR of 8.3% between 2020 and 2027.
Integrated segment held dominant position in the global radiology information system market in 2019, accounting for 74.0% share in terms of value, followed by standalone, respectively. Advantages associated with integrated radiology information system such as access to all the data on a real time basis is anticipated to assist the growth of the segment during the forecasted period.
The cloud-based deployment segment held dominant position in the global radiology information system market in 2019, accounting for 69.5% share in terms of value, followed by by on-premises segment, respectively. Increasing integration of pathology imaging solution and laboratory information system is also expected to aid in growth of the market.
Market Trends
Major players in the market are focused on collaborating to provide their expertise during the COVID-19 pandemic. For instance, in April 2020, Wellbeing Software collaborated with Behold.ai, through which the Behold.ai’s artificial intelligence-based red dot algorithm will be used with Wellbeing Software’s Cris, a RIS, for fast-track diagnosis of COVID-19 in U.K.
Europe is witnessing increasing adoption of RIS. For instance, in March 2020, Sectra signed a contract with Region Halland, a Sweden-based healthcare provider, to deliver its RIS as a cloud service.
Competitive Landscape
Major players operating in the global radiology information system market include, Cerner Corporation, Allscripts Healthcare Solutions Inc., Sectra, Epic Systems Corporation, General Electric Company, Koninklijke Philips N.V., Siemens AG, McKesson Corporation, Merge Healthcare Incorporated, Medinformatix Inc., eRAD, Inc., and RamSoft Inc.
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Key Developments
Major players in the market are focused on adopting various marketing strategies to enhance their market share. For instance, in September 2019, eRAD demonstrated its EHR-Certified RIS, PACS Evolution, and other product portfolios at RSNA 2019.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in October 2019, Cerner Corporation signed a definitive agreement to acquire AbleVets, a strategic IT consulting and engineering firm.
Taxonomy (Scope, segments)
- By Platform
- Integrated
- Standalone
- By Component
- Services
- Consulting Services
- Custom Application Development
- System Integration
- Support and Training Services
- Others
- Hardware
- Software
- Services
- By Deployment
- Cloud-based
- On-premises
- By End User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Diagnostics Labs
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa