Radiology Information Systems Market Demand, Analysis And Outlook 2024-2033

Global radiology information systems market size is expected to reach $1.37 Bn by 2028 at a rate of 10.1%, segmented as by type, throw away prototyping, evolutionary prototyping, operational prototyping

Jun 26, 2024 - 12:04

Overview and Scope

A radiology information system refers to a specialized software system designed to manage medical imagery and associated data in radiology departments and diagnostic imaging centers. It streamlines and automates various daily operations such as administrative, clinical, operational, patient registration, scheduling, order tracking, billing, reporting, and others.

Sizing and Forecast

The radiology information systems market size has grown strongly in recent years. It will grow from $0.85 billion in 2023 to $0.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to regulatory changes, demographic trends, cost pressures, consolidation in healthcare, and quality improvement initiatives.

The radiology information systems market size is expected to see rapid growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to population health management, telemedicine expansion, artificial intelligence integration, patient-centric care models, data analytics and business intelligence. Major trends in the forecast period include increasing adoption of cloud-based solutions, integration of blockchain technology for data security and interoperability, expansion of imaging modalities beyond traditional radiology, emphasis on interoperability and data exchange standards, and growth of teleradiology and remote reporting services.

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Segmentation & Regional Insights

The radiology information systems market covered in this report is segmented –

1) By Product: Integrated Radiology Information System, Standalone Radiology Information System

2) By Deployment: Web-Based, Cloud-Based, On-Premise

3) By End-User: Hospitals And Clinics, Outpatient Department, Office Based Physicians, Emergency Healthcare Service Providers, Research And Academic Institute

North America was the largest region in the radiology information systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radiology information systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising incidence of chronic diseases is expected to propel the growth of the radiology information systems market going forward. Chronic diseases, also known as non-communicable diseases (NCDs), are long-term health conditions that typically develop gradually and persist over an extended period. Chronic diseases arise because of the aging population, sedentary lifestyles, poor diet, physical inactivity, and environmental factors. Radiology information systems are used for the diagnosis, management, and monitoring of chronic diseases by facilitating the efficient storage, retrieval, and interpretation of medical imaging data. For instance, in January 2023, according to the National Library of Medicine, a US-based government medical agency, there will be 142.66 million people with chronic diseases worldwide by the year 2050, up from 71.522 million in 2020. Furthermore, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases, that happen every year globally. Therefore, the rising incidence of chronic diseases is driving the growth of the radiology information systems market.

Key Industry Players

Major companies operating in the radiology information systems market are McKesson Corporation, General Electric Company, Oracle Corporation, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Cerner Corporation, Hologic Inc., Shimadzu Corporation, Epic Systems Corporation, Agfa-Gevaert Group, Veradigm LLC, Carestream Health, Allscripts Healthcare LLC, Esaote S.p.A., Sectra AB, Canon Medical Systems Corporation, Pro Medicus Limited, EIZO Corporation, eRAD, Fischer Medical, MedInformatix Inc.

The radiology information systems market report table of contents includes: