Radiology Information Systems (RIS) Market CAGR by 2031
The radiology information system (RIS) market size in 2021 stood at US$ 1.04 billion and is projected to reach US$ 2.48 billion by 2031 from US$ XX billion in 2023. The market is expected to register a CAGR of 9.4% in 2023–2031. Growing awareness regarding radiology information system (RIS) with its fewer health risks and adoption rate in the developing regions are likely to remain key radiology information system (RIS) market trends.
Radiology Information System (RIS) Market Analysis
Key market growth factors include increasing chronic disease incidence rates, access to healthcare information technology systems, and government funding for cancer research. Furthermore, the burden of chronic diseases is increasing worldwide, coupled with increasing population aging, and lifestyle-related disorders such as cancer, arthritis, cardiovascular diseases, and diabetes are some of the major factors responsible for the growth of this market. An increase in cancer cases is expected to lead to a elevated focus on radiology services for appropriate diagnosis, which is expected to increase the demand for radiology information systems. The increasing chronic diseases such as cancer is boosting the demand for radiology information systems. However, the high installation cost and lack of skilled labor are expected to hamper the market growth during the study period.
Radiology Information System (RIS) Market Overview
RIS is specialized healthcare software designed to manage and streamline the operations of radiology and imaging centers. The RIS stores, manage and distribute radiological images, patient information, and related data. Continuous technological advances, including machine learning, deep learning, and AI integration in healthcare, will improve the accuracy and efficiency of radiology systems. Additionally, the growing demand of integrated healthcare solutions for improving patient care and streamlining workflows is leading toward adopting RIS. Government regulations and initiatives also promote standardization of medical data and records. They also provide incentives for adopting healthcare IT services, which are expected to impact market growth opportunities positively.
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Radiology Information System (RIS) Market: Strategic Insights
Market Size Value in US$ 904.60 Million in 2019 Market Size Value by US$ 1,693.50 Million by 2027 Growth rate CAGR of 8.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Radiology Information System (RIS) Market: Strategic Insights
| Market Size Value in | US$ 904.60 Million in 2019 |
| Market Size Value by | US$ 1,693.50 Million by 2027 |
| Growth rate | CAGR of 8.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Radiology Information System (RIS) Market Drivers and Opportunities
Advancements in Diagnostic Imaging Solutions to Favor Market
The introduction of digital imaging has transformed the field of radiology. It catalysed the transition from traditional film-based imaging to digital formats, optimized data management, and increased accessibility. Digital image processing also led to significant improvements in image quality. RIS allows healthcare staff to set appointments for individuals on both inpatient and outpatient bases. Radiology has advanced toward computerized management in the health service and has responded to the demand for cost-efficient and rapid communication between departments of radiology and their users. In the last few years, there have been various developments in imaging modalities within healthcare for diagnostic purposes. In recent years, many advances have been made in digital radiography, including AI-assisted X-ray interpretation, dual-energy imaging, tomosynthesis, computer-aided diagnosis, automatic image stitching, and digital mobile radiography. These advances have resulted in improved image quality, helping to improve patient care and achieve better patient outcomes. In addition, using digital radiography reduces the need for repeat imaging, which has the advantage of lower radiation exposure.
Growing Adoption of Healthcare IT Services in Emerging Economies – An Opportunity for Radiology Information System (RIS) Market Growth
Globally, there is a growing need for technology adoption in radiology services to meet the demands. The future of RIS lies in the usage of artificial intelligence (AI) and machine learning (ML). AI algorithms can help radiologists analyze images, detect abnormalities, and support decisions. ML algorithms can continuously learn from massive amounts of data and refine diagnoses and treatment plans. Improved connectivity through Internet and mobile technology, teleradiology, artificial intelligence, developments in medical imaging informatics, and portable or mobile medical imaging devices can enable remote locations in any country to access better healthcare and diagnostics. Furthermore, in developing countries, health systems are becoming more technologically friendly as the countries are experiencing an internationalization of care as established brands. For instance, the US-based Cleveland Clinic expanded their markets in the UAE, and England-based start-up Babylon, a primary care diagnostic app powered by machine learning and AI, entered into China and Rwanda.
Radiology Information System (RIS) Market Report Segmentation Analysis
Key segments that contributed to the derivation of the radiology information system (RIS) market analysis are product, deployment, component, and end user.
- Based on product, the radiology information system (RIS) market is bifurcated into standalone RIS and integrated RIS. In 2023, integrated RIS segment held the largest share of the market, and the same segment is anticipated to register the highest CAGR during the forecast period.
- By deployment, the market is segmented into web-based RIS, cloud-based RIS, on-premises RIS. In 2023, web-based RIS segment held the largest share of the market. However, the cloud-based RIS segment is anticipated to register the highest CAGR during 2023–2031.
- Based on component, the radiology information system (RIS) market is categorized into hardware, software, and services. In 2023, services segment held the largest share of the market, and the software segment is anticipated to register the highest CAGR during the forecast period.
- In terms of end user, the market is segmented into office-based physicians, hospitals, and emergency health service providers. In 2023, hospitals segment held the largest share of the market, and the same segment is estimated to register the highest CAGR during the forecast period.
Radiology Information System (RIS) Market Share Analysis by Geography
The geographic scope of the radiology information system (RIS) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the radiology information system (RIS) market. The demand for the market in the region is expected to observe growth at a significant rate because of several factors such as government investment in healthcare infrastructure, increasing awareness regarding the medical imaging as well as the benefits associated with implementation of RIS. In the US factors such as large number of imaging centers in this region, swift pace of technological advancements, growing geriatric population and increasing demand for computer aided diagnosis, are some of the key growth drivers of this market. Also, presence of various companies engaged in developing advanced systems of RIS for diagnostic imaging of cardiovascular, orthopedic, dental and oncology is expected to offer growth opportunities for the market growth. However, Asia Pacific is predicted to grow with the highest CAGR in the coming years owing to factors such growth of the healthcare information technology industry in this region due to improving healthcare infrastructure and rise in rate of adoption of advanced health care techniques by consumers.
Radiology Information System (RIS) Market Report Scope
Radiology Information System (RIS) Market News and Recent Developments
The radiology information system (RIS) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for radiology information system (RIS):
- Royal Solutions Group, a leading healthcare software provider, is happy to announce the expansion of its partnership with Concord Technologies. The integration of additional technology from Concord's Practical AI suite of cutting-edge, data-processing solutions allows both typed and handwritten notes to be easily scanned, and the data then extracted and integrated into workflows. This promises to transform the way medical practices handle order entry, indexing, and prior authorization. By automating these critical processes, healthcare professionals are empowered to focus on patient care rather than paperwork. (Royal Solutions Group, LLC, Press Release, 2024)
- Manipal Hospitals, one of India’s foremost healthcare providers, has entered into an agreement with FUJIFILM India. Under the long-term agreement, Manipal Hospitals would be provided with a large-scale Picture Archiving and Communication System (PACS), powered by FUJIFILM India. The PACS eliminates the need for manually storing, retrieving, and sending sensitive information, films, and reports. (FUJIFILM India Private Limited, News, 2023)
- PARATUS acquires majority stake in IMAGE Information Systems. IMAGE is a leading provider of PACS servicing imaging centers and hospitals around the world. This investment by PARATUS is a strategic building block in establishing a global leading healthcare software and IT-service provider. (RADiQ IMAGE Information Systems, News, 2023)
- Philips debuts new AI-enhanced informatics solutions to increase diagnostic confidence with intelligence at every step of the radiology workflow at RSNA. (Koninklijke Philips N.V., News, 2022)
Radiology Information System (RIS) Market Report Coverage and Deliverables
The “Radiology Information System (RIS)Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , By Deployment , By Component , By End User , and By Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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