The radiology information systems market was valued at USD 809.8 million in 2020, and it is expected to reach USD 1,315.6 million by 2026, register a CAGR of nearly 7.3% during the forecast period, 2021-2026.
COVID-19 is expected to have a significant impact on the radiology information system market. According to a research article published in the Radiological Society of North America, 2020, the policy measures adopted to slow the transmission of COVID-19 were decreasing the demand for imaging services. The guidelines from the Centers for Disease Control and Prevention to postpone emergency outpatient visits during the height of the pandemic had a great impact on screening services such as mammography and lung cancer screening, and the impact has been observed throughout the sector, including interventional procedures. This is likely to have affected the demand for radiology information systems as they are used to analyze data from radiology units. With the current easing of norms and the start of vaccination programs, the market is expected to see a positive trend in a few months.
The major factors for the growth of the market include growth in the incidence rate of chronic diseases, improved access to healthcare information technology systems, and the increase in government funding for cancer-related research. The burden of chronic diseases is on the rise across the globe. The increase in the aging population and rising prevalence of chronic diseases and lifestyle-related disorders, such as cancer, arthritis, cardiovascular, and diabetes, are some of the primary factors responsible for the growth of this market.
According to the World Health Organization's Ageing and Health Fact Sheet (published in 2018), by 2050, the world's population aged 60 years and older is expected to reach a total of 2 billion, up from 900 million in 2015. The geriatric population is highly prone to several complex and chronic diseases, which is expected to drive the demand for radiology services and have a positive impact on the studied market. According to Globocan 2020, an estimated 19,292,789 new cancer cases and 9,958,133 deaths due to cancers were reported in 2020 worldwide. Increase in cancer cases will lead to an increase in focus on radiology services for proper diagnosis, which is expected to drive the market demand for radiology information systems. The increasing incidence rate of chronic diseases like cancer is driving the demand for radiology information systems in the market.
As per a research article published in Eurostat Statistics 2020, for CT scanners, there were 13.1 million scans in France, with the next highest numbers in Germany (12.7 million), Italy (5.7 million), and Spain (5.6 million) in 2018. For PET scanners, there were 607 000 scans in France, with Italy recording the next highest number at 338 000 scans in 2018. For MRI units, there were 12.3 million scans in Germany compared to 8.0 million scans in France, 4.5 million in Italy, and 4.3 million in Spain in 2018. Also, according to the Eurostat Availability of Imaging Equipment statistics of 2019, between 2013 and 2018, the largest increase in the availability of MRI units was recorded in Greece and Germany, where the number of MRI units per 100 000 inhabitants increased by 0.6 units per 100 000 inhabitants, accounting for 2.0 MRI units per 100 000 inhabitants in 2018, and the number of mammography units was also relatively high, within the range of 3.1-3.7 units per 100 000 inhabitants in Belgium in 2018. Increase in radiology procedures, coupled with the increase in accessibility to these services, is expected to have a positive impact on the radiology information system market.
Key Market Trends
The Cloud-based Segment is Expected to Witness High Growth over the Forecast Period
The modernization of operations and approaches by utilizing technology solutions, such as radiology information systems and analytical sources, has significantly improved healthcare organizations and facilities. Images and reports are now being transmitted digitally via PACS (Picture archiving and communication system) by integrating the system with radiology information system (RIS) and hospital information system (HIS). This integration eliminates the need to manually store, retrieve, and display film jackets. In view of these benefits, most of the healthcare systems are shifting toward the adoption of radiology information systems, which is expected to drive market growth over the forecast period.
Cloud-hosted services are quite cheap as compared to the direct purchase model. This is because they allow users to subscribe to the latest version of a radiology information system at a lower price rather than purchasing the complete model. Since cloud-based systems store data on external servers, they can be easily accessed over the web and require only a computer with an internet connection for optimal working. Cloud-based delivery helps healthcare providers and patients access information at any time. As cloud-based radiology information systems are more cost-effective, they are particularly suitable for small to medium-sized hospitals, as they cannot afford large hardware expenditures.
Many companies like Integrated Modular Systems Inc. offer cloud-based services for RIS. The company offers its flagship service, imsiRIS, in a subscription-based model that is hosted within its imsiCloud or any on-premise solution.
Cloud-based radiology information systems also allow medical practitioners and physicians to control access to sensitive information. Thus, due to the multiple benefits associated with cloud-based systems, the market is expected to witness high growth over the forecast period.
North America is Expected to hold a Significant Market Share over the Forecast Period
North America is expected to hold a major market share in the radiology information systems market due to increasing cases of chronic diseases and rising healthcare expenditure.
According to the estimates of Globocan 2020, there were around 195,499 new cases of cancer in Mexico. During the same time, around 90,222 deaths occurred due to cancer in the country. The rising prevalence of chronic diseases like cancer is expected to propel the market, as cancer diagnosis relies heavily on advanced radiology imaging technology. The data from these radiology systems are analyzed and stored in radiology information systems.
Medical imaging procedures make an invaluable contribution to examination, diagnosis, monitoring/documentation, and treatment of medical conditions. Radiology information systems are then used for patient administration, examination, reporting, statistics, and system administration, which displays, stores, retrieves, transfers, exchanges, and prints radiology orders, results, and reports. Companies in the region are partnering with major radiology service providers for market growth. For example, in November 2020, Konica Minolta Healthcare Americas Inc., a major American company, announced its partnership with SimonMed Imaging, which is a large medical imaging service provider. The agreement will see SimonMed using Konica Minolta's Exa RIS throughout its centers nationwide.
The radiology information systems market is moderately consolidated market. In terms of market share, few of the major players are currently dominating the market. Some of the market players are Allscripts Healthcare Solutions Inc., Cerner Corporation, Epic Systems Corporation, GE Healthcare, IBM (Merge Healthcare Incorporated), Koninklijke Philips NV, Mckesson Corporation, Medinformatix Inc., and Siemens Healthineers, among others.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Improved Healthcare Information Technology Systems
- 4.2.2 Growth in the Incidence Rate of Chronic Diseases
- 4.2.3 Increase in Government Funding for Cancer-related Research
- 4.3 Market Restraints
- 4.3.1 High Cost of the Installation
- 4.3.2 Scarcity of Skilled Labor
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Integrated Radiology Information System
- 5.1.2 Stand-alone Radiology Information System
- 5.2 By Deployment Mode
- 5.2.1 On-premise
- 5.2.2 Cloud-based
- 5.3 By Component
- 5.3.1 Hardware
- 5.3.2 Software
- 5.3.3 Services
- 5.4 Geography
- 5.4.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.4.2 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 France
- 18.104.22.168 Italy
- 22.214.171.124 Spain
- 126.96.36.199 Rest of Europe
- 5.4.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 India
- 18.104.22.168 Australia
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.4.4 Middle-East and Africa
- 188.8.131.52 GCC
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle-East and Africa
- 5.4.5 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Allscripts Healthcare Solutions Inc.
- 6.1.2 Cerner Corporation
- 6.1.3 Epic Systems Corporation
- 6.1.4 GE Healthcare
- 6.1.5 IBM (Merge Healthcare Incorporated)
- 6.1.6 Koninklijke Philips NV
- 6.1.7 Mckesson Corporation
- 6.1.8 Medinformatix Inc.
- 6.1.9 Siemens Healthineers
- 6.1.10 Practice Fusion
- 6.1.11 Kareo
- 6.1.12 patientNOW Inc.
- 6.1.13 NextGen Healthcare
- 6.1.14 Varian Medical Systems Inc.
- 6.1.15 Konica Minolta Healthcare Americas Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS