Radiology Information Systems Market Global Opportunity 2027

Radiology Information Systems (RIS) Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Standalone RIS and Integrated RIS), By Deployment (Web Based RIS, Cloud Based RIS and On Premises RIS), By Component (Services, Hardware, and Software), By End User (Office Based Physicians, Hospitals, Emergency Healthcare Service Providers), and By Geography

Publication Month : May 2020

  • Report Code : TIPHC00002561
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 190
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The radiology information systems (RIS) market is expected to reach US$ 1,693.50 million by 2027 from US$ 904.60 million in 2019; the market is estimated to grow at a CAGR of 8.3% during 2020–2027.

A radiology information system is a computer-based system that is aimed to support effective workflow and business analysis in radiology departments worldwide. The radiology information software manages data of hospital's radiology departments and clinics in an electronic form. Data could be in any form such as billing, scheduling and medical imaging. It is significant to keep a track of the data and store it for future references. The implementation of radiology information systems facilitates increased work efficiency, better patient coordination, reduction in medical errors with improved diagnosis, and streamlined administrative functions. The importance of radiology information system has increased immensely as they eliminate manual errors, and the systems have now become a crucial component of the overall healthcare sector.

Lucrative Regional Markets for Radiology Information Systems

Lucrative Regional Markets for Radiology Information Systems
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Market Insights

Increasing Prevalence of Chronic Diseases Drives RIS Market Growth

RIS help track patients' data in the form of large image files generated during the diagnosis and treatment. The systems allow staff to set appointments for individuals on both inpatient and outpatient bases. In the last few years, there have been various developments in imaging modalities adopted for diagnostic purposes. Radiology has emerged as a recent trend in computerized management in health services; moreover, it has addressed the need for cost-efficient and rapid communication between radiology departments and respective users.

Medical imaging is a vital part of medical care and treatment worldwide. Rising awareness regarding the early diagnosis of diseases has led to an increase in the total number of diagnostic tests procedures performed around the world. For instance, as per the NHS England report, in 2018, ~42.7 million imaging tests were performed in England, with a year-on-year increase of 1.4%. X-ray was the most performed method with 22.9 million procedures, followed by diagnostic ultrasonography (9.51 million), CT Scan (5.15 million), and magnetic resonance imaging (3.46 million).

Increasing FDA approvals for innovative radiology information solutions are also increasingly offering advancements in the Radiology Information Systems (RIS) Market. For instance, in 2019, Philips introduced IntelliSpace Cardiovascular 4.1, a cardiovascular image and information management system. The platform offers efficient pediatric reporting capabilities. With the rising prevalence of cardiovascular disorders, the launch of suitable RIS software is likely to enable better treatment as well as diagnosis of these disorders.

Product-Based Market Insights

The Radiology Information Systems (RIS) Market based on product is segmented into integrated systems and standalone systems. In 2019, the integrated systems segment accounted for a larger share. This is attributed to the increasing adoption of these solutions by hospitals and healthcare institutions as they are cost-efficient, easy to use, and compatible with retrofitting in the existing systems. The integrated RIS solutions also help improve workflow processes within a business format. Furthermore, these systems are easier to maintain than that of the standalone systems, making them an ideal fit for most of the healthcare organizations.

Radiology Information Systems Market, by Product – 2019 and 2027

Radiology Information Systems Market, by Product – 2019 and 2027
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Deployment-Based Market Insights

On the basis of deployment, the radiology RIS market has been segmented into web-based RIS, cloud-based RIS, and on-premises RIS. The web-based RIS segment held the largest share of the market in 2019, whereas the cloud-based RIS segment is anticipated to register the highest CAGR during the forecast period.

Component-Based Market Insights

On the basis of component, the RIS market has been segmented into hardware, software, and services. The services segment held the largest share of the market in 2019, whereas the software segment is anticipated to register the highest CAGR during the forecast period.

End User-Based Market Insights

On the basis of end user, the RIS market has been segmented into office-based physicians, hospitals, and emergency health service providers. The hospitals segment held the largest share of the market in 2019, and it is further anticipated to register the highest CAGR during the forecast period.

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Radiology Information Systems (RIS) Market: Strategic Insights

Market Size Value inUS$ 904.60 Million in 2019
Market Size Value byUS$ 1,693.50 Million by 2027
Growth rateCAGR of 8.3% from 2020-2027
Forecast Period2020-2027
Base Year2020
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During 2018–2020, various companies implemented organic growth strategies in the market. A few of the activities undertaken by the company, which have enhanced their growth, is expansion. Koninklijke Philips N.V., Siemens Healthineers AG, and Fujifilm Corporation Ltd have been at the forefront of implementing various strategies to grow in their respective markets. For instance, in April 2019, Philips introduced IntelliSpace Radiation Oncology. The launch has helped the company manage complexity, improve efficiency and enable operational excellence in radiotherapy departments.

Radiology Information Systems Market – By Product

  • Standalone RIS
  • Integrated RIS

Global Radiology Information Systems (RIS) Market – By Deployment

  • Web-Based RIS
  • Cloud-Based RIS
  • On-Premises RIS

Global Radiology Information Systems (RIS) Market – By Component

  • Services
  • Hardware
  • Software

Global Radiology Information Systems (RIS) Market – By End User

  • Office-Based Physicians
  • Hospitals
  • Emergency Healthcare Service Providers

Radiology Information Systems (RIS) Market – By Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
  • Asia Pacific

    • China
    • India
    • South Korea
    • Japan
    • Australia
  • Middle East and Africa

    • South Africa
    • Saudi Arabia
    • UAE
  • South and Central America

    • Brazil
    • Argentina

Company Profiles

  • Koninklijke Philips N.V.
  • Siemens Healthineers AG
  • Bayer AG
  • Cerner Corporation
  • General Electric Company
  • IBM Corporation
  • Epic Systems Corporation
  • Fujifilm Corporation
  • MedInformatics, Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product , By Deployment , By Component , By End User , and By Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

Frequently Asked Questions

What is radiology information system (RIS)?

A radiology information system is a computer system that is aimed to support effective workflow and business analysis in a radiology department. Radiology information system is software, which manages the data for hospital's radiology department and clinics in an electronic form. Data could be in any form like billing, scheduling and medical imaging. It is significant to store and keep a track of the data for future references. Radiology information system implementation facilitates increased work efficiency, better patient coordination, and reduction in medical errors, improved diagnosis, and streamlined administrative functions. Due to manual errors, radiology information system is expected to immensely grow in importance within the recent years and have now become a crucial component of the overall healthcare industry.

What are the driving factors for the radiology information system (RIS) market across the globe?

The growth of the market is attributed to some key driving factors such as advancements in diagnostic imaging solutions coupled with rising number of diagnostic procedures and increasing number of partnerships and collaborations among market players. However, concerns regarding data privacy are likely to obstruct the growth of the market to a certain extent.

What is the regional analysis in terms of radiology information system (RIS) market?

North America held the maximum share in the radiology information systems (RIS) market; however, Asia Pacific is expected to witness a significant growth during the forecast period. The rise in cases of chronic disorders and the need for efficient diagnosis as well as management of patient data is expected to be a prime contributing factor towards the rising demand for RIS.

The List of Companies - Radiology Information Systems (RIS) Market

  1. Koninklijke Philips N.V.
  2. Siemens Healthineers AG
  3. Bayer AG
  4. Cerner Corporation
  5. General Electric Company
  7. IBM Corporation
  8. Epic Systems Corporation
  9. Fujifilm Corporation
  10. MedInformatics, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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