According to the new market research study of “Radiology Information Systems Market 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,” the market is expected to reach US$ 1,693.50 million in 2027 from US$ 904.60 million in 2019; it market is estimated to grow with a CAGR of 8.3% from 2020-2027. The report highlights trends prevailing in the global RIS market along with the drivers and restraints pertaining to the market growth.
The integration of Artificial Intelligence (AI) in RIS is gaining momentum among players. The integration results in seamless workflow, improved patient care, and consistent radiologist support. It is also likely to aid in delivering a customized ecosystem experience to the radiologists as it offers a faster, more accurate, and more consistent diagnosis. In most radiology departments and practices, the workflow runs through the picture archiving and communication system (PACS) that facilitates viewing, reporting, and sharing functions. Many AI algorithms are being developed independent of PACS to provide a better diagnosis. Algorithms based on machine learning are increasingly finding their way into many medical applications. Increasing government initiatives in this direction are also boosting the adaptation of AI in radiology applications.
The North American region held the largest share for Radiology Information Systems (RIS) Market. The burgeoning investments in development of healthcare IT in the region is likely to be responsible for the dominance of the market. The companies in the North America are focused in R&D activities in order to meet the increasing demands of their patients with better and effective diagnostic and treatment options whilst making optimum use of digital technologies. On the other hand, the regulatory bodies in the US and Canada, the US FDA and Health Canada respectively are also encouraging the use of digital healthcare in hospitals and other organizations further responsible to garner the growth of the market over the coming years.
Leading companies operating in the RIS market are Koninklijke Philips N.V., Siemens Healthineers AG, Bayer AG, Cerner Corporation, General Electric Company, McKESSON CORPORATION, IBM Corporation, Epic Systems Corporation, Fujifilm Corporation, and MedInformatics, Inc., among others.
The report analyzes radiology information systems (RIS) market on the basis of following segments:
By Product
• Standalone RIS
• Integrated RIS
By Deployment
• Web-Based RIS
• Cloud-Based RIS
• On-Premises RIS
By Component
• Services
• Hardware
• Software
By Component
• Office-Based Physicians
• Hospitals
• Emergency Healthcare Service Providers
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