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.
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The radiology information systems (RIS) market mainly consists of players such as 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. The companies are focused on the adoption of organic and inorganic strategies such as partnerships, agreements, and expansions to sustain their position in the dynamic market.
The RIS market, by deployment, is segmented into web-based RIS, cloud-based RIS, and on-premises RIS. In 2019, the web-based RIS segment accounted for the largest share of the global radiology information systems (RIS) market. However, the cloud-based RIS is likely to register the highest CAGR in the market during forecast years. The cloud-based delivery mode offers a standardized way to help commercial and academic institutions to manage their data generated from different laboratory functions, such as sample testing, instrument usage, automation, and report generation. Cloud-based delivery mode system is an extremely manageable alternative that helps in the assessment of real-time information regarding patients, employees, and devices in a healthcare facility’s premises. It covers every step of the patient journey from appointment scheduling to sending out reminders, thereby acting as an advanced tool for business reporting.