News | PACS | September 25, 2015

Global Radiology Information Systems Market to Reach $722.7 Million by 2019

North American market to exceed $308 million, driven by health IT advancements

Research and Markets, radiology information systems, RIS, global market report, 2019, PACS

Image courtesy of Carestream Health

September 25, 2015 — Research and Markets announced the addition of the Radiology Information Systems Market by Type (Integrated, Standalone), Deployment Mode (Web based, On-Premise, Cloud-Based), End User (Hospitals, Office based Physicians, Emergency Healthcare Service Providers) and by Component - Global Trends & Forecast to 2019 report to their offering.

The global radiology information systems (RIS) market is estimated at $501.1 million for 2014 and is projected to reach $722.7 million by 2019, at a compound annual growth rate (CAGR) of 7.6 percent during the period.

A RIS is a networked software suite used to manage medical imagery and associated data. They are especially useful for managing radiological records and associated data in multiple locations, and are often used in conjunction with a picture archiving and communication system (PACS) to manage workflow and billing. The system can track a patient's entire workflow within the radiology department. Images and reports can be added to and retrieved from electronic medical records (EMRs); these records can then be viewed by the authorized radiology staff.

The global market has been segmented on the basis of type, component, deployment mode, end user and geography. On the basis of type, the global market has been segmented into integrated RIS and standalone RIS. The integrated RIS segment dominated the global market in 2014, and is expected to reach $537.6 million by 2019. Based on component, the market has been categorized into services, software and hardware. In 2014, the services segment accounted for the largest share of the global market, and is projected to reach $271.7 million by 2019. On the basis of deployment mode, the market has been categorized into Web-based, on-premise and cloud-based. The Web-based segment accounted for the largest share of the global market, and is projected to reach $451.4 million by 2019.

The market also has been classified into four regions — namely North America, Europe and Asia. North America contributed the largest share to this market; it is expected to reach $308.6 million by 2019 from $211 million in 2014, at a CAGR of 7.9 percent during the forecast period. This growth can be attributed to the cost, quality and productivity benefits associated with healthcare information technology (IT) systems and products.

The major players operational in the global radiology information systems market are Cerner Corporation (U.S.), McKesson Corporation (U.S.), Merge Healthcare (U.S.), Allscripts Healthcare Solutions Inc. (U.S.), GE Healthcare (U.K.), Philips Healthcare (The Netherlands) and Epic Systems (U.S.). These companies have adopted strategies such as mergers & acquisitions and partnership, among others, to achieve growth in the global market.

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