June 16, 2020
According to the research report titled ‘Radiology Information Systems (RIS) Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product, By Deployment, By Component, By End User, and By Geography’, available with Market Study Report LLC, global radiology information systems market is expected to cross USD 1,693.50 million by the year 2027 with a CAGR of 8.3% over the projected timeline.
Global radiology information systems (RIS) market is set to expand substantially due to advancements in diagnostic imaging solution, increasing diagnostic procedures, and surging partnerships between market players. However, breaching of data privacy norms can hamper the market growth to some extent.
Analysts claim that companies associated with machine learning solutions in radiology terrain, must focus on strategic partnership with healthcare providers to generate more profit. As majority healthcare providers are favoring such strategic collaborations, IT partnerships have gained popularity. For example, healthcare information system of Carestream Health Inc. was taken over by Philips in the year 2019. This helped Philips in expanding its medical imaging customer base, and healthcare IT portfolio. Additionally, in 2019, AllScripts and Gloucestershire Hospitals NHS Foundation Trust (GHFT) collaborated to improve care coordination, promote data exchange, and enable efficient clinical workflows across the hospital.
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The global radiology information systems (RIS) market is bifurcated in terms of product terrain, deployment scope, component gamut, end-user spectrum, and regional landscape.
Based on product terrain, the market is classified into standalone RIS and integrated RIS. Among these, the latter segment dominated the market in last few years. Cost-efficient and easy operations have led to widespread adoption of integrated RISs across hospitals and healthcare clinics. Furthermore, these can be coupled with existing systems, saving up cost on new resources. In addition to this, integrated RIS require lesser maintenance as compared to its counterpart, making it the preferred choice for healthcare organizations.
Speaking of deployment scope, the market is classified into cloud-based RIS, web-based RIS, and on-premises RIS. Based on component gamut, the market is bifurcated into hardware, software, and services. Based on end-user spectrum, the market is classified into hospitals, office-based physicians, and emergency healthcare providers.
Leading companies operating in global radiology information systems market are Koninklijke Philips N.V., Bayer AG, General Electric Company, IBM Corporation, Fujifilm Corporation, Siemens Healthineers AG, Cerner Corporation, McKESSON CORPORATION, Epic Systems Corporation, and MedInformatix, Inc. among others.