The global radiology information system market size was $1,051.60 million in 2020, and is projected to reach $2,141.50 million by 2030, growing at a CAGR of 7%

PORTLAND, OREGON, UNITED STATES, August 8, 2022 /EINPresswire.com/ — Rapidly increase in the aging population, rise in the number of chronic diseases, and surge in adoption of cloud technology-related services drive the growth of the global radiology information system market. However, rise in concerns regarding patient data safety & security hinders the market growth. On other hand, rise in investments in the Asia-Pacific region presents new opportunities in the coming years.

The global radiology information system market size was $1,051.60 million in 2020, and is projected to reach $2,141.50 million by 2030, growing at a CAGR of 7% from 2021 to 2030.

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Radiology information system (RIS) is a computer networked system used to organize and manage the workflow of medical imagery and radiology department, supporting business analysis in a department. RIS is widely used along with picture archiving and communication system (PACS) and vendor neutral archive to manage billing, record keeping, and image archives.

According to the report, the global radiology information system industry generated $1.05 billion in 2020, and is expected to reach $2.14 billion by 2030, witnessing a CAGR of 7.0% from 2021 to 2030.

Services component segment held the largest market share with more than three-eighths share in 2015 due to high improving healthcare infrastructure in the emerging markets such as Brazil and Middle East. Software segment is expected to grow at the highest CAGR during the analysis period owing to the increase in the demand of RIS software in radiology and imaging laboratories.

Covid-19 Scenario

The Covid-19 pandemic led to increased demand for radiology techniques such as CT scans, X-rays, and MRI scans to determine the level of infection. This resulted in rise in demand for radiology information systems for efficient operations of radiology departments.

The R&D activities for radiology information systems reduced due to lockdown restrictions and hindrances in effective development operations. Market players needed to establish new methods of working.

During the COVID-19 pandemic lockdown, various players in the radiology information system market reduced their business in countries, such as China, the U.S., and India owing to disruption of supply chain. This break directly impacted companies involved in radiology information system development. In addition, extensive focus of major countries on development of vaccines has also negatively influenced the growth of the market. However, reopening of research facilities and introduction of vaccines for coronavirus disease are anticipated to boost the radiology information system market.

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The radiology information system market witnessed significant growth in the past decade, owing to increase in number of patients suffering from chronic diseases. A number of players in the radiology information system market is expanding their business to strengthen their foothold in the global market. By type, the integrated segment dominated the radiology information system market share in 2020, in terms of revenue. This is attributed to increase in demand for efficient hospital information management system. Depending on end user, the hospitals segment is expected to grow at a higher CAGR during the forecast period, owing to rise in geriatric population.

The hospitals segment to maintain its dominance in terms of revenue throughout the forecast period

Based on end user, the hospitals segment accounted for the highest market share in 2020, contributing to more than half of the global radiology information system market, and is projected to maintain its dominance in terms of revenue throughout the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 7.8% from 2021 to 2030. This is due to surge in number of hospitals throughout the globe. The report also analyzes the segments including office-based physicians and healthcare payers.

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We also Offers Regional and Country Reports-

Japan Radiology Information System Market
South Korea Radiology Information System Market
Singapore Radiology Information System Market
China Radiology Information System Market
Indonesia Radiology Information System Market
Australia Radiology Information System Market
Taiwan Radiology Information System Market

“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”

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