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.
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.
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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.
By type, the market is segmented into integrated radiology information systems and standalone radiology information systems. Among these, the integrated radiology information systems segment accounted for the highest market share in 2020 and is expected to witness significant growth during the forecast period, owing to rise in number of patients suffering from chronic diseases.
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.
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Key Findings of the Study
- The report provides an extensive analysis of the current and emerging radiology information system market trends and dynamics.
- Depending on type, the integrated segment dominated the radiology information system market, in terms of revenue in 2020 and is projected to grow at a significant CAGR during the forecast period.
- By end user, the hospitals segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the radiology information system market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the radiology information system industry.
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