Radiology Information System Market to Reach $2.14 Bn, Globally, by 2030 at 7.0% CAGR: Allied Market Research
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.
PORTLAND, Ore., April 18, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Radiology Information System Market by Type (Integrated, Standalone), by Component (Hardware, Software, Services), by Deployment Mode (Web-Based, Cloud-Based, On-Premise), by End User (Hospitals, Office-Based Physicians, Healthcare Payers): Global Opportunity Analysis and Industry Forecast, 2020-2030." 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.
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Drivers, Restraints, and Opportunities
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.
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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The integrated segment to continue its leadership status by 2030
Based on type, the integrated segment held the highest share in 2020, contributing to around two-thirds of the global radiology information system market, and is projected to continue its leadership status by 2030. Moreover, this segment is projected to witness the highest CAGR of 7.5% from 2021 to 2030. This is attributed to its high efficiency of operations. The report also analyzes the standalone segment.
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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North America to continue its lead position by 2030
Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global radiology information system market, and is projected to continue its lead position by 2030. This is attributed to presence of advanced healthcare infrastructure and large government spending on healthcare facilities. However, Asia-Pacific is estimated to witness the largest CAGR of 9.0% during the forecast period. This is due to surge in demand for healthcare facilities owing to rapid growth of the population.
Leading Market Players
- General Electric Company
- Allscripts Healthcare Solutions, Inc.
- Carestream Health, Inc
- Cerner Corporation
- Epic Systems Corporation
- IBM
- Koninklijke Philips N.V.
- McKesson Corporation
- MedInformatix, Inc
- Siemens AG
Official Press Release- https://www.alliedmarketresearch.com/press-release/radiology-information-systems-market.html
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