Radiology Information Systems to Observe Massive Growth in North America

Governments, hospitals, along with numerous research institutes across the globe are increasingly investing in their healthcare IT infrastructure. The prime objective is restructuring both internal operations as well as the outcomes. For radiology, healthcare institutions consider instating database as their prime necessity. This is influencing the market for radiology information systems rapidly across the healthcare sector. Radiologists generally produce the data that is rather critical. This is escalating the need and demand for systems that offer error proof data and are highly efficient are increasing among radiologists worldwide. Furthermore, digitization trends in the healthcare industry is another factor fueling the demand for radiology information systems massively across the healthcare market.

Radiology information systems with sharing assessment services are observing enormous demand at present. This owes to the incessant development in the healthcare IT industry. Further, systems with cloud-based data services are also gaining recognition owing to the similar aforementioned reason. In addition, several market participants are emphasizing on fabricating advanced cloud-based platforms, eventually, boosting the growth for software segment in the overall market.

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Factors Driving the Market Demand for Radiology Information Systems

Over the past ten years, customers have augmented their spending in medical technologies for radiology information systems. This is primarily to advance the quality and effectiveness of the healthcare set-up. Featured advancements existing both in diagnostics devices and imaging information systems offer more flexible healthcare solutions with cheap costs, influencing the demand for such systems. Recently, the market for radiology information systems has experienced the increase in consumer awareness. This is indirectly spurring the software segment globally.

Developments in digital image processing technologies help in effective data distribution as along with it, billing management and reimbursement becomes easy and effective. These advancements have also assisted in image tracking and effective distribution of data. The modern advancements in digital image processing technologies are essentially owing to reorganized software. The overall demand for radiology information systems is currently estimated at US$ 580 million. According to the projections, the market is likely to exceed at 8.3% CAGR and will consume for over US$ 1,179 million values by the end of the forecast period (2016-2024). Key drivers of the market comprise augmented awareness for radiological procedures along with expanding incidence rate of diseases associated with the lifestyles such as obesity, stroke, heart disease and others.

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Geographical analysis

North America is expected to be the leading market for radiology information systems. It was valued at US$ 269 million in 2016. Software segment in this region is anticipated to consume for the biggest shares as it currently holds around 40% of the total market shares. Europe is also gaining considerable demand owing to the modern healthcare infrastructure in the region. Its revenues will rise at the healthy CAGR and will account for over 23% of the total shares by the end of the forecast period. Software segment in this region will cross US$ 250 million by the end of the assessment period. Regions such as Asia Pacific and Latin America will register the fastest revenue growth and will rise at the CAGR of 8% throughout the predictable period.

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