Radiology Information System Market To Hit $2.14 billion by 2030 | statistics, trends, opportunities
Radiology Information System Market by Type
Radiology information system industry generated $1.05 billion in 2020, and is expected to reach $2.14 bn by 2030, witnessing a CAGR of 7.0% from 2021 to 2030
PORTLAND, OREGON, UNITED STATES, September 20, 2022 /EINPresswire.com/ -- The main purpose of radiology information systems (RIS) is to manage medical imagery and associated data. It manages image archives, billing procedures on radiology orders, manage record-keeping requirements. More importantly, the incorporation of a radiology information system gives the medical staff quick access to documents, images, and flexible scheduling techniques.
According to the report, the global radiology information system industry1 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.
What is a radiology information system?
The radiology information system is the most sophisticated way to store, share, and manage data generated in radiology departments and diagnostics imaging centers. It simplifies collaboration between physicians and radiologists along with medical workers and administrators.
According to Allied Market Research, the global radiology information system market is expected to reach $2.14 billion by 2030, growing at a CAGR of 7.0% from 2021 to 2030. Increase in population and rise in number of patients suffering from chronic diseases including diabetes, heart diseases, and arthritis drive the market growth. The multiple benefits of radiology information systems have encouraged radiologists to move from paper-based systems. Here are some of the prime benefits:
Patient information management: This is the most beneficial use of the radiology information system to get rid of paper-based documentation by adopting digitization in patient registration as well as scheduling. Moreover, it can keep track of patient history and check for any updates about a diagnosis.
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.
Web-based deployment segment dominated the RIS market in 2015 and accounted for three-fifths of the overall RIS market. However, cloud-based segment is expected to grow at the fastest CAGR of 7.8% during the analysis period, due to increase in demand for cloud-based services because they reduce operational cost for the healthcare organization.
COVID-19 Impact on Radiology Information System Market:
However, 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.
Billing: Radiology information system develops electronic invoices of imaging exams and enables medical code that can be used for billing purposes. In addition, the integration of automation results in fewer errors that can eliminate the risk of payment delays.
Order tracking: The RIS keeps track of orders and saves order history for diagnostic imaging. It keeps track of diagnostic imaging from the moment physicians place a request to the completion of the exam. This way, patients and medical workers can track all information about their health.
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Money-saving: Radiology information systems led to fewer mistakes in data entry and enable faster processing time of patient information. This eventually saves money, which is the prime motivator for managers of radiology practices and owners.
Over the last few years, such benefits of radiology information systems have made them necessary in radiology clinics and departments. These systems offer the ability to manage data and large image files that have been generated in radiology practice. As the paper-based systems are outdated, the radiology information systems give everything one needs to move from a paper-based system to a more secure, faster, efficient, and financially beneficial way of managing radiology practice.
David Correa
Allied Analytics LLP
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