Global Radiology Information Systems Market
Radiology information systems (RIS) are a part of electronic health record systems and track a patient’s utilization of radiology services throughout a treatment procedure. These days, RIS utilize a software suite, with digitization of the process helping ensure accuracy and minimizing data loss due to manual errors. As a part of hospital information systems, RIS have immensely grown in importance in the last few years and have now become full-fledged components of the overall healthcare industry.
Radiology is a vital diagnostic tool for several diseases. Numerous imaging technologies, such as X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET), are included under the umbrella term of radiology and used for the diagnosis of a wide variety of diseases and skeletal conditions such as fractures. Interventional radiology, which consists of carrying out medical procedures with the aid of imaging technologies, is another important part of radiology used in medicine. The rising consumption of these vital procedures is fueling the global RIS market.
Global Radiology Information Systems Market: Overview
The primary driver of the global radiology information systems market is the rising demand for noninvasive diagnostic and curative means. Since radiology relies on various electromagnetic and other processes, it usually does not involve any incisions; this makes it preferable to the majority of modern-day patients. The rising prevalence of diseases such as cancer and bone disorders is also boosting the demand from the global radiology information systems market.
The rising demand for integrated RIS from the healthcare sector is the primary trend shaping the trajectory of the global market. Since integrated RIS are more comprehensive in their examination and thus more efficient, they have surpassed standalone RIS recently and are expected to remain the largest segment of the market in the coming years.
One of the major drivers propelling the global radiology information systems market is the rising number of mergers and acquisitions among medical imaging device manufacturers. Since most players in the healthcare devices market aim at regional expansion currently, increasing bulk demand from hospital chains has also emerged as a major growth driver for the global radiology information systems market.
Global Radiology Information Systems Market: Geographical Segmentation
The global radiology information systems market is led by North America. The developed countries in this region have established widespread and sophisticated healthcare infrastructures, enabling steady demand for advanced RIS. The rising demand for digitization in this region has also been beneficial for the regional radiology information systems market, along with the financial ability of the average consumer in North America to avail advanced treatments including radiology in various forms. While the demand for sophisticated medical infrastructure components is rising elsewhere, particularly in Asia Pacific, North America will retain a strong hold on the global radiology information systems market.
Major companies operating in the global radiology systems market include Carestream Health, Inc., Philips Healthcare, McKesson Corp., GE Healthcare, and Siemens Healthcare. The performance of major players in the Asia Pacific market for RIS is expected to be vital to their chances of dominating the global market in the near future.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.