Global Market Study on Radiology Information Systems: Software Segment Projected to Gain Significant Value Share by 2024 End
New York City, NY, November 15, 2017 (Newswire.com) - The investment scenario has begun to improve since 2005 as the customers are now increasingly looking at investment in medical technologies such as a radiology information systems to improve and enhance the quality and efficiency of healthcare. The featured advancements in imaging information systems and diagnostics devices provides less expensive and flexible healthcare solutions to medical professionals to ease the management and development of healthcare services. An increasing consumer awareness regarding radiology information systems worldwide is expected to fuel the growth of the software segment over the forecast period.
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The healthcare informatics system associated with radiology information systems is a computerized database that allows tracking, manipulation and quick transfer of quality image and patient data to the desired location or user, which helps facilitate proper interpretation of the image by a consultant. Rapid developments in digital image processing technologies due to updated software ensure effective data distribution and interpretation, tracking images, managing billing and reimbursement across the globe. With improved transmission capability due to advanced technologies, application of radiology information systems has increased substantially, with an establishment of worldwide centers providing emergency imaging services in countries with different time zones.
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Rising spending on healthcare IT likely to drive the growth of the software segment in the global radiology information system market
Healthcare IT spending has consistently increased in the last few years due to the increasing investment in establishing more advanced IT infrastructure in the healthcare sector. This increased spending is anticipated to represent new avenues for growth of the software segment in the global radiology information system market. Radiology information systems that provide cloud-based data and image sharing assessment services show a potential scope as several market leaders have initiated more spending on improvement and advancement in healthcare IT. Radiology information system providers in the U.S. are focusing extensively on developing cloud-based platforms for the healthcare sector. This would increase the growth of the software segment in the global radiology information system market in the region and fuel adoption of the technology in clinical and medical verticals across the U.S. and other developed regions such as Europe and Japan.
Software segment is projected to register a significant CAGR in terms of value during the forecast period
Software segment is anticipated to be the most attractive segment in terms of growth rate during the forecast period, attributed to increasing adoption of integrated radiology information systems across the globe. Software segment was estimated to be valued a little more than US$300M by 2016 and is expected to reach more than US$500M by 2024. The segment is predicted to exhibit a CAGR of 8.5% in terms of value over the forecast period. The segment is also likely to gain significant value share by the end of 2024.
The software segment holds a major share in the APAC radiology information system market
Software segment holds a major share of the North America radiology information system market. This segment holds more than 40% of the North America radiology information system market. Software segment is likely to be valued at more than US$ 120 Mn during the projected period in North America. In Europe, the segment is anticipated to be valued at more than US$ 250 Mn by the end of 2024. In APAC, the software segment is projected to hold 50% market share.
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