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I would like revenue and market information regarding the medical imaging peer review software market in Canada. An example of such software, Diashare, is made by Real Time Medical and described here: http://www.realtimemedical.com/peer-review. I'd like to know who else is in the space in Canada, as well as the U.S.
Hello! Thanks for your question about revenue and market information regarding the medical imaging peer review software market in Canada. In short, apart from finding a few local competitors of Diashare (i.e. eRAD, SamSoft’s Peer Review, and Peer Review) and some North American players (Conserus, EpicCare , PowerScribe 360, and Unity PACS), as well as some data on North America's market as a whole (as detailed below), my extensive search using several advanced search techniques, articles, authoritative reports, company websites, databases (like Owler, Datafox, and Crunchbase), and more, yielded very limited information; not enough information to fully answer your question. This dearth of information stems from these companies being privately held, in spite of a significant number of these companies being owned by publicly traded Fortune 500 companies. Secondly, there are not enough data points to use in determining the overall revenue numbers you asked for, given that most companies do not publish their earnings publicly.
However I was able to find some information I deemed to be useful for you, and I have outlined them below.
METHODOLOGY
After hours of extensive, thorough research, using companies' reports, advance search techniques, market reports, research reports, relevant databases and other authoritative resources I have not been able to find any statistic on revenue as relates to the medical imaging peer review software industry (or company revenues). However, I was able to find limited information on the industry's North America market as a whole, with virtually no hard numbers and no in-depth market information on Canada specifically. ITN Online, Diagnostic Imaging, and a few other resources provided helpful leads and market sizing information on North America and the rest of the world. I have synthesized what's most relevant for this research below.
HELPFUL FINDINGS
Diagnostic Imaging says that "Peer review is almost entirely electronic these days, said Pyatt, estimating that less than two percent of peer review is still done on paper."
According to ITN Online, the market for global radiology information systems (RIS) in 2014 was estimated at US$501.1 million. That number is projected to reach US$722.7 million by the year 2019 growing at a CAGR of 7.6% in that time period. However, the lion's share of this market is due to the contributions from North America, which is estimated to reach US$308.6 million, growing from US$211 million, at a CAGR of 7.9% for the same time period between 2014 to 2019. The report says that the largest portion of the global market for radiology information systems (RIS) would be web based and by year 2019, this will reach $451.4 million.
However, the global market for medical imaging information systems, as a whole, is estimated to reach US$7.3 billion in 2017 growing from US$3.7 billion in 2010, at a CAGR of 10%. he US market would grow faster at CAGR of 11% to reach US$4.1 billion in 2017 from US$1.9 billion in 2010.
Using the ITN Online resource (and other resources found during this research), I have identified market leaders in the North American medical imaging peer review software market. These are:
⚫ PEER REVIEW
Peer Review is Intelerad's medical imaging peer review solution. The company has annual revenue of US$30 million, with an employee base of 170 people. The company's headquarters is in Montreal, Quebec, Canada.
⚫ DIASHARE
DiaShare is Real Time Medical's software. Real Time Medical is a privately held company with estimated annual revenue of US$4.4 million. The company employs, on estimate, 31 workers; it was founded in 2006 with headquarters in Mississauga, Ontario, Canada.
⚫ ERAD PACS
eRAD offers eRad PACS as it's medical imaging peer review solution. The company's revenue is US$1 million, it was founded in 1998 and has it's Canadian office at 250 Water Street, Ste. 301
Summerside PEI Canada C1N 1B6.
⚫ RAMSOFT'S PEER REVIEW
RamSoft’s Peer Review is said to simplify "the review process by integrating with ACR’s RADPEER program to improve patient care and quality assurance measures. Its workflow enables radiologists to review and score prior reports, helps to satisfy ACR, JCAHO, and CMS quality assurance accreditation requirements, and provides an unbiased review process for radiologists." The company's revenue is estimated to be US$15.7 million. The company's headquarters is in Toronto, Ontario, Canada, and it has 80 employees.
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This section are North American companies, having both US and Canadian presence.
⚫ CONSERUS WORKFLOW INTELLIGENCE
Conserus does medical imaging peer review and is owned by McKesson Corp., which has 2 offices in Canada. McKesson Technology Solutions, with a revenue of US$3.1 billion, was ranked 4th position in the 2016 Healthcare Informatics 100. It's important to note that McKesson Corp. is a high-ranking Fortune 500 company with an employee base of about 68,000 people and a total revenue in excess of US$196 billion.
⚫ EPICCARE
EpicCare software is owned by Epic Systems, a privately held company with a revenue size of US$2 billion and on estimates has 9,979 employees. This company ranks 8th on the Healthcare Informatics 100 list. Canadian healthcare companies like McKenzie Health and The Children’s Hospital for Eastern Ontario (CHEO), are adopting Epic System's solutions. Helen Gregg, a writer for Becker's Hospital Review details 10 Things to Know About Epic Systems, here.
⚫ POWERSCRIBE 360
PowerScribe 360 claims to be "the most trusted and most efficient solution for radiology reporting." The software is owned by Nuance. The company ranks 14th on the Healthcare Informatics 100 list, with revenue of US$937.6 million. The company's Canadian office address is Nuance Communications Canada Inc. 1500 University Street, Suite 935 Montreal, Quebec H3A 3S7, Canada.
⚫ UNITY PACS
Unity PACS is a solution offered by Merge Healthcare. Merge ranks 46th on the Healthcare Informatics 100, and is an IBM Company. Merge was acquired by IBM on August 6, 2015 for US$1 Billion. According to Healthcare Informatics, Merge earned a total revenue of US$212,304,000 in 2016. Of that earning, 17.8% is software; 16.1% hardware; and 66.1% services. The company's CEO is Justin Dearborn, and Nancy Koenig is Merge's COO with 780 employees. Merge Healthcare's office in Canada is 6303 Airport Road, Mississauga, ON L4V 1R8, Canada.
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POSSIBLE CONTINUED RESEARCH
In understanding what types of information are and are not publicly available on this topic, I’ve suggested a few other routes you may be interested in researching:
1. Provide me with 5 to 10 case studies of Canadian companies currently using medical imaging peer review software from Canada's homegrown businesses only.
2. Identify key trends and market forces driving the growth of medical imaging peer review software market in Canada; outlining any future predictions from experts concerning these trends.
CONCLUSION
To wrap it up, after searching extensively through multiple resources like articles, reports, databases, websites, and more, a direct answer to your question is not publicly available because a significant number of these companies being owned by publicly traded Fortune 500 companies. Secondly, there are no enough data points to use in determining the overall revenue numbers you demanded for, given that most companies do not publish their earnings publicly. However some useful information did come through and I have presented them above, including highlights of the competitors of DiaShare. If you’d like to continue research on any of the other topics I’ve outlined above, just let us know!
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