Improvements in medical imaging technology, such as mobile imaging devices and 3-D ultrasonic holography, which do not use harmful radiation, have resulted in enhanced diagnosis and treatment methods for patients. As pediatric patients are more susceptible to radiation than adults, manufacturers are concentrating on creating X-ray imaging devices that are safer and more effective, with lower levels of harmful radiation specifically designed for this age group, as encouraged by the U.S. FDA. Additionally, companies are partnering with IT firms to develop software that can improve diagnostic and treatment techniques, including quantitative analysis tools and advanced visualization. These technologies, including apps that are linked to medical imaging devices, are expected to provide a competitive advantage to manufacturers in the medical imaging devices market. For example, the University of Pittsburgh Medical Center (UPMC) is collaborating with GE Health Cloud to develop a new cloud system that can manage files from ultrasound machines, computed tomography (CT) scanners, magnetic resonance imaging (MRIs), and other imaging devices.
The leading companies, including top 10 participants based on their 2016 revenue – Shimadzu Corporation, Siemens AG, Philips Healthcare, Carestream Health, Samsung Medison, Fujifilm Holdings Corporation, Hologic, Inc., GE Healthcare, Hitachi Ltd, and Toshiba Medical Systems Corporation are operating in the market for medical imaging devices.
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Company Description – As a subsidiary of Koninklijke Philips, Philips Healthcare manufactures and sells a diverse range of products, such as healthcare IT solutions, patient monitoring equipment, cardiac devices, and diagnostic imaging systems.
Major highlights – The company is striving to increase its market share and profitability in the global medical imaging devices market by offering products in the oncology and radiology segments, which consist of smart devices, software, and services. Additionally, the company is placing emphasis on the development of ultrasound products for general imaging and gynecology/obstetrics. In 2014, the company achieved U.S. FDA approval for its spectral imaging system, the IQon Spectral CT, which has become a leading, high-quality medical imaging system. The Radiological Society of North America conducted a study in 2013 that compared the Philips IQon Spectral CT with traditional imaging methods and found that the IQon Spectral CT system provided enhanced diagnosis in up to 70% of cases compared to traditional imaging methods. In August 2019, Koninklijke Philips N.V. acquired the Healthcare Information Systems (HCIS) business of Carestream Health Inc. and merged it into Philips’ Enterprise Diagnostic Informatics business.
Company Description – GE Healthcare, a subsidiary of GE Electrical, is involved in producing medical imaging systems, cardiac devices, and patient monitoring devices. The company provides a broad spectrum of products and services such as diagnostics and patient monitoring, software and IT, biopharmaceutical manufacturing technologies for drug discovery, and solutions for enhancing performance.
Major highlights – In 2016, the healthcare systems, including diagnostic imaging and clinical systems, contributed to 70% of GE Healthcare’s revenue, with the U.S. and Europe making up 66% of the healthcare revenue. To expand their product offerings, the company is prioritizing the development of mobile- and cloud-based apps. For example, the GE Health Cloud and apps were introduced in the United States in 2015, with the new cloud system aiming to connect over 500,000 GE imaging machines and assist clinicians in achieving better patient results. In September 2015, GE Healthcare Canada teamed up with the Biomedical Translational Imaging Centre (BIOTIC) to establish a technology commercialization program in Halifax to advance software technology in medical imaging.
Company Description – Siemens Healthcare is a healthcare and medical technology firm that is a subsidiary of Siemens. It produces therapeutic and clinical diagnostic systems. The Healthineers division of the company is divided into six business segments, which include diagnostic imaging, laboratory diagnostics, advanced therapies, ultrasound, point-of-care diagnostics, and services.
Major highlights – The company is prioritizing research and development efforts aimed at incorporating state-of-the-art medical technologies for in vitro diagnosis. Healthineers’ increase in profits was primarily due to their diagnostic imaging business, which made up the biggest portion of their overall profit. In September of 2019, Siemens Healthineers allocated $2.7 million towards expanding their medical imaging manufacturing plant located in India.
Company Description: Carestream Health offers healthcare information technology solutions and medical imaging products, including radiography systems, analog X-ray, cone beam CT, healthcare IT solutions, and ultrasound.
Major highlights – Health Canada granted a license to Carestream Touch Prime Ultrasound Systems in 2016, which enables wireless connectivity and quick transfer of images and data. It also enhances access to crucial imaging information for clinicians. Additionally, the system has the ability to penetrate deep into the abdomen, making it useful for imaging overweight and obese patients. The company is working on developing 3D and 4D technologies to improve the quality of images for better diagnostics in radiology. Furthermore, Carestream’s OnSight 3D Extremity System that employs cone beam CT (CBCT) technology received U.S. FDA 510(k) clearance in 2016. In comparison to traditional CT systems, the system reduces the dose and provides high-resolution 3D images.
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Fujifilm Holdings Corporation
Company Description: – Fujifilm, along with its affiliated companies, is involved in the production and distribution of diverse information solutions and medical imaging products. Its healthcare division specializes in providing medical imaging systems.
Major highlights – The healthcare division experienced an increase in revenue due to the sales of the CALNEO series, which is a DR cassette digital X-ray imaging diagnostic system, as well as a digital mammography system. In January 2017, Fujifilm Medical Systems obtained pre-marketing approval from the U.S. FDA for Digital Breast Tomosynthesis (DBT). This is an optional software upgrade for the Aspire Cristalle digital mammography system. By incorporating DBT, radiologists utilizing the Aspire Cristalle system can improve clinical efficiency and diagnostic accuracy, surpassing the capabilities of full-field digital mammography (FFDM) alone. Fujifilm Medical Systems introduced FCT Embrace in 2018, a computed tomography (CT) imaging unit designed for oncology and radiology applications with a wide bore and available in 64 or 128 slice configuration. In July 2019, FUJIFILM Medical Systems U.S.A. and FUJIFILM New Development U.S.A. established a new medical device headquarters in Lexington, Massachusetts to bring advanced technologies to the market.
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Medical Imaging Devices Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Medical Imaging Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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