Advancement in technology in medical imaging such as mobile imaging devices and 3-D ultrasonic holography, which does not use harmful radiation has led to improvement in the diagnosis and treatment methods in patients. Pediatric patients are comparatively more radiosensitive than adults. Therefore, manufacturers are focusing on designing safer and effective X-ray imagining devices that have relatively low levels of harmful radiations, built specially for pediatric patients as encouraged by the U.S. FDA. Moreover, companies are developing software in order to improve diagnosis and treatment methods and for this they are collaborating with IT companies, which are expected to provide quantitative analysis tools and advanced visualization. The apps linked with medical imaging devices are some of these technologies, which are expected to provide manufacturers a competitive edge in the medical imaging devices market. For instance, the University Of Pittsburgh Medical Center (UPMC) is the development partner for GE Health Cloud. The new cloud system enables in managing files produced by magnetic resonance imaging (MRIs), computed tomography (CT) scanners, ultrasound machines, and other imaging devices.
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The competitive analysis for companies operating in the medical imaging devices market includes top 10 players based on their 2016 revenue - Siemens AG, GE Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, Hitachi Ltd, Shimadzu Corporation, Toshiba Medical Systems Corporation, Hologic, Inc., Samsung Medison, and Carestream Health.
Company Description - Philips Healthcare is engaged in manufacturing and selling a wide range of products, which includes healthcare IT solutions, diagnostic imaging systems, patient monitoring, and cardiac devices. Philips Healthcare operates as a subsidiary of Koninklijke Philips.
Philips Group 2016 revenue - US$ 29,083.3 million
Diagnostic Imaging revenue – US$ 59.2 million
Key highlights - Company is focusing on increasing its share and profitability in the global medical imaging devices market. For this, it is offering products in oncology and radiology segments, which comprises smart devices, software, and services. Company is also focused on developing ultrasound products in general imaging and gynecology/obstetrics. In 2014, the company received U.S. FDA approval for spectral imaging system (IQon Spectral CT). The IQon Spectral CT is a leading, new, high standard for medical imaging. According to the Radiological Society of North America study in 2013, conducted on the Philips IQon Spectral CT and traditional imaging methods, the Philips IQon Spectral CT system exhibited enhanced diagnosis in up to 70% cases compared to traditional imaging methods.
Company Description - GE Healthcare is engaged in manufacturing of cardiac devices, patient monitoring devices, and medical imaging systems. GE Healthcare is a subsidiary of GE Electrical. The company offers a wide range of products and services, which includes patient monitoring and diagnostics, software and IT, drug discovery biopharmaceutical manufacturing technologies, and performance improvement solutions.
General Electric 2016 revenue – US$ 123, 693 million
Segment revenue (Healthcare) – US$ 18,291 million
Key highlights - The healthcare systems, which includes diagnostic imaging and clinical systems accounted for 70% of the GE Healthcare revenue in 2016. The U.S. and Europe accounted for 66% of the healthcare revenue. Company is focusing on building mobile- and cloud- based apps as a part of its product expansion strategy. For instance, in 2015, the GE Health Cloud and apps was launched in the U.S. The new cloud system is expected to aid in connecting over 500,000 GE imaging machines, which is expected to help clinicians to deliver better outcomes.
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Company Description - Siemens Healthcare — a subsidiary of Siemens — is a medical technology and healthcare company that manufacturers clinical diagnostics and therapeutic systems. The company’s Healthineers segments operate through six different business segments namely diagnostic imaging, laboratory diagnostics, advanced therapies, ultrasound, point-of-care diagnostics, and services.
Siemens AG 2016 revenue - US$ 83,909.7 million
Segment revenue (Healthineers) - US$ 14,259.9 million
Key highlights - Company is focusing on research and development so as to integrate advanced medical technologies for in vitro diagnosis. Healthineers profit growth was mainly driven by diagnostic imaging business and accounted for the largest share in the Healthineers overall profit.
Company Description: Carestream Health provides medical imaging and healthcare information technology solutions. Company’s product portfolio includes analog X-ray, radiography systems, ultrasound, cone beam CT, and healthcare IT solutions.
Key highlights - In 2016, Carestream Touch Prime Ultrasound Systems received Health Canada license. The system provides wireless connectivity and rapid transfer of images and data. It also enhances clinician’s access to critical imaging information. Furthermore, the new system is useful for imaging of overweight and obese patients as the system provides deep penetration of the abdomen. Company is developing 3D and 4D technologies for better images in order to improve diagnostics in radiology. In 2016, Carestream’s OnSight 3D Extremity System that uses cone beam CT (CBCT) technology received U.S. FDA 510(k) clearance. The system reduces the dose as compared to traditional CT systems. It also provides high-resolution 3D images.
Fujifilm Holdings Corporation
Company Description: - Fujifilm and its subsidiaries are engaged in manufacturing and selling of a wide range of information solutions and medical imaging. Through its healthcare segment, the company offers medical imaging systems.
Fujifilm Holdings Corporation 2016 revenue - US$ 22,344.2 million
Healthcare segment revenue – US$ 3,800 million
Key highlights - The sales of the CALNEO series — a DR cassette digital X-ray imaging diagnostic system — and a digital mammography system contributed for growth of the healthcare segment. In January 2017, Fujifilm Medical Systems received pre-marketing U.S. FDA approval for Digital Breast Tomosynthesis (DBT). The digital breast tomosynthesis (DBT) is an optional software upgraded for its Aspire Cristalle digital mammography system. The radiologist using the Aspire Cristalle digital mammography system with DBT will be able to enhance the clinical efficiency and provide diagnostic accuracy when compared to use of full-field digital mammography (FFDM) alone.
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Medical Imaging Devices Market - Pipeline Analysis
Several players operating in the medical imaging devices market are focusing on improving the image quality, in order to cater to unmet medical imaging needs.
For instance, Lantheus Medical Imaging, Inc. is developing positron emission tomography (PET) myocardial perfusion imaging (MPI) agent, flurpiridaz F 18, which is in Phase 3 clinical studies. This agent has a potential to evaluate coronary artery disease (CAD).
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