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Three global trends changing the landscape of the medical imaging equipment marketSeptember 20, 2017Growth for x-ray, ultrasound, MRI, and CT equipment will be driven by a variety of unique factors, but several trends will affect future revenues for the entire medical imaging equipment market. Three of these trends—the aging global population, the changing US healthcare culture, and the emergence of healthcare markets in developing nations—are highlighted below and followed by IHS Markit’s advice for capitalizing on these trends.
Interventional X-ray equipment – Dose aware or financial affair?September 18, 2017In the current global healthcare environment, providers are increasingly obliged to balance tight financial budgets whilst ensuring that patient care is not jeopardised. There are large regional and country-specific differences in what determines the decision-making process when purchasing interventional X-ray equipment. A combination of healthcare budget restrictions, political instability and economic crises has heightened consideration of the price of interventional X-ray systems. Regulatory pressures and guidelines on dose requirements fuel the demand for interventional X-ray equipment with higher image quality and lower dose features, in addition to dose monitoring features.
Using Econometrics to Predict Medical Device Purchasing TrendsSeptember 12, 2017In healthcare, econometrics can be used to describe anything from healthcare infrastructure to return on investment, but in this brief, econometrics will be in reference to healthcare infrastructure. In regards to medical devices, econometrics provides a parameter, or structure, within which the purchasing of medical devices occurs; however, penetration of markets and external factors such as political, economic, regulatory shifts have a subsequent effect on the dynamics and volume of purchasing.
Interventional cardiology ultrasound at the forefront of medical imaging innovationAugust 30, 2017Global revenues for interventional cardiology ultrasound equipment were $131 million in 2016 and are forecast to reach $161 million in 2021. Global demographic changes, fears regarding radiation dose, and the increasing accessibility of ultrasound are driving growth for the interventional cardiology market, and interventional cardiology advancements are driving growth for minimally invasive procedures.
Interventional X-ray Equipment : Are advances in technology driving demand for interventional procedures or are interventional procedures driving demand for technology advances?August 14, 2017The relationship between interventional X-ray procedures and interventional X-ray equipment is interchangeable in terms of where the influences lie. Demand for interventional X-ray systems is largely influenced by procedural developments and the reimbursement available for them. However, some complex interventional procedures would not be able to be performed without advances being made in interventional X-ray technology.
Changes in ultrasound customer base are increasing demand for direct manufacturer interactionJuly 24, 2017With many trends influencing the growth of the ultrasound market, it is interesting to analyze the subsequent impact on the sales channels customers use to purchase equipment. As with most medical technology, the underlying factor of shrinking healthcare budgets is shaking up the ultrasound equipment product mix. The focus is on providing the best level of care and reducing high-cost procedures through prevention rather than cure; this is changing the way in which healthcare is provided. Not only are healthcare professionals seeking products that improve the return on investment, but also products that can be used in non-traditional applications; ultrasound equipment is now used by a greater variety of professionals than ever before. This is subsequently affecting the demand for user training and for receiving information directly from manufacturers.
UKRC – Dose all aroundJune 15, 2017The UK Radiological Congress (UKRC) and Radiation Oncology Congress (UKRO) convened in Manchester from Monday 12th to Wednesday 14th June 2017, featuring a busy exhibition hall and an extensive scientific educational programme. Tuesday 13th June was dedicated to ‘Dose Awareness Day’ and aptly radiation dose management was a fundamental topic of conversation throughout the congress.
Analyzing the market drivers and challenges for the adoption of handheld ultrasound systemsJune 14, 2017The growing popularity of quick examinations at the point –of –care is paving the way for the adoption of handheld ultrasound systems. These are portable ultrasound systems designed to be held by the doctor or technician conducting an imaging examination. This product category includes smart devices running mobile applications that operate as functioning ultrasound systems.
Breaking down the winners and losers of the 2016 global ultrasound marketMay 24, 2017Global ultrasound revenues totaled $6.16 billion in 2016 and are forecast to grow at a CAGR of 3.6% from 2016 to 2021. The following table shows the total ultrasound revenues for Europe, Middle East, and Africa (EMEA), the Americas, and Asia Pacific in 2015 and 2016:
Automated Dispensing Cabinets – strong growth aheadApril 25, 2017According to IHS Markit, the global Automated Dispensing Cabinet market is projected to enjoy sustained growth over the next five years, despite some regional markets, namely that of the United States, nearing maturity. That said, in the United States the Institute for Safety Medication Practices estimated that over 20% of the healthcare practitioners reported adverse patient effects due to lack of proper monitoring of supply levels as well as inventory management. According to the December 2016 National Pharmacy report, delivery issues, errors with controlled drugs, and mismatching patients with medicines were among the most commonly cited errors. Furthermore, the World Health Organization estimated that medication errors cause at least one death every day and injure approximately 1.3 million people annually in the United States alone. Globally, the picture looks very similar with low and middle income countries estimated to have similar rates of medication-related errors as high income countries. With that in mind, the need for technological advances and investment into equipment in this market is set to continue over the next five years.
Large investment in medical dispensing technology expected over the next five yearsApril 25, 2017Healthcare spending (as a % of GDP) is globally increasing at an accelerated rate. Latin America is forecast to see an 11.5% gain in 2017 following a 6.5% decline in 2016. The growth in healthcare spending in Asia Pacific and in the Middle East and Africa will accelerate in the near future to close to 10% a year from 2019 onwards. With healthcare spending on the rise, investment in medical technology is following suit. As a result, the medical dispensing market is one area set to grow strongly over the next five years.
American Well and Samsung Health collaboration is great for the industry, but not transformativeApril 21, 2017With the launch of the highly anticipated S8 mobile handset, Samsung also renamed its health platform to “Samsung Health”. Beyond the standard health tracking and lifestyle management features, the company has enabled a deep integration of American Well’s telehealth services in its software. This is somewhat of a milestone for the virtual consultations market. American Well, as a third party service provider, has been available on most mobile platforms for a number of years, but the partnership with Samsung brings a completely new level of exposure – an exposure that should have a positive impact on the overall usage of virtual technology for doctor consultations.
Remote patient monitoring to include non-medical devicesApril 21, 2017The remote patient monitoring market has yet to reach its full potential, and since its inception, more than two decades ago, the technology has been overhauled on multiple occasions. Another revamp is undergoing right now, as vendors are expanding the ecosystem of devices included in the actual monitoring. Last week, Medtronic Care Management Service announced the integration of Garmin’s activity tracker series, Vivofit, into its remote patient monitoring platform. Meanwhile, iHealth Labs is entering the market after its acquisition of eDevice in September last year. Since the acquisition, the two companies have been working on the so-called “iHealth Next” solution – a combination of iHealth’s suite of devices in conjunction with eDevice’s infrastructure for remote patient monitoring. It is expected that iHealth Next also supports non-medical devices such as activity monitors.
What happens after self-diagnosis?April 21, 2017The insufficient number of physicians in the world, and growing demand for healthcare services, has led many initiatives that drive the enablement of consumers to self-diagnose at home. Last week, Final Frontier Medical Devices and Dynamical Biomarkers Group went head to head, as the Xprize finalists, competing to create a medical tricorder. Final Frontier Medical Devices came in at the top spot with its DxtER solution, which weighs less than five pounds, but can diagnose 34 health conditions. However, one key question is whether healthcare sectors are ready for self-diagnosis. Surely, the growing level of responsibility from patients will improve patient engagement, but do healthcare sectors have the capacity to attend to self-diagnosed patients, given that these diagnoses are clinically valid?
Markets within Markets: CT and MRIApril 12, 2017While emerging markets help drive global CT and MRI markets, advanced, mature CT and MRI markets essentially shape the global CT and MRI markets. In 2016, the top-three country markets of the United States, China and Japan (all of which are considered mature markets) made up nearly half of the global market for CT and MRI. That said, the developing markets in Asia, Eastern Europe and parts of South America are forecast to have higher growth through 2021. Larger, more mature markets typically have more advanced, specialized needs whereas smaller, growing markets are more focused on basic care provision. The supplier landscape in more mature markets typically consists of large, multinational players with established channels and client bases; in emerging markets with large populations like India and Southeast Asia, there is a wider variety of local and international players; as follows, client bases are not as established as in mature markets. This dichotomy of markets is most evident in types of equipment purchased.
Automated Means to a Connected End: Highlights from the American College of Cardiology Conference 2017March 28, 2017Enterprise platforms and the provision of real-time, business intelligence analytics are two main highlights observed at the American College of Cardiology Conference this year.
Consumerism in healthcare is about patients taking responsibility, not ownershipMarch 10, 2017The idea of digital health seems to represent a strong indication towards consumerism in healthcare – a notion that individuals take full ownership of their health, whether that is behavioral such as personal health monitoring, or quite literally e.g. ownership of medical records. Most of this represents little or no value in current time, because consumer ownership of healthcare does not change the engagement with the healthcare sector in any profound way. Surely there may be tons of health data stored somewhere in the care continuum, but it is neither applied in scale or meaningfully, nor is it considered to be so. There a many reasons for this including interoperability issues, workflow misalignment, lack of feasibility given current operational emphasis of healthcare providers, low quality data and many more.
Digital health presence at Mobile World Congress 2017March 10, 2017Connected health and the Internet of Medical Things (IOMT) have grown its presence in recent years at the annual Mobile World Congress in Barcelona. This year’s focus was virtual reality (VR) applications in healthcare and the growing ecosystem of peripheral devices used for connected health monitoring.
Future technologies for old age go beyond the current scope of independent livingMarch 10, 2017Old age certainly brings its challenges in terms of wellbeing and overall health status. It affects the basic independence of people, limiting individuals in a variety of ways, and potentially disabling them in performing certain everyday tasks – that is at least the current perception of reaching old age. Despite creating millions of jobs in eldercare, the rapidly growing portion of the global population aged 65+, is causing a massive disequilibrium in supply and demand, for instance in Japan, where the ratio of an eldercare worker to an elder citizen is 1:4. Japan’s solution to this problem has been deploying robots, the so-called carebots, to serve a number of purposes including mobility, medication management, exercise, conversation and more. Honda, Panasonic and other major corporations are vested in this market.
A bumpy road ahead for the EMEA ultrasound market – Reflections from ECR 2017March 09, 2017The European Congress of Radiology (ECR) convened in Vienna on March 1–5 2017. ECR provided an opportunity for leaders in the ultrasound industry to meet and discuss the future of the region’s ultrasound market. The EMEA ultrasound market will face several barriers to growth in 2017. The upcoming presidential elections in Germany, France, and the Netherlands are already creating a lull in ultrasound system sales as these large governments prepare for transition. Shrinking budgets in both the public and private sectors are forcing healthcare providers to delay purchases of ultrasound systems, and increased competition from Asian-based manufacturers is causing additional disruption in the market.