Global conglomerates, which have a combined market share of about 80 per cent, dominate the market. However, there are many small regional vendors that have carved out a significant presence in the medical imaging industry in Europe. Innovation will be critical for success in this market.
New analysis from Frost & Sullivan (medicalimaging.frost.com), Company Profiles – Medical Imaging Modality Vendors, finds that the European medical imaging industry is the second largest in the world after the U.S. It is estimated that the value of the total medical imaging industry in Europe is nearly $5.35 billion. This research profiles market participants in the computed tomography (CT), magnetic resonance imaging (MRI) and radiography segments.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.
"Investment in R&D is directly proportionate with the number of new and innovative products being launched and will be the key to a company's success in the medical imaging modality market," notes Frost & Sullivan Research Analyst Gideon Praveen Kumar. "Companies should forge professional collaborations with major hospitals and research institutions to impart training to medical personnel who are likely to operate the equipment."
Niche and regional participants should try to establish collaborative alliances with leaders in medical imaging modalities for mutual gain. Servicing of imaging devices and after-sales support must be extremely strong. This will optimise client satisfaction and enable companies to broaden their customer base.
Typically, medical imaging modalities have long replacement periods ranging from seven to nine years, which makes it more difficult for vendors to market new modalities, as this is principally a replacement market. Moreover, the lack of reimbursement for cardiology imaging procedures is hampering uptake rates.
One of the key industry challenges faced by the medical imaging industry in Europe currently is intensifying price pressures. With healthcare regulators increasingly looking to curb costs, vendors are forced to reduce their prices.
"Participants in the medical imaging market need to fully capitalise on favourable macro-economic conditions," advises Kumar. "These include the rising requirement for imaging procedures due to an increasingly ageing population."
Company Profiles – Medical Imaging Modality Vendors is part of the Medical Imaging Growth Partnership Service programme, which also includes research in the following markets: Eastern European Ultrasound Market, European Medical Imaging Equipment Market for Cardiology Applications and Eastern European Medical Imaging Modalities. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Company Profiles – Medical Imaging Modality Vendors / M2B3