Healthcare sector quadruple aim goals boosts medical imaging & informatics market

WORLD – Based on a recent analysis by Frost & Sullivan, Global Medical Imaging & Informatics Outlook, 2021, the market opportunity is estimated to hit US$37.10 billion in 2021 from US$33.90 billion in 2020, registering growth at 9.4% under an aspirational scenario.

This is a trend attributed to the healthcare sector’s emphasis on meeting its Quadruple Aim goal of cost reduction, clinical outcomes, enhance the patient and caregiver experience, and improve the work-life of healthcare providers.

With the onset of the pandemic, a focus on efficiency and productivity will attain new heights in the near to medium terms as reforms in national health policies, the changing reimbursement landscape, and budget constraints will help drive the gradual growth.

Philips healthcare are among the notable healthcare providers actively tapping into this large gap of medical imaging with the aid of artificial intelligence (AI).

This is evident in its recently released second quarter group sales that increased to US$49.5b, with 9% comparable sales growth

The Diagnosis & Treatment businesses recorded 16% comparable sales growth, with double-digit growth in all businesses.

Comparable order intake increased 29%, with strong double-digit growth in Image-Guided Therapy, Ultrasound and Diagnostic Imaging.

The Hospital Patient Monitoring business continues to perform well above 2019 levels. The newly acquired BioTelemetry and Capsule Technologies businesses continue to deliver strong sales growth with increasing profitability.

Philips’ updated portfolio in medical imaging and informatics

  • In China, Philips signed a contract with Gansu Provincial Maternity and Child Care Hospital to streamline and advance the delivery of critical care across multiple departments of the hospital. Philips will provide its advanced critical care information system, patient monitoring solutions and diagnostic cardiology solutions.
  • Building on their successful cooperation in MR-guided adaptive radiation therapy, Philips and Elekta deepened the partnership to advance personalized cancer care through precision oncology solutions to deliver more precise therapy, shorter treatment times, and lower cost of care.
  • Philips introduced the Spectral CT 7500 system, which delivers high-quality spectral images for a broad patient base, including cardiac, pediatric and bariatric patients, further expanding the company’s comprehensive CT portfolio, which comprises spectral and conventional CT systems, as well as radiation oncology CT systems, and advanced informatics and services.
  • It also launched IntraSight Mobile, which offers users in hospitals and office-based labs the integration, flexibility and affordability of a single mobile system for intravascular imaging, physiology measurements and co-registration for seamless workflows and enhanced patient care.Building on the success of IntraSight, the launch will further reinforce Philips’ leading position in image- guided therapy.
  • Philips announced progress on several clinical studies including the positive two-year clinical study results for the Tack Endovascular System for dissection repair.
  • Moreover, Philips announced the first structural heart repair procedure at Mayo Clinic using its new 3D intracardiac echocardiography catheter VeriSight Pro.

With the Medical imaging and informatics space set for growth, Philips is not the only company venturing into this potential space as Medtronic and 3M Litmann’s are also changing the space with their AI integrated technology.

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