Current Market Scenario: Streamlining workflows and enhancing patient experience are prime objectives for accelerating innovations in the field of medical imaging informatics. Market players have adopted various strategies to accelerate innovation and gain more market share than before. Acquisition of required assets from different companies is the major strategy adopted by them.
This strategy helps them in integrating new technologies in their products, improving their offerings, and serving patients in a better manner. Another major strategy adopted by them is launch of new products. These products are unique and equipped with advanced technologies. Hospitals and research laboratories need the products that enhance outpatient services and provide rapid imaging outcomes. The demand for innovative medical imaging informatics solutions is expected to rise from oncology, radiology, and other fields.
According to the report published by Allied Market Research, the global medical imaging informatics market is estimated to grow considerably in the coming years. Following are some of the activities taking place across the world.
Acquisition of essential assets is one of the major strategies that can enhance the capabilities of companies and expand their offerings in the medical field. Sirona Medical, one of the leading medical imaging informatics companies, acquired Nines’ AI capabilities such as machine learning engines, AI-based workflow management tool, and clinical data pipeline.
In addition, FDA-cleared medical devices including Nines Measure and NinesAI Emergent Triage have also been acquired in the deal. These devices will be integrated with the radiology operating system of Sirona, RadOS.
Commenting on the acquisition of these assets, the Founder and CEO of Sirona Medical Cameron Andrews outlined that there needs to be a unified platform for AI to work effectively. AI can benefit from underlying data and offer essential insights to radiologists.
Through the acquisition, Sirona aims to provide enhanced capabilities to radiologists with better software than existing ones. This will also help the company in expanding its offerings and raising their market share.
Riding on the wave of acquisition of essential assets, market players have been raising funding and buying assets from their competitors. Flywheel, one of the major medical imaging informatics providers for researchers and AI developers, raised a funding of $22 million.
The Minneapolis-based company raised the funding in a round led by 8VC. The company will acquire the firm Radiologic, which offers software for medical imaging in clinical research.
Commenting on the funding, Jim Olson, the CEO at Flywheel, highlighted that the primary objective of the firm is to accelerate R&D activities in radiology, oncology, and other areas. The innovation in such areas is data-driven and end-to-end informatics solutions are of paramount importance.
Both companies will work toward offering image processing capabilities, software development, and consulting. The trend of acquisition is expected to accelerate innovation in different medical areas.
Along with the trend of acquisition, new product launches has become a recent trend in the medical imaging informatics market. FUJIFILM Healthcare Americas Corporation, one of the leading providers of medical imaging informatics solutions, launched Velocity MRI System.
The innovative MRI scanner is equipped with integrated radiofrequency (RF) coils, open gantry, and reconstruction technologies. This vertical field MRI scanner has a Synergy Flex coil, which is an open-sided and plays a crucial role in offering rapid orthopedic and abdominal imaging.
Commenting on the launch of new product, Shawn Etheridge, the Director for CT and MRI at FUJIFILM highlighted that its new scanner offers benefits regarding imaging quality and workflow along with improved reconstruction technologies.
The company aims to provide enhanced outpatient service, reduced exam times, exceptional image quality, and ease of use benefits for hospitals. The launch of innovative products will help the company in advancing in the market with growth in its market share.
Author Bio –
Pratik Kirve is writer, blogger, and sport enthusiast. He holds a bachelor degree in Electronics and Telecommunication Engineering, and is currently working as a Team Lead – Content Writing at Allied Market Research. He has avid interest in writing news articles across different verticals. When he is not following updates and trends, he spends his time reading, writing poetry, and playing football.