New analysis from Frost & Sullivan (Palo Alto, CA, USA), an international growth consultancy firm, found that the European medical imaging industry is the second largest in the world after the United States. It is estimated that the value of the total medical imaging industry in Europe is nearly US$5.35 billion. This market research profiled market participants in the computed tomography (CT), magnetic resonance imaging (MRI), and radiography segments.
"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,” noted 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 optimize client satisfaction and enable companies to broaden their customer base, according to Frost & Sullivan.
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 mainly a replacement market. Moreover, the lack of reimbursement for cardiology imaging procedures is hampering uptake rates.
One of the major industry challenges faced by the medical imaging industry in Europe currently is intensifying price pressures. With healthcare regulators increasingly looking to control costs, vendors are forced to reduce their prices. "Participants in the medical imaging market need to fully capitalize on favorable macro-economic conditions,” advised Mr. Kumar. "These include the rising requirement for imaging procedures due to an increasingly ageing population.”
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