Molecular and IT Imaging Gain Momentum

Medical imaging technologies are expected to play a more vital role in healthcare as the field begins to encompass molecular imaging modalities, which, in turn, may help customize medicine in the near future. Therefore, it has become critical for imaging manufacturers to not only provide total imaging solutions but to focus on integrating technology features that will allow them to be at the forefront of the healthcare treatment and delivery system in the coming years.

According to a new analysis from Frost & Sullivan (Palo Alto, CA, USA), a technology growth consultancy firm, the U.S. medical imaging market generated revenue worth U.S.$11.24 billion in 2003 and is likely to reach $16.57 billion in 2008. One of the main factors driving growth in the medical imaging field is the greater need for imaging modalities among the aging population.

In spite of constant improvements and revitalization of technologies, according to Frost & Sullivan, the medical imaging community has yet to see a true, novel breakthrough technology during the past year. In specific market segments, totally new technology iterations are available every year, with each new iteration being described as the "must have” product. However, within months, these innovative products are frequently being consigned to a mid-tier product classification. Paradoxically, participants' continual search for technical innovation and excellence is narrowing down product lifecycles and restricting spending among end users that are incapable of keeping up with such fast innovations.

Participants themselves are becoming a little wary of this frenzied rush for innovation that is largely thought to be an effective strategy for obtaining a bigger market share. Smaller participants are forced to survive the worst of this rising competition, as large companies have the safety net of opting for consolidation.

"Despite having highly sophisticated technologies, smaller participants sometimes lack the financial strength to successfully distribute and market their products. Due to this, they are either compelled to concede to an acquisition offer from larger counterparts or are forced to exit the market altogether, leaving their innovations undeveloped,” stated Monali Patel, research manager at Frost & Sullivan. Increasing dominance by large participants, lower competitor diversity, and relatively less innovation are likely to be some of the long-term outcomes of such a market consolidation.



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