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
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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