Signify Premium Insights – Medical Imaging: Round-Up from April 2023
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Written by? Alan Stoddart ?Editor of Signify Premium Insights - Medical Imaging.
This article provides several links to our Signify Premium Insights, evaluating recent mergers and news events. To access these articles you will need a subscription or simply request a 30 day free trial below.
With HIMSS taking place in April, the month was ripe for a focus on the most significant developments in imaging IT and software.??
When assessing the most significant trends from HIMSS 2023 we highlighted how the possibilities afforded by generative AI could translate into medical imaging. Given the technology has garnered such an enormous level of press coverage, ranging from wildly optimistic, to overly terrifying, everyone at the event had an opinion on how imaging departments could best leverage the new tool’s potential. Some very pragmatic use cases have already emerged, often focused on data management and workflow, while the foundations of future applications, such as the generation of synthetic image data for algorithm training, were also being laid.?
Such plans could attract a great deal of interest, given the progress that medical imaging AI is making in the wider market. Several of April’s Premium Insights leveraged the data from Signify’s AI in Medical Imaging Market Intelligence Service to properly assess and characterise the trends in one of medical imaging’s most quickly changing markets.?
This began with an assessment of AI vendor’s confidence levels. Some AI vendors have every right to walk tall with a swagger, having repeatedly shown they can rise to the market’s challenges and push their solutions forward to stay ahead of the game. On the other hand, there are also some vendors who have underestimated the pace of change and are still riding high on yesterday’s successes; a mistake that will surely catch up with them in the end.?
This assessment was followed by an analysis of regulatory approvals for medical imaging algorithms. It highlighted that, after China’s extraordinary number of approvals in 2021, in 2022 the balance had swung back to the US, where a combination of active vendors driving the market forward, and well thought out regulatory pathways enabled regulatory progress for a number of vendors. The analysis also showed the kinds of tools and clinical use cases that enjoyed the most approvals; offering a glimpse into where the market may head next.?
There was another chance to gaze into the future when Signify Premium Insights assessed the trends in VC funding in the medical imaging AI market. Despite ongoing macroeconomic headwinds, venture capitalists were still keen to back AI vendors in 2022. Although, in a sign highlighting the growing maturation of the market, for the most part investors were looking to support already-established vendors rather than place bets on riskier newcomers. There were also some clinical use cases which, having proved their value to providers, were also irresistible to investors, again emphasising what VC firms are looking for.?
One vendor with lots of experience tapping investors, came back for more in April, with HeartFlow securing an enormous Series F round. Not only does this give Heartflow more funds to help it grow, it also helps wash away any embarrassment stemming from its failed IPO last year. To raise such a sum after such a significant setback shows the vendor’s resilience, and emphasises that it is willing to step up and fight even in the face of new competition.?
AI vendors weren’t the only ones securing funding, however. OXOS Medical , a vendor that has developed a handheld X-ray system, recently raised $23m. Over the years there has been significant interest in handheld X-ray, but it is a segment that, as of yet, has failed to gain commercial traction. Oxos will be looking to change that and hopes its fundraising will allow it to quickly scale.?
While Oxos is a small vendor looking to gain traction, other much larger vendors are also experiencing comparable problems. One such vendor is Hisense. Its pedigree is in televisions, radios, air conditions and refrigerators but has recently set its sights on the ultrasound market. Ultrasound is a well catered-for market in which it is hard to stand out, so what can 海信 offer to capture customers’ attention.?
About Signify Premium Insights – Medical Imaging
A subscription to Signify Premium Insights - Medical Imaging provides compelling thought leadership on the most pertinent developments in healthcare technology. This service utilises Signify Research’s expansive market data to properly appraise and interpret breaking news stories, major market moves and industry-changing announcements are evaluated as they unfold, and the considered opinions of Signify Research’s expert analysts are shared to provide Insight into current developments. Key vendors, technologies and conferences are followed, with updates carefully scrutinised to ensure that the most important details are revealed and properly assessed.?Subscription provides approximately 100 actionable and up to the moment Premium Insights per year as well as access to Signify’s Insight archive.?
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About Alan Stoddart
Alan brings nine years of editorial expertise and leads on the Signify Research’s Insight and analysis services. Prior to joining, Alan held editorial positions covering a diverse range of technology and engineering/IT topics working with Kantar Media and Kimberley Media Group.
About the Signify Premium Insights Contributing Analysts
Signify Premium Insights rely heavily on the industry expertise from Signify Research’s expert medical imaging analyst team. This team brings with it many years of experience developing market reports, insights and providing consultancy services to the medical imaging industry.
Simon Harris , Managing Director and Principal Analyst
Simon has 26 years of experience in technology market intelligence, having served as Executive Vice President at IMS Research and Senior Research Director for IHS Inc.’s Technology division. Simon has authored market reports on ultrasound equipment and machine learning in medical imaging.
Steve Holloway , Director and Principal Analyst
Steve has 12 years of experience in healthcare technology market intelligence, having served as Senior Analyst at InMedica. Steve leads our Imaging IT division & has authored reports on imaging IT & archiving & management IT, AV and viewing IT, imaging workflow & operation IT & radiation dose?Management.
Bhvita Jani , Research Manager
Bhvita joined Signify Research in 2020 as part of the Medical Imaging Team focusing on the X-ray market. She brings with her 3 years’ experience covering X-ray, MRI and CT research at IHS Markit. Bhvita also has three years’ experience in digital and offline marketing.
Sanjay M Parekh, PhD , Senior Market Analyst
Sanjay joined Signify Research in 2019 after two years of post-doctoral experience using big data in healthcare. Prior to that, he received his PhD from the University of Nottingham. Sanjay covers our Machine Learning in Medical Imaging report and service for Signify Research.
Amy Thompson , Senior Market Analyst
Amy joined Signify in 2020 as part of the Healthcare IT team, focusing on Imaging and Clinical IT. Prior to that, she brings four years’ experience as a Research Analyst; supporting business strategy and market sizing for Liaison Group, a company operating within the NHS.
Mustafa Hassan, PhD , Senior Market Analyst
Mustafa joined Signify Research in 2020 as part of the Medical Imaging team which covers areas such as ultrasound, general radiography and machine learning in medical imaging. Prior to that he obtained a PhD in Pharmacy and Physiology from the University of Kent.
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
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