Signify Research - Monthly Insights on the Global Medical Technology Industry - April 2024

Please find below the latest healthcare technology insights from the Signify Research market analyst team. We are always delighted to receive your feedback on our Insights. Please get in touch if you'd like to arrange a briefing with one of our analysts to explore these topics in more detail.

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Unlocking Generative AI’s Healthcare Potential

Written by Vladimir Kozynchenko

Over the last 12 months, Signify Research has tracked generative AI (gen AI) product announcements in healthcare to understand the most prevalent use cases and those lacking traction. These announcements have been captured in our product database, part of the Generative AI Market Intelligence Service . In the latest edition released in early April, Signify Research captured over 300 applications either being developed or already deployed in relation to generative AI in healthcare.

How Imaging IT Vendors Should Navigate the Changing Outpatient Imaging Market

Written by Jake Bennett

In recent years, the landscape of healthcare in the United States has been undergoing a profound transformation, with a significant shift towards outpatient imaging services. This evolution stems from a change in reimbursement habits, with insurers preferring procedures to be carried out in the outpatient setting to contain costs for non-emergency imaging. Advancements in medical technology and changing patient preferences have also fed into the current shift. While the move to outpatient settings has been ongoing across other markets, such as in Western Europe, the US is by far the most mature market in terms of what percentage of the healthcare infrastructure is made up by outpatient facilities, whether independent or hospital-associated (i.e. joint ventures).

QHIN & HTI-1 Announcements Signal New Era of US Healthcare Data Exchange

Written by Arun Gill

In recent months, the US Department of Health and Human Services (HHS) made several announcements promoting the development of health information exchanges (HIE).

The first was to officially unveil the vendors that can immediately begin exchanging data under the Trusted Exchange Framework and Common Agreement (TEFCA), a nationwide interoperability framework. The vendors, officially designated as the first cohort of Qualified Health Information Networks (QHINs) in December 2023, were eHealth Exchange , Epic Nexus (a subsidiary of Epic Systems), Health Gorilla , KONZA, and MedAllies . CommonWell Health Alliance and Kno2 received QHIN status in February 2024.

Chasing Radiology – Identifying the Next Diagnostic AI Market Success

Written by Steve Holloway and Matt Watson

Investment into AI-based software across medical diagnostics and clinical care has been notably boom-or-bust in the last decade. Radiology has long been the “poster child” for funding and penetration of healthcare markets, with over $5.6B raised to date, resulting in well-known successes such as HeartFlow, Inc , Viz.ai , Annalise.ai and Ultromics . However, outside of radiology, venture capital for development of AI tools regulated as a medical device (Software as a Medical Device (SaMD) has been far sparser, amounting to only $1.8B to date.

Transabdominal Fetal Monitoring: A New Way Forward?

Written by Sam Wilson

Fetal monitors play a pivotal role in modern obstetrics, providing crucial information on fetal heart rate (FHR) and maternal uterine activity (UA). These electronic devices, which can be attached internally or externally, aid healthcare professionals in assessing fetal well-being during pregnancy and childbirth. The demand for ambulation during childbirth in developed countries has driven the need for wireless solutions, emphasising flexibility and personalised birthing experiences. However, challenges such as a lack of skilled workforce and varying levels of awareness and education have to date impacted the wider adoption of fetal monitoring, particularly in emerging regions.

USCAP 2024 – Digital Pathology at the Tipping Point

Written by Imogen Fitt

USCAP - United States and Canadian Academy of Pathology ’s annual meeting is one of the largest annual gatherings of pathologists globally, so when landing in Baltimore this year for the 113th event, we were eager to connect with industry leaders old and new to discuss their take on the ‘pulse’ of the conference and what it meant for the future of clinical pathology.

Most whole-heartedly agreed that year-on-year digital pathology seems to dominate more and more of the conversation; and with that in mind we’ve shared below our top 3 insights for the future of the industry.

HIMSS 2024: The Evolution of Cloud and the Role of Education

Written by Manav Patel and Amy Thompson

The Signify Research team had the pleasure of attending HIMSS Global Health Conference & Exhibition 2024 in Orlando. Conversations in imaging informatics varied, from renewed interest in VNAs and the potential of enterprise imaging, to evaluating how reporting will evolve short and mid-term, and most evidently – cloud adoption.

In many instances, this emphasised continued investment towards achieving iterative improvement in long-term imaging IT strategies. As such, there were no ground-breaking or surprising announcements, but instead a welcomed exploration into the detail of AI integration, cloud and interoperability.

Signify Research’s HIMSS Roundup

Written by Kelly Patrick

This insight provides an overview of the key developments witnessed at HIMSS from our teams that were in attendance in Orlando earlier this month. The insight is broken down into four areas of the healthcare technology industry:

• Generative AI
• Digital Health
• Medical Imaging
• Clinical Care

The sections covering Generative AI, Digital Health and Medical Imaging are summaries of more in-depth analyses provided as part of our Signify Premium Insights subscription services.

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We utilise the expansive market data at Signify Research's disposal to properly appraise and interpret breaking news stories. Our expert Analysts appraise major market moves and industry-changing announcements as they unfold, and their considered opinions are shared with you to provide a unique 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.

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Generative AI Market Intelligence Service

Authored by Vladimir Kozynchenko

This is the first edition of our Generative AI Market Intelligence Service, which consists of 8 deliverables published throughout 2024. It includes analysis of ecosystems and vendor opportunities and strategies in the realm of Medical Imaging, Digital Health & EMR, Pharma & LifeSciences as well as Big Tech.

This market Intelligence Service?provides:?

• A fresh deep-dive analysis on drivers, barriers, and emerging trends, together with 'Our Take' opinions ensuring you stay ahead of the curve.
• Assessment of competitive landscape with profiles of established market players, gaining insights into key markets, products, relationships, customers, and strategies
• Analysis of ?go-to-market strategies, optimal practices, and effective service differentiation to help you discover growth opportunities and strategic planning enhancements, including identification of prospective partners and acquisition targets.
• Expectation for the future outlook, how the dynamics of the market are likely to evolve and Signify's recommendations for technology vendors

Imaging IT Market Intelligence Service

Authored by Amy Thompson , Jake Bennett and Manav Patel

An annual subscription for complete global coverage of imaging informatics. The deliverables in this service are comprised of detailed global market data and forecasts, supported by analyst commentary, alongside deep-dive qualitative reports to evaluate key strategic questions.?

• Annual access to a detailed interactive database providing you with a comparative benchmark across your markets. Data is available at a global, regional, and country level.
• Valuable insight on regional market shares and strategic analysis on vendor types, including SWOT analysis, providing clear direction to shape sales and marketing strategies.
• Critical evaluation of key strategic positions to demystify market trends and adoption timelines, such as cloud, business models and AI.
• Dedicated analyst briefings to unpack the market data and trends, tailoring our knowledge for your company benefit, maximising your business strategy, investment, and ROI.

Health Information Exchange

Authored by Arun Gill

This a new Market Report on the global market for Health Information Exchange, to be published in 2024. For each region, the market is segmented by implementation types into National, State-wide, System-wide, and Hospital-specific. Further, data architecture models are segmented by Centralised, De-centralised / Federated, and Hybrid.

The Published Report and Dataset will: ?

• Give vendors insight into how you can differentiate your offering to capture business?
• Assess how value-based care and government initiatives to transform healthcare provision towards more integrated and holistic structures will shape the HIE market over the next five years?
• Outline the best prospects for new business in the HIE market by geography, unveiling strong growth opportunities for vendors?
• Ascertain your own position in the market versus your competitors (HIE, EHR, Big Tech vendors), at a national, state-wide, system-wide, and hospital-specific level, allowing you to gain unique insight into whether your product and pricing strategies are resulting in market share gains or losses?
• Examine to what extent AI and data analytics are enabling valuable insights to be extracted from HIE data, and how this will develop over time

Fetal Monitoring

Authored by Sam Wilson and Kelly Patrick

his is the first edition of our Market Report on the global market for Fetal Monitors, published in January 2024. Includes world market analysis segmented by product type, parameter type, care setting and region.

This market Intelligence report provides:?

• A fresh deep-dive analysis and forecast of the fetal monitors market, allowing you to plan your growth strategy accordingly.
• Segmentation by product type, parameter type, care setting, and region, supporting you in developing your product roadmap.
• Coverage of the competitive landscape and vendor market shares, allowing you to determine your competitive response.
• Strong focus on meaningful and usable data, accompanied by actionable analyst insights, unveiling growth opportunities.

Digital Pathology Market Intelligence Service

Authored by Imogen Fitt and Alexandra Bream

This is the second integration of our Market Intelligence Service for Digital Pathology, featuring 5 reports over the course of 2024. This includes a USCAP and Pathology Visions Show Report, the Digital Pathology – World – 2024 Core Data Update, Telepathology – World – 2024, and Emerging Technology in Pathology – World – 2024

The service will allow you to: Evaluate the ever-changing digital pathology competitive landscape to find partners

• Acquire a holistic view of the nuances between customer segments
• Understand adjacent markets and the influence these are having on Digital Pathology
• Review the role of digital pathology in the wider context of enterprise imaging ?and LabIT across hospitals
• Take advantage of 10hrs+ of access to a dedicated analyst to support your strategy planning.?

This Market Intelligence Service provides a rolling 12-month coverage of the global Digital Pathology market.

EHR Market Intelligence Service

Authored by Arun Gill and Hamir Harbham

This Market Intelligence Service provides rolling 12-month coverage of the global EHR market in both acute and ambulatory applications. It includes the following reports:?

• Two deep dive country-specific EHR market reports per month, providing analysis of the market size, market forecasts, vendor shares, new contracts, vendor profiles and key local initiatives.?
• Three regional (EMEA, Americas, Asia) market reports summarising key regional trends, market sizes and competitive environment.?
• A global market report, summarising top level trends across all regions.?
• A vendor market share report, providing analysis of market share trends at a global and regional level.
• Two “hot topic” reports, analysing Gen-AI and FHIR opportunities for EHR vendors.

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.

Clients worldwide rely on direct access to our expert Analysts for their opinions on the latest market trends and developments. Our market analysis reports and subscriptions provide data-driven insights that business leaders use to guide strategic decisions. We also offer custom research services for clients who need information that can’t be obtained from our off-the-shelf research products or who require market intelligence tailored to their specific needs.

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