Independent analysis from the Transformational Health Team at Frost & Sullivan reveals that the United States (US) medical imaging market is transforming from a “get bigger” approach that emphasizes quantity to a “get better” approach that emphasizes quality, safety, and improvements in workflow efficiency. For this transformation to be successful, multiple stakeholders across the ecosystem need to work more closely to create a coherent strategy to address the issues the industry is currently facing, such as regulatory, reimbursement, and other challenges unique to the industry itself.

Frost & Sullivan’s analysis, The Transformation of the United States Medical Imaging Industry, analyzes how stakeholders are going beyond the modality and looking to new products, technologies and solutions to enhance interoperability and bring about automation and analytics-based solutions to make the industry more process driven.

For further information on this analysis, please visit: http://frost.ly/25

“The effect of both internal and external challenges has already taken its toll on the industry. The way for stakeholders to not only address these challenges but also succeed will be to judiciously use products, services, and solutions that improve the efficiency of the imaging process, reduce costs, and improve efficiency without compromising quality,” said Tanvir Jaikishen, Senior Research Analyst. 

Areas with the greatest growth opportunities include:

• Creation of strategies to help small and medium-sized care providersimprove workflow productivity, automate processes, offer new service lines, attract more patients, and increase revenues;
• Use of deep learning to shift away from episodic-based care to population health-based solutions;
• Analytics providers can create custom tools for medical imaging that analyze thousands of images to improve the imaging process and the patient experience; and
• Partnerships with radiologists and regulators to develop custom quantitation and reporting tools to help radiologists report on quality metrics, enabling them to qualify for reimbursements.

“The US medical imaging industry is in the process of transforming itself to address the challenges of the present and the demands of the future. Stakeholders across the imaging ecosystem are increasingly collaborating with each other to make the imaging process safer and more efficient. This transformation provides unprecedented opportunities for market participants to address the challenges of care providers and develop new products and solutions that help make the imaging workflow more productive,” said Jaikishen.

The research further identifies the companies best positioned for growth in the US Medical Imaging industry. While GE Healthcare is in the process of developing tools that help radiologists improve workflow productivity, Philips Healthcare is the current market leader in healthcare enterprise partnerships with over a billion dollars’ worth of contracts signed in the US since 2013. However, Arterys has recently received FDA approval for a deep learning cardiovascular cloud computing tool to enhance interoperability and reduce errors.

For further information on the US Medical Imaging Industry, click here to watch our complimentary webinar On Demand:The Picture Perfect Future of the US Medical Imaging Industry.

The Transformation of the United States Medical Imaging Industry is part of Frost & Sullivan’s Transformational Health Growth Partnership Services program.