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European Cardiology Imaging Markets
European Cardiology Imaging Markets to Benefit from
Introduction of Comprehensive Packages with Enhanced Cross-departmental Workflow
Integration and Multi-modality Interoperability
Even as European cardiology imaging markets make
gains due to the increasing incidence of cardiovascular disorders, the
development of innovative, cost-effective products and the introduction of new
multi-modality offerings will support rapid expansion of these markets.
Frost & Sullivan finds that the European Cardiology
Imaging Markets earned revenues of $843.0 million in 2005 and estimates this to
reach $1,356.4 million in 2012.
"European cardiology imaging markets are growing
rapidly due to the alarming increase in the number of cardiovascular disorders,
an expanding elderly population and sedentary lifestyles," notes Frost &
Sullivan Research Analyst Ranjit Ravindranathan. "The major innovation which
will define the course of these markets will be that of comprehensive packages
offering improved cross-departmental workflow integration and multi-modality
interoperability in coordination with cardiology picture archiving and
communication systems (PACS)."
As cardiology-imaging markets are in the latter
stage of the growth cycle, the development of innovative and effective products
will be decisive in sustaining growth. The increased number of cardiac problems
will be key to advancing the appeal of multi-purpose, cost-efficient and unique
products.
Research and development (R&D) efforts are ongoing
for launching complete, multi-purpose product packages in the market. However,
varied country-specific reimbursement regulations have led to pricing pressures
while also hindering manufacturing efforts. The high pricing of imaging
modalities has compounded these challenges, leading to affordability concerns.
"Vendors who can leverage end user demands for
complete combination packages and accordingly position themselves as a 'one stop
shop' for clients' cardiology imaging needs, will emerge market leaders,"
remarks Mr. Ravindranathan. "Clients will benefit in terms of savings in money
and time as well as improved procedural efficiency with quality output and
description."
From a competitive perspective, industry
participants should aim to acquire or establish strategic alliances with smaller
firms to facilitate entry into local markets. Initiatives to launch financing
and easy leasing options will encourage equipment purchase by end users. Market
participants should also focus on rapidly achieving workflow integration in
real-world scenarios rather than remaining trapped at the R&D stage.
For more details, contact : Radhika Menon Theodore-
Corporate Communications at
rmtheodore@frost.com
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