The European cardiology imaging markets are growing due to the increasing incidence of cardiovascular disorders, but the development of innovative, cost-effective products and the introduction of new multi-modality offerings will support rapid expansion of these markets, according to Frost & Sullivan.
The market research firm reported that the European cardiology imaging markets earned revenues of $843 million in 2005 and estimates this to reach $1.36 billion 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 later stages of the growth cycle, the development of innovative and effective products will be decisive in sustaining growth. Research and development 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,” says 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, the firm says. Initiatives to launch financing and easy leasing options will encourage equipment purchase by end users. Market participants also should focus on rapidly achieving workflow integration in real-world scenarios.