Mobile imaging services market to reach nearly $400M by 2014 in Europe
Despite challenges such as low reimbursement rates, static equipment and high levels of competition, the European mobile imaging services market continues to expand, and is predicted to earn revenues of $205.9 million in 2007 and estimated to reach $394.2 million in 2014, according to a new report from Frost & Sullivan.
For the market to sustain its growth momentum, constant innovation, regular introduction of new products and a broader geographic reach will be critical, the report said.
“Rising patient numbers and the availability of easier mobile diagnostic imaging facilities for specific applications are resulting in improved results and supporting consistent market growth,” said Ranjit Ravindranathan, Frost & Sullivan research analyst. “The steady increase in the number of mobile service providers is boosting screening in several parts of Europe, thereby directly contributing to market growth.”
The report said that there is tremendous potential for growth and all the leading service providers are introducing easy installation options, leasing and funding facilities, which enables end users to work within small budgets and purchase affordable scanners. Frost & Sullivan also said that fixed-site partnerships are increasing due to such easy pricing options.
The lack of high-throughput and scalable technologies constitute major challenges to market expansion, and service providers also confront the lack of marketing initiatives by market participants, according to the report. Digitalization and integration ability is currently a drawback in many places, which, together with the poor geographical spread of the facilities across Europe, is also hampering market prospects.
“While the mobile imaging market in Europe is in a growth phase, there remain certain issues which are of concern to current market participants,” warned Ravindranathan. “These include the reduction in prices of fixed modalities such as CT and ultrasound, decrease in reimbursement, intensifying competition and the presence of refurbished markets.”
Frost & Sullivan recommended that industry participants should innovate and introduce technology that facilitates lower scan timings and supports minimal use of resources.
For the market to sustain its growth momentum, constant innovation, regular introduction of new products and a broader geographic reach will be critical, the report said.
“Rising patient numbers and the availability of easier mobile diagnostic imaging facilities for specific applications are resulting in improved results and supporting consistent market growth,” said Ranjit Ravindranathan, Frost & Sullivan research analyst. “The steady increase in the number of mobile service providers is boosting screening in several parts of Europe, thereby directly contributing to market growth.”
The report said that there is tremendous potential for growth and all the leading service providers are introducing easy installation options, leasing and funding facilities, which enables end users to work within small budgets and purchase affordable scanners. Frost & Sullivan also said that fixed-site partnerships are increasing due to such easy pricing options.
The lack of high-throughput and scalable technologies constitute major challenges to market expansion, and service providers also confront the lack of marketing initiatives by market participants, according to the report. Digitalization and integration ability is currently a drawback in many places, which, together with the poor geographical spread of the facilities across Europe, is also hampering market prospects.
“While the mobile imaging market in Europe is in a growth phase, there remain certain issues which are of concern to current market participants,” warned Ravindranathan. “These include the reduction in prices of fixed modalities such as CT and ultrasound, decrease in reimbursement, intensifying competition and the presence of refurbished markets.”
Frost & Sullivan recommended that industry participants should innovate and introduce technology that facilitates lower scan timings and supports minimal use of resources.