Acquisitions and partnerships to raise mobile imaging capabilities of companies
23 Feb 2022
Advancements in technologies raised mobile imaging capabilities and made it possible for companies to offer in-home and accessible services. Various imaging services such as X-Ray, ultrasound, CT scan, MRI, mammography, and others have made accessible to patients at home and rural location. Market players adopted strategies such as acquisitions and partnerships to expand their offerings, acquire more customer base than before, and provide high-quality services. These strategies are expected to help them in raising their market stake across the international market and achieve sustainable growth. According to the report published by Allied Market Research, theglobal mobile imaging market is estimated to reach $53.84 billion by 2030. Following are some of the activities taking place across the world.
Acquisition to expand offering and raise the stake
Acquisition is one of the major strategies adopted by market players to expand their offerings by adopting expertise of the acquired company and grow together. DispatchHealth, Denver, Colorado-based firm, acquired one of the major mobile imaging product providers Professional Portable X-Ray (PPX). This acquisition is expected to help DispatchHealth in expanding its offerings and bring imaging solutions to the homes of patients. PPX provides mobile imaging services such as X-ray, ultrasound, EKG, Doppler, and bone density at any location for patients. These services will enable DispatchHealth in achieving its objective of becoming the most extensive and largest in-home system provider.
Dr. Mark Prather, the Co-Founder and CEO of DispatchHealth, highlighted that the company has been assessing the additions to its platforms that can add value to its patients and providers. PPX was selected for acquisition as its organization values and culture aligns with the Colorado-based firm. The acquisition is also estimated to help the firm in integrative home-based ultrasonography and radiography services into business operations. It will also provide enhanced capabilities and control as acute services can be provided at home to patients.
Partnership to add value to lives of patients
Along with acquisition strategy, market players adopted the strategy of partnership to integrate capabilities of the other company and offer improved products and systems. Royal Philips, one of the leading healthcare companies, signed a partnership agreement with Cydar for adding artificial intelligence and 3D mapping in its mobile X-ray platform. Under the partnership, a cloud-based software platform of Cydar will be integrated with the user friendly platform of Philips Zenition C-arm setup. This will enhance the capabilities of surgeons during the endovascular procedures by providing real-time imaging feeds.
Cydar’s EV Maps software utilizes AI for assisting surgeons by creating a 3D map planning during the procedure. The map is laid upon the X-ray feed by C-arm and computer vision technology will be utilized to hold within two millimeters of feed to offer surgical assistant to surgeons. In addition, there will be adaptation in Cydar’s software during the entire procedure. This integration is expected to raise efficiency in the operating room and reduce the overall procedure time by nearly 20 percent. So, this partnership strategy will help both companies in adding value to patients’ lives by reducing overall exposure to radiation during the procedure.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.