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THE TOP 10WORLD'S LEADING DIAGNOSTIC IMAGING COMPANIES
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This report is based on data from sources considered to be reliable, but is not guaranteed as to accuracy andcompleteness. The information in this report is not intended to be used as the primary basis for decisions, an
of individual company objectives it should not be construed as advice designed to meet the particular business needs of because
any company. Subsequent developments may change opinions and conclusions in this report.
Copyright 2006 VENTURE PLANNING GROUPThis material is confidential for use by our clients only
and may not be reprinted or reproduced.
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CONTENTS
Page
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1
MARKET OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MO-1
ALOKA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AL-1
ANALOGIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AN-1
ESAOTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ES-1
GENERAL ELECTRIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GE-1
HITACHI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-1
HOLOGIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HO-1
PHILIPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PH-1
SHIMADZU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SH-1
SIEMENS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SI-1
TOSHIBA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TO-1
COMPARATIVE ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CA-1
INTRODUCTION
"The Top 10 World's Leading Diagnostic Imaging Companies" is VENTURE
PLANNING GROUP's regularly-updated report on the performance, capabilities and
strategies of the major competitors in the diagnostic imaging industry worldwide.
The report is based on personal and telephone interviews with the TOP 10
companies' executives, customers, suppliers, joint venture partners, financial
analysts, advertising agencies, recruiting firms, as well as experts from trade
associations, media and others knowledgeable of the companies' current
operations and future strategic direction. Additional information was obtained
from diagnostic imaging industry shows, marketing conferences and scientific
symposia that occurred during the course of the study.
In addition to primary sources, the TOP 10 report is based on the
information retrieved from VENTURE PLANNING GROUP's proprietary data files,
which contain current information on numerous diagnostic imaging companies,
technologies, products and executives, and have been developed in the course of
the firm's continuous monitoring of the industry and previous single-client
assignments.
Moreover, a comprehensive review of the TOP 10 companies' product and
financial literature, local press, business and technical periodicals, trade and
professional association surveys, marketing and technical meeting presentations,
patents, antitrust records, government documents and pertinent industry analyst
reports was conducted.
We trust that the results of this report will help current diagnostic imaging
product suppliers, companies planning to enter the market, and the financial
community to assess the competitive environment, identify opportunities and
develop successful business expansion strategies.
diagnostic methods for Alzheimer’s are fairly reliable and the incentive for PET to
confirm the diagnosis is not great.
With procedure volume increasing but still limited in its clinical reach,
mobile PET will likely continue as an important avenue for positron imaging,
allowing wider use of PET than would otherwise be possible. The number of
mobile unit sales will continue to be about 20% of that for sales of fixed
installations.
The average price of mobile PET systems of about $1.4 million will
likely increase slightly in keeping with the shift toward PET/CT. Mobile PET/CT will
make up a much lower proportion of the total mobile PET sales than fixed PET/CT
versus PET installations because of the difficulty in recovering CT costs for mobile
operators.
Mobile PET sales in the US should reach $0.3 million in five years.
The larger mobile operators will continue to expand, absorbing smaller companies.
This expansion will be supported by an abundance of venture capital.
The grafting of CT onto PET has shifted the modality towards
mainstream radiology, although it will take a transposition to CT/PET for it to have
truly left the domain of nuclear medicine. GE and CTI Molecular Imaging dominate
the market for PET scanners and cyclotrons. CTI primarily markets through
worldwide marketing partner Siemens, but also via Toshiba and Hitachi.
The number of PET systems in the US has risen from fewer than 100
in 1997 to over 900 in 2004. In Europe, over the same period, system growth has
also been impressive, increasing almost four-fold to 270 systems. While PET has
TABLE MO-2
WORLDWIDE DIAGNOSTIC IMAGING MARKETESTIMATED SALES BY MODALITY/BUSINESS AND GEOGRAPHIC REGION
2004($ billions)
Modality/Business North OtherAmerica Countries World
X-Ray
Ultrasound
MRI
CT
PACS
Nuclear Medicine
PET/PET-CT
Others
Service
Total
TABLE MO-3
WORLDWIDE DIAGNOSTIC IMAGING MARKET ESTIMATED SALES BY GEOGRAPHIC REGION
2004-2009($ billions) (*)
Annual Growth 2004-2009
Modality/Business 2004 2009 (%)
X-Ray
Ultrasound
MRI
CT
PACS
Nuclear Medicine
PET/PET-CT
Others
Service
Total
(*) In constant 2004 dollars.
HITACHI MEDICAL1-1-14 Uchi-Kanda
Chiyodaku, Tokyo 101Japan
Table of Contents
Page
I. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-1
II. Business Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-11
III. Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-17
IV. Facilities and Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-21
V. Technological Know-How . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-24
VI. Product Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-29
VII. Marketing Tactics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-42
VIII. Sales and Profit Growth, 2001-2005 . . . . . . . . . . . . . . . . . . . . . . . HI-48
IX. R&D Expenditures and Major Programs . . . . . . . . . . . . . . . . . . . . . . HI-59
X. Collaborative Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-65
XI. Strategic Direction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI-70
I. EXECUTIVE SUMMARY
A. Business Organization
1. Current and Recent Developments
! Organized into: Lighting, Consumer Electronics, Components,
Semiconductors, Origin ( Enterprise Solutions, Managed Services and
Professional Services, Domestic Appliances and Personal Care,
Medical Systems.
! Medical Systems consists of X-ray equipment, computed tomography,
magnetic resonance, ultrasound and healthcare services.
! In 2000, acquired ADAC Laboratories for approximately $426 million.
! In 2001, acquired Agilent Technologies’ Healthcare Solutions Group
(HSG) for approximately $2.2 billion.
! In 2004, Philips sold its 80% interest in HeartCare Telemedicine to
SHL Telemedicine International, sold most of X-Ray analytical
business to Egham, sold 80% interest in HeartCare Telemedicine to
the other owner, SHL Telemedicine, sold most of X-Ray analytical
business to Egham.
! In 2004, acquired Richardson Electronics’ medical glassware
business.
! In 2004, acquired Richardson Electronics’ medical glassware
business.
2. History
! Established in 1891.
TABLE AN-7
ANALOGICESTIMATED SALES GROWTH BY MAJOR CUSTOMER
2002-2004($ millions)
Annual Growth 2002-2004Customer 2002 2003 2004 (%)
Toshiba
GE
Siemens
L-3 Communications
Philips
Others
Total
In 2004, the company introduced its next generation Infinia nuclear
medicine system offering a five millimeter CT axial resolution with Hawkeye
enhanced SPECT/CT lesion detection; fan-beam collimation for enhanced brain
SPECT scanning and a camera-based PET option.
E. Nuclear Medicine
1. Millennium
The Millennium nuclear imaging system incorporates specially
designed Digital CSE (correlated signal enhancement) detectors, which improve
both the count rate and uniformity. The Millennium system has been designed for
use with the Genie acquisition workstation, which handles location, archiving and
retrieval of patient files. The Millennium MG is a variable-angle dual-head;
Millennium MT is an opposable-angle dual-head; Millennium MPR is a rectangular-
detector single-head; and Millennium MPS is a square-detector
single-head.
The MG heads adjust from 101 degrees to 180 degrees to gain
maximum sensitivity close to the collimators, while reducing the dead space
normally associated with variable-head cameras. With a gantry footprint of about
20 square feet, MG is one of the most compact cameras in its class. It is equipped
with two Digital CSE detectors employing a summation technique to generate
additional diagnostic information from distant, small signals.
A significant feature of the MPS system is its CSE detector which is
based on square photomultiplier tubes. The detector gathers and sums form rows
and columns of PMTs before any signal processing is performed using signals that
TABLE GE-7
GENERAL ELECTRIC DIAGNOSTIC IMAGINGESTIMATED WORLDWIDE SALES BY MODALITY/BUSINESS
2004
Sales PercentModality/Business ($ millions) Of Total
Ultrasound
X-Ray
MRI
CT
PACS
PET & PET/CT
Service
Others
Total
(*) Under 100% due to rounding.
IX. R&D EXPENDITURES AND MAJOR PROGRAMS
In 2004, GE invested approximately $3.1 billion, or 2.0% of total sales in
R&D. Medical Systems Division R&D expenditures account for $530 million, or
5.4% of the division sales. Medical Systems Division works closely with GE’s
central R&D in Schenectady, NY. Several technologies, including MRI and
ultrasound, were jointly developed by the two R&D groups.
GE succeeded in closely coordinating corporate R&D resources with those
of Medical Systems headquarters in Milwaukee and other GE divisions with related
technology.
In 2004, GE opened a 10,000 square meter European Global Research
Center in Garching, Germany on the campus of the Technical University of
Munich. The facility is part of a $4 billion technology development effort. The
main research areas of the new center include MRI and molecular imaging, as well
as non-medical activities.
Other R&D facilities include the Global Research Center in Niskayuna, NY.
The sited employs approximately 1,800 persons working on technologies for all GE
businesses. The John F. Welch Technology Center, located in Bangalore, India
was the first GE R&D facility outside the US. Also, the company performs
research activities at the China Technology Center in Shanghai.
Imaging research programs cover 3D ultrasound, high field MRI, advanced
medical applications and molecular imaging. Overall, GE’s major R&D activities in
decoded and processed. The camera stops analyzing events with unacceptable z
levels, remaining open for reception of another valid event.
In 1998, Hitachi offered an upgrade which increased the counting
performance form a minimum of two times the current rate to five times the
current rate.
F. PET
In 2002, Hitachi added the Sceptre and Sceptre XLPET system to CTI
PET systems. They come with the Avia multi-modality workstation. The Sceptre
uses a partial-ring detector composed of LSO. The detector rotates around the
patient using slip ring technology. The Avia was designed for processing and
viewing data from any diagnostic imaging facility. The company offers software
upgrades for the Avia that include the Fusion7D non-rigid/deformable fusion,
enhanced display functionality and tele-radiology sharing to deliver real-time
Lan/Wan synchronization.
In 2004, Hitachi released Rtist software package for use with the
Avia. It allows contouring of tumors and exports contours in DICOM RT format to
therapy planning systems. The RTist was developed with English software
company Mirada Solutions.
In 2004, Hitachi introduced the Sceptre P3, an LSO-based rotational
PET scanner outfitted with a quad-slice CT. The CT data are used to create
attenuation correction maps for the PET images as well as diagnostic anatomic
images. Dual Attenuation Correction allows the combination of both CT and sealed
TABLE HI-8
HITACHI IMAGING SYSTEMSESTIMATED SALES BY MODALITY/BUSINESS AND GEOGRAPHIC REGION
2005
Other Modality/Business U.S. Countries World
MRI
CT
X-Ray
Ultrasound
Nuclear Medicine
Service
Others
Total
TABLE HI-9
HITACHI IMAGING SYSTEMSESTIMATED SYSTEM PLACEMENTS AND INSTALLED BASE
BY MODALITY AND GEOGRAPHIC REGION2005
(units)
Placements Installed BaseModality/Business U.S. Other Countries World U.S. Other Countries World
MRI
CT
Utrasound
X-Ray
Nuclear Medicine
In 2005, Hitachi invested approximately $3.6 billion, or 4.3% of total
corporate sales, in R&D. Approximately 65% of the R&D expenses are devoted to
semiconductors and computers. The company’s investment in Imaging Systems is
estimated at $65 million, or 5.9% of sales.
In Tarrytown, NY, Hitachi’s R&D division operates three laboratories where
scientists are collaborating on a number of advanced research projects. In the San
Francisco laboratory, efforts are focused on large-scale integrated high-speed
digital signal processing chips for next-generation applications in communications,
image processing and enhanced computer graphics.
The company's laboratory in Princeton, NJ, opened in July 1991, is focusing
on the development of the next-generation TV receiver with sophisticated digital
signal processing for higher picture quality and wider screen.
The R&D division is also responsible for long-range planning and pursuing
international research projects.
In the area of CT, Hitachi is collaborating with Tokai University's School of
Medicine on the development of an optical CT system that offers a higher
resolution oxygen-saturation image. The resolution was improved by reducing
image blurring and distortion caused by strong light scattering in tissues.
The optical CT produces images of the tissues of interest by irradiating a
target area of a patient with a pair of near-infrared laser beams and processing the
light that passes through the tissue using a streak camera. Optical CT can be
used to obtain functional images of organs, by measuring the distribution of
TABLE HO-5
HOLOGIC ESTIMATED OPERATING PROFIT GROWTH BY PRODUCT LINE
2002-2004 ($ millions)
Annual Growth 2002-2004
Product Line 2002 2003 2004 (%)
Mammography
Osteoporosis Assessment
Mini C-Arm, General
General and Radiography
Digital Detectors
Total
! Aquilion
In 2003, Philips introduced the Aquilion, a 32-slice scanner. The
system increases patient through-put, reduces the need for invasive diagnostic
techniques and adds such applications as enhanced perfusion studies, coronary
artery imaging and critical care without adding radiation dose to the patient.
! Brilliance
The Brilliance CT, in 64-, 40-, 16–, 10- and 6-slice varieties, offers
DoseWise dosing for optimal efficiency, RapidView reconstruction techniques, as
well as a scalable platform for growth and future applications. The 40-slice
configuration allows for organ perfusion studies, coronary artery imaging and
pulmonary imaging.
In 2004, Philips introduced the Precedence SPECT/CT which combines
the Skylight gamma camera and the Brilliance multislice CT platform.
! Tomoscan Series
The Tomoscan Series has been marketed by Philips under a
distribution and assembly agreement with Hitachi. The Tomoscan LX was
designed for high-volume imaging departments, such as teaching hospitals and
university medical centers. The console has two displays: a 14 inch, high
resolution monitor for image viewing, and a plasma screen for operator/system
communications. The image monitor tilts and swivels for convenient viewing from
any vantage point. The LX gantry, with its 70 cm aperture and maximum 48 cm
field of view, provides convenient positioning access and accommodates large
emergency care, cardiology, and radiation oncology. The company plans to move
to a common IT architecture for workstations, departmental, enterprise systems
and user interface.
In 2004, Phillips entered into a contract to provide Fletcher Allen Health
Care with cardiovascular imaging equipment and software, enterprise-wide PACS,
radiology equipment and patient monitoring systems. In 2005, Phillips contracted
with John Hopkins and Lenox Hill Hospitals to provide SPECT/CT systems.
Outside the US, Philips markets through a direct sales force of
approximately 825 persons and selected distributors. The company employs
approximately 585 sales persons in Europe, 95 in Japan and 145 in the rest of the
world.
In 1997, ATL established a Chinese subsidiary, ATL China, based in Beijing.
The subsidiary is responsible for marketing, service and support activities of the
company’s products in China. The Apogee 800 plus is sold in China by Shantou
Institute of Ultrasonic Instruments (SIUI).
Philips is actively expanding both domestically and overseas. Thus, the
company has won a $25 million order for the supply of medical equipment and
services to Zimbabwe. The company installed X-ray equipment and ultrasound
systems in 77 small Government-owned and mission hospitals and clinics, as well
as more advanced equipment in city hospitals. As part of the seven-year contract,
Philips has been providing equipment maintenance and training. The Dutch
Government funded 40% of the project, the remainder coming from a Dutch and
German bank loan.
specialists. A separate dedicated sales force was marketing
cardiology products. In international markets, ATL had fifteen subsidiaries and an
extensive distributor network. Outside the US, ATL marketed through direct sales
in Argentina, Australia, Austria, Belgium, Canada, France, Germany, Italy, the
Netherlands, the UK and Singapore. In 2005, the company set up a regional
distribution center in Singapore that employs a staff of 45. In India, ATL sells
through a joint venture with Indchem Electronics. In the rest of the world, the
company sells through distributors. The Pacific Rim, Latin American and South
American distribution network is managed from the US headquarters. The
network of European, Middle Eastern and African distributors is coordinated from
German headquarters. The company's worldwide marketing organization reaches
over 100 countries.
PACS
Acquisitions of ADAC, ATL and Marconi have given Philips a broad
spectrum of channels through which to market PACS and develop electronic
image archiving and distribution strategies for specific modalities, as well as
enterprise-wide systems for the workflow environment. Philips determined, for
example, that postprocessing applications optimized for the Marconi Mx8000 and
MxView workstations are compatible with EasyVision workstations. Philips
provides an upgrade path to digital cardiac cath imaging labs. The company's
Integris H, for example, allows users to upgrade systems gradually.
To mammography users, Philips offers a quality assurance kit to help
customers seeking accreditation from the American College of Radiology. The kit
TABLE PH-7
PHILIPS MEDICAL SYSTEMSESTIMATED WORLDWIDE SALES GROWTH BY GEOGRAPHIC REGION
2002-2004($ millions)
Annual Growth2002-2004
Geographic Region 2002 2003 2004 (%)
North America
Europe & Africa
Asia Pacific
Latin America
Total
! Neusoft
In 2004, Philips signed a joint venture agreement with Chinese
technology group Neusoft. The deal with Neusoft’s digital medical products arm is
intended to help Philips build its presence in the economy- to mid-range medical
systems. Philips holds 51% of the joint venture, which is focusing on R&D and
manufacturing. It is based at Neusoft Digital Medical’s existing site in Shenyang,
northeastern China, where an additional facility is being built. Initially, the two
firms intend to develop and manufacture low- to mid-range CT and x-ray
equipment, and will expand the focus to ultrasound, MRI and PACS. The
companies will sell and service the products arising from the venture
independently.
! Oldelft
In the US, Philips has been marketing the Advanced Multiple Beam
Equalization (Amber) system, an automatic film changer developed by the Oldelft
Corporation of America (Fairfax, VA). The Amber is Oldelft's radiography chest X-
ray system. Philips evaluated Amber's automatic film changer, spurred by the
interest of high-volume clinical sites, which have a need for improved quality in
the system while requiring faster throughput capability. The Amber can benefit
patients undergoing thoracic imaging procedures by improving clarity and lowering
the rate of false negatives experienced in conventional X-ray imaging.
! PAION
In 2004, Phillips entered into an agreement to provide PAION with
brain perfusion CT software for use in clinical trials for the investigational drug
the diagnostic imaging area. It has the rights to market, license, and develop new
products in collaboration with third parties..
! Cassling
In 2000, the company signed an agreement with Cassling Diagnostic
Imaging, for distribution of mammography and mobile X-ray systems.
! Catholic Health Systems
In 2005, Siemens agreed to provide Catholic Health Systems (CHS)
with equipment and services for ten years. CHS is composed of five hospitals, ten
primary care centers, nine diagnostic and treatment centers, a freestanding
surgery center and eleven long-term care facilities.
! CompuRad
Siemens has been selling CompuRad's MagicView 50 teleradiology
systems on an OEM basis worldwide.
! Data Critical Systems
Siemens and Data Critical Systems agreed to jointly sell wireless
telemedical systems for patient monitoring.
! Digital/Apple
Siemens and Digital Equipment have a collaboration in the PACS field,
allowing Digital computers to tap into Siemens installed base of CT and MR
scanners. Siemens has a similar agreement with Apple, utilizing Macintosh
computers in image workstations. Thus, the Litebox computer is produced under
the Apple agreement.
agreement whereby Merge is translating proprietary image data from scanners
into ACR/NEMA-based Mergecom output. Mergecom is an open protocol that can
be used on standard networks, such as Ethernet or Token Ring.
! National Cancer Institute
In 2002, the National Cancer Institute awarded a $2 million dollar
grant to Siemens for ultrasound research. The grant is intended to help in the
development of a software interface that uses manuals for its Sonoline Antares
platform, giving researchers access to advanced capabilities.
! National Geographic
Since 2005, Siemens is supporting a research project on mummies by
Egypt’s Supreme Council of Antiquities. The company has donated a trailer-
mounted Somatom Emotion 6 to scan mummies found in Egypt.
! NextGen
In 2005, Siemens entered into an agreement with NextGen
Healthcare Information Systems, a provider of ambulatory Electronic Medical
Records, whereby the companies market enterprise IT systems and imaging
technologies for acute and specialty environments. The agreement also includes
worldwide distribution rights.
! Novametrix
Siemens and Novametrix Medical have been developing a
combination flow and carbon dioxide module for patient monitoring products.
! Nucletron Systems
Siemens’ Oncology Division entered into an agreement to sell
Aquilion and Asteion systems. The software allows helical CT images to be used
to quantify calcium deposits in coronary arteries. Toshiba licenses the Vitrea
workstation and software package and the Vscore application from Vital Images.
In 2005, Vital Images introduced ViTALCardia, a technology
designed specifically for cardiologists. It includes software for diagnosis as well
as a Web-based thin-client distribution technology to provide access to images
throughout the cardiology enterprise.
In 2001, Toshiba launched the Asteion Multi 60 system,
designed for multiple applications, including CT angiography, cardiac and whole
body scanning. The system features the Quantum Detector, a dose management
tool.
D. MRI
Toshiba's MRI systems combine the company's proprietary
technologies with the acquired Diasonics technical expertise. Diasonics MRI
Division had been the mid-field leader in the US, offering a 0.35-tesla system,
while Toshiba has been the leader in Japan, offering a 0.5-tesla system. Toshiba
has a strong market position in low-, mid- and high-field market segments.
!! Opart
The Opart is a 0.35 tesla superconducting open-style scanner
that operates without cryogens. The Opart has the dual distinction of being an
open-style superconducting scanner and a cryogen-less superconducting magnet.
The Opart's open design provides patient access from all four sides and allows
scanning while the patient is still connected to ancillary MRI-compatible monitoring
TABLE CA-2
THE TOP 10 WORLD'S LEADING DIAGNOSTIC IMAGING COMPANIESESTIMATED TOTAL SALES BY MODALITY/BUSINESS
2004/2005($ millions)
Company Ultrasound X-Ray MRI CT Nuclear PACS Service Others Total
AnalogicAloka Esaote General Electric Hitachi Hologic Philips Shimadzu Siemens Toshiba
Total
