GE Healthcare (US) and Siemens Healthineers (Germany) are Leading Players in the Lymphedema Diagnostics Market
The global lymphedema diagnostics market is projected to reach USD 35 million by 2024 from USD 24 million in 2019, at a CAGR of 7.4%. The growing global prevalence of lymphedema and cancer; technological advancements in diagnostic imaging modalities; and increasing investments, funds, and grants by public-private organizations are the major factors driving the growth of this market. However, the high cost of diagnostic imaging systems, the short half-life of radiopharmaceuticals, the limited supply of helium, and the increasing adoption of refurbished diagnostic imaging systems are expected to restrain the growth of this market.
The major players operating in the lymphedema diagnostics market are GE Healthcare (US), Philips (Netherlands), and Siemens Healthineers (Germany). Other prominent players in this market include Canon, Inc. (Japan), Shimadzu Corporation (Japan), Stryker Corporation (US), Fluoptics (France), United Imaging Healthcare Co., Ltd. (China), Hitachi, Ltd. (Japan), Esaote, SpA (Italy), Neusoft Corporation (China), Mindray Medical International, Ltd. (China), Mitaka USA, Inc. (US), Curadel, LLC (US), and ImpediMed Ltd. (Australia). The analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches, agreements, partnerships, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the lymphedema diagnostics market. Among these business strategies, product launches was the most widely adopted growth strategy by market players.
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GE Healthcare (US) is one of the leading players in the global lymphedema diagnostics market. To sustain its leadership position and ensure its future growth, the company has been focusing on product launches and agreements, partnerships, and collaborations as its key strategies. The company has also been focusing on geographic expansions and the development of low-cost equipment specifically for developing nations. For instance, in May 2017, the company collaborated with the Government of Egypt to supply a wide range of technologies and train doctors, nurses, and technicians about advanced imaging systems in over 200 Egyptian hospitals. With a wide product portfolio and strong geographic presence, the company is expected to witness significant growth in the lymphedema diagnostics market in the coming years.
Siemens Healthineers (Germany) holds a strong position in the lymphedema diagnostics market owing to its robust product portfolio, offering major imaging modalities used for lymphedema imaging. To maintain its competitive position in the market, the company focuses on new product launches and collaborations as its key growth strategies. In line with this strategy, the company has launched various products during the past three years, such as the Multix Impact radiography system, Mobilett Elara Max mobile X-ray system, and Acuson Sequoia ultrasound system. The company has also been a part of important collaborations with leading companies and organizations, such as Extremadura Health Service (Spain), Sandwell and West Birmingham Hospitals NHS Trust (UK), Circle Cardiovascular Imaging (Canada), and Medical University of South Carolina (US). These collaborations have helped the company to expand its customer base and strengthen its geographical footprint across the globe. With these developments, Siemens is emerging as one of the most dominant market players in the world.
Related Reports:
Lymphedema Diagnostics Market by Technology (Lymphoscintigraphy, MRI, Near IR Fluorescence Imaging, Ultrasound), Disease Type (Cancer, Inflammatory Diseases, Cardiovascular, Filariasis), End User (Hospitals, Diagnostic Centers) - Global Forecasts to 2024
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