GE Healthcare Becomes World Market Share Leader In The Compact Ultrasound Industry In 2006
GE Healthcare became the world market share leader in the compact ultrasound industry in 2006, as cited in a recent industry report issued by Klein Biomedical Consultants, an internationally recognized source of ultrasound market and trends. GE was the market leader with a 43 percent share, according to the report.
GE announced today the company’s global Compact Ultrasound business grew sales to $174 million in 2006, which represents 74 percent growth compared to the prior year. This growth surpasses the 41 percent worldwide market growth for the compact ultrasound industry in 2006, as cited in the Klein report.
Harvey Klein, president of Klein Biomedical, stated in the report, “GE is expected to move up into the undisputed worldwide market leadership position in the year 2007 and should remain in this position through the end of the forecast period (2009).”
GE culminated its performance in 2006 with worldwide compact ultrasound revenue for the fourth quarter of $67.8 million. GE’s fourth quarter revenue was significantly higher than competitors in this compact ultrasound arena.
“Our success with compact ultrasound is a testament to GE’s ability to invest in game-changing, disruptive technologies that continue to generate organic growth,” said GE Chairman and CEO Jeffrey R. Immelt. “Our engineering research across ultrasound product lines can continue to bring rapid innovation. I am proud of GE’s commitment to investing in technologies that help change the way healthcare is delivered to patients.”
“Moving into the number one position and leading the way globally shows our commitment to growing compact ultrasound,” said Omar Ishrak, president and CEO of GE Healthcare’s Clinical Systems business unit. “We cultivated growth by migrating our engineering innovations across multiple ultrasound platforms and developing specialized sales teams. Our strategy in customizing ultrasound for specific care areas is bringing breakthrough technologies to more patients and clinicians worldwide.”
Ishrak said, “We expect our sales growth to continue through 2007. With the full year’s benefit of last year’s product launches, our compact ultrasound product portfolio is robust and continuing to gain strength. More launches are forthcoming, and the healthcare industry can expect more from GE in the compact ultrasound arena.”
GE attributes its results in large part to its:
Unique business philosophy in ultrasound, by customizing its innovative ultrasound systems to four care areas: radiology, obstetrics and gynecology, cardiology and emerging clinical uses in the emergency room and operating room.
Strength in engineering, by sharing research and development technologies across the care area platforms.
Global expansion of its sales team and a broad global footprint.
Investment in expanding services and education offerings for hospitals.
Also in 2006, GE’s LOGIQ e ultrasound system led all new compact products industry-wide in the U.S. market with revenue of $23 million, according to the Klein report. The LOGIQ e is geared toward emerging and growing uses for ultrasound such as assisting physicians in visualization of patient anatomy for interventional and surgical procedures, including regional anesthesia, as well as real-time patient evaluations in emergency settings and sports medicine.
“Ultrasound has set the standard in assisting regional anesthesia,” said Jeffrey Swenson, M.D., professor and director of anesthesia for the orthopedic center at the University of Utah. “Because of its detailed visualization of anatomical structures, especially of the facial planes and nerve bundles, the LOGIQ e offers superior capability for ultrasound-guided nerve blocks.”
“The ease and portability of the LOGIQ e makes it widely applicable, outside of the operating room, and even makes it possible for ultrasound-guided procedures in remote areas including regions of the world with limited medical facilities,” Swenson said.
Klein also stated the compact ultrasound market should top $1 billion in the year 2011 for an annual growth rate of 22 percent.
According to Ishrak, who has more than 20 years in ultrasound technology development and has served as the leader of GE’s ultrasound division since 1995, “We will continue to invest in our sales team, and we expect our sales growth to surpass global market growth for compact ultrasound.”
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