According to a report by Stratistics MRC, the Global Medical Imaging market accounted for $29.8 billion in 2016 and is expected to reach $45.1 billion by 2022.
NEW YORK, April 26, 2018 /PRNewswire/ -- According to a report by Stratistics MRC, the Global Medical Imaging market accounted for $29.8 billion in 2016 and is expected to reach $45.1 billion by 2022. There are several factors contributing to the growth of the market, including technological advances in imaging equipment, increasing medical knowledge, introduction of molecular imaging methods for clinical applications, and extensive adoption of cloud technologies. The report also indicates that the x-ray segment dominated the products market due to being a cost effective diagnostic technique, while the nuclear imaging systems is projected to be the fastest growing segment owing to adoption of minimally & non-invasive interventional medical procedures along with enhanced image quality and direct computerized processing. Imagin Medical Inc. (OTC: IMEXF), Endocyte, Inc. (NASDAQ: ECYT), Hologic, Inc. (NASDAQ: HOLX), Boston Scientific Corporation (NYSE: BSX), Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX)
A major portion of the Medical Imaging market is cancer imaging systems. Data by BIS Research projects that the global cancer imaging systems is expected to reach $11 billion by 2025. According to the research the cancer imaging market focuses on major cancer indications (breast cancer, lung cancer, colorectal cancer and prostate cancer, among others) and various imaging modalities (mammography, MRI and positron emission tomography, among others). Cancer imaging systems are crucial tools for potential early cancer detection and diagnostics. North America is dominating the market in 2016 and is growing at a CAGR of 4.3% during the forecast period.
Imagin Medical Inc. (OTC: IMEXF) also listed on the Canadian Securities Exchange under the Ticker (CSE: IME). Just this morning the company announced breaking news that it, “is providing the following update on the Company’s current activities. The recent closing of a Private Placement for approximately $4,000,000 reinforces Imagin’s financial runway, enabling the Company to progress through the next critical steps toward product commercialization. Imagin’s management team has been strengthened with the recent appointments of a new CFO and Director of Regulatory Affairs who add the essential experience and knowledge base in the medical device industry to drive the Company through several paths concurrently.
To date, five subjects have been evaluated using the i/Blue System. Given that this study is the i/Blue system’s initial use in a human bladder, approximately two weeks have been allowed between procedures for the development team to assess performance and to make hardware improvements, such as lenses and filters, as well as software adjustments. More subjects will be scheduled for evaluation, and further updates will be issued. The data and knowledge Imagin is acquiring is essential in refining the images that the company believes will lead to optimal performance.
Simultaneously, the Company continues to work with Optel, Inc. on the product redesign for future clinical trials and commercialization. The miniaturization process will add significant imaging capability and lower the actual cost of the product. In addition, documentation for federal regulatory approval continues in anticipation of meetings expected to take place during the summer months.
“This is an exciting time. With proper funding and an experienced management team in place, we’re confident 2018 will be a pivotal year,” said Jim Hutchens, Imagin’s President and CEO.
About Imagin Medical - Imagin Medical is developing imaging solutions for the early detection of cancer during minimally invasive surgeries. The Company believes it will radically improve the way physicians detect cancer. Imagin’s initial target market is bladder cancer, a major cancer worldwide, the sixth most prevalent in the U.S., and the most costly cancer to treat due to a greater than 50% recurrence rate. Developed at the Lawrence Livermore National Laboratory, this advanced, ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at http://www.imaginmedical.com .”
Endocyte, Inc. (NASDAQ: ECYT) is a biopharmaceutical company and leader in developing targeted therapies for the personalized treatment of cancer. The company’s drug conjugation technology targets therapeutics and companion imaging agents specifically to the site of diseased cells. On April 16, 2018, the company announced in a late-breaking poster session the presentation of new research from Endocyte’s chimeric antigen receptor T-cell (CAR T) adaptor molecule (CAM) platform at the AACR Annual Meeting 2018 in Chicago, IL. Endocyte’s CAM-based therapies consist of a single universal autologous CAR T-cell, designed to bind with high affinity to FITC. This universal CAR T-cell can be specifically directed to cancer cells through the administration of a bi-specific adaptor molecule targeted to both FITC and a tumor target, which acts to bridge the universal CAR T-cell with the cancer cells. This allows for control of the antigen target through the administration of the CAM, in contrast to current CAR T-cell therapies, in which the antigen targets are not controlled.
Hologic, Inc. (NASDAQ: HOLX) is an innovative medical technology company primarily focused on improving women’s health and well-being through early detection and treatment. On March 27, 2018, the company announced that Clarity HD high-resolution 3D(TM) imaging and Intelligent 2D(TM) imaging technology have received PMA approval from the U.S. Food and Drug Administration (FDA) and are now available on the 3Dimensions breast tomosynthesis system. With these innovations, the system now provides higher resolution 3D (TM) images for radiologists, enhanced workflow for technologists, and a more comfortable mammography experience, with low-dose options, for patients. Hologic is the world leader in breast cancer screening and the pioneer behind the Genius(TM) 3D Mammography(TM) exam, first approved by the FDA in 2011 on the Company’s first-of-its-kind 3D Mammography(TM) system. Today, Hologic has installed more than 5,000 3D Mammography(TM) systems throughout the United States and is continuing to help ensure insurance coverage is available for all women.
Boston Scientific Corporation (NYSE: BSX) transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, the company advances science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. Earlier this month, the company announced the acquisition of Securus Medical Group, Inc., a privately-held company that has developed a thermal monitoring system for the continuous measurement of esophageal temperature. Boston Scientific has been an investor in Securus since 2016, and the transaction price for the remaining stake not already owned consists of $40 million in cash up-front, as well as up to $10 million in contingent payments based on regulatory achievements and commercial milestones. The thermal monitoring system developed by Securus Medical Group is an integrated catheter-based probe and imaging system that generates real-time images of the temperature of the esophagus.
Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) is an oncology company developing innovative medicines and imaging analysis technology for targeting and treating cancer. In March, the company announced that the Company has received notification from the U.S. Food and Drug Administration (FDA) that the Agency will extend its review of the New Drug Application (NDA) for AZEDRA(R) (iobenguane I 131) by three months to July 30, 2018. The extension is the result of the submission of additional Chemistry, Manufacturing, and Controls (CMC) information by Progenics, which required additional time for FDA review. The standard three-month extension is not related to the efficacy or safety data of AZEDRA.
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