Healthcare Industry News: GE Healthcare
News Release - March 26, 2007
GE Healthcare Achieves #1 Worldwide Market Share Position in Compact Ultrasound Industry in 2006Launch of New Laptop-Size Ultrasound Systems Fuel Growth for GE; Company Becomes World's Top Compact Ultrasound Provider with Sales of $174 Million in 2006
WAUKESHA, Wis.--(HSMN NewsFeed)--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.
"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."
ABOUT GE Healthcare'S COMPACT SERIES:
In 2006, GE introduced its new Compact Series of ultrasound products -- five cutting-edge ultrasound systems designed to address healthcare providers' growing demand for sophisticated, real-time imaging at the point of care. GE's Compact Series places the power and imaging capabilities of a high-performance, 400-pound ultrasound console system into a laptop-size design. The portable nature of laptop-size ultrasound systems enables physicians and clinicians to perform diagnoses on patients at the bedside.
GE's Compact Series of ultrasound systems includes:
- Voluson i, offering the world's first real-time, 4-D imaging capabilities in a compact design for patients in obstetrics and gynecology.
- LOGIQ i, providing premium imaging for general patient imaging needs in radiology, as well as musculoskeletal, neonatal, breast and vascular imaging.
- LOGIQ e, uniquely designed with the speed and diagnostic image quality to support real-time clinical decisions in emergency and surgical settings.
- Vivid i enhances the efficiency and reach of physicians by offering the functionality and high performance of full-featured, larger-scale cardiovascular systems - but in a portable and wireless design that weighs 30 times less. In 2006, the Vivid i added a host of new features and enhancements including, stress echo, tissue velocity imaging, IMT measurements and Tissue Tracking.
- Vivid e provides a dedicated cardiac ultrasound imaging solution for the physician office in a practical, easy to use design.
ABOUT GE Healthcare'S ULTRASOUND BUSINESS:
GE Healthcare is the world's leading provider of ultrasound systems, information technologies and service solutions. Each year, healthcare providers rely on GE's LOGIQ, Vivid and Voluson ultrasound systems to perform more than 30 million patient exams worldwide. GE applies more than 25 years of experience and a commitment to advancing ultrasound's role in patient care. For more information, please visit our Web site at www.gehealthcare.com/ultrasound.
ABOUT GE Healthcare:
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, performance improvement, drug discovery, and biopharmaceutical manufacturing technologies is helping clinicians around the world re-imagine new ways to predict, diagnose, inform, treat and monitor disease, so patients can live their lives to the fullest.
GE Healthcare's broad range of products and services enable healthcare providers to better diagnose and treat cancer, heart disease, neurological diseases and other conditions earlier. Our vision for the future is to enable a new "early health" model of care focused on earlier diagnosis, pre-symptomatic disease detection and disease prevention. Headquartered in the United Kingdom, GE Healthcare is a $17 billion unit of General Electric Company (NYSE: GE ). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at www.gehealthcare.com.
Source: GE Healthcare
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