Government Initiatives on Medical Imaging Equipment Market

Favorable Government Initiatives

Governments play an important role in purchasing, pricing, and distributing medical devices globally. Governments undertake various initiatives to develop healthcare infrastructure aimed at providing safe and cost-effective medical products to the public. The funding by government bodies also helps in opening new facilities. Also, the implementation of regulations that comply with imports and export is expected to help generate revenue for the market. For instance, in the UK, the National Health Service focuses on addressing unmet needs through cost-effective ways to help the government in the economic growth of the country. Small Business Research Initiative for Healthcare by the National Health Service provided a US$ 1.1 million contract to Fuel 3D Technologies to develop 3D medical imaging systems.

In the US, the formation of the Accountable Care Organizations (ACO) represents a significant growth opportunity and is likely to change radiology practice dramatically. Accountable Care Organizations are a group of hospitals, doctors, and other healthcare providers who voluntarily coordinate with each other to provide quality care to Medicare patients. Medicare is promoting them as an alternative payment model for radiology-related reimbursements to minimize the cost and increase the quality of service.

The Federal Government of the US allocated US$ 10 billion to the Centers for Medicare and Medicaid Innovations (CMI) to develop and implement a new set of rules for Accountable Care Organizations. Also, the Government of Canada pays US$ 1,400 per scan per patient to hospitals because of the lack of private funding in the country. In British Columbia, no approved billing fee is required, and the procedures are performed by full-time salaried professionals or contract physicians at the British Columbia Cancer Agency (BCCA). The scans are funded by the provincial government’s health ministry. In October 2015, the University of California was awarded US$ 15.5 million by the National Institute of Health to build the world’s first total-body PET scanner that can track cancer, which can put the nation at the forefront of molecular imaging. The first images from scans of humans using the new device were shown in November 2018. In June 2015, the National Health Service committed US$ 1.33 million to the Royal United Hospital for the purchase of PET/CT scanners. The hospital invested an additional US$ 1.55 million for the installation of these scanners.

In October 2014, the National Institute of Health granted funding of US$ 110 million for brain research through the BRAIN, of which researchers at West Virginia University received US$ 538,996 for the development of portable PET scanners.

Siemens Healthcare, which is already focusing on developing a strong network of local factories in the emerging countries of the world for localizing and upgrading ultrasound equipment, has signed an agreement and received a large medical diagnostic imaging procurement order from the Government of India for six new AIIMS hospitals in 2016. Government initiatives such as these help patients gain access to these imaging modalities easily. Vendors are also aiming to develop new technologies to address the growing demand. Also, funding initiatives such as these help vendors develop more efficient and user-friendly devices at reasonable prices. Thus, growing government initiatives coupled with the approval of grants and collaboration with medical imaging equipment manufacturers will have a positive impact on the market growth.

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