How To Make More Prostate Cancer Imaging Market By Doing Less

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 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.

Artificial intelligence is helping to improve numerous aspects of the healthcare industry and medical imaging technology is one of the fields that has benefited greatly. Artificial intelligence is used to make imaging devices that can detect diseases earlier and guide diagnosis and early treatment. In September 2018 NVIDIA unveiled the Nvidia Clara platform, which is a combination of software and hardware working together to bring artificial intelligence to future medical instruments. The Clara software development kit enables developers to apply a wide range of AI-powered applications to existing medical imaging equipment. In February 2018 Aidoc, a startup pioneering the use of deep learning in radiology, announced the world’s first and only comprehensive, full-body solution utilizing artificial intelligence to help analyze Computed Tomography (CT) scans, highlighting medical findings for radiologists.  The innovation of new augmented reality technologies, like EchoPixel True 3D, have made it possible for radiologists or physicians to take slices of Magnetic Resonance Imaging (MRI) pictures to create a 3D image that physicians can examine with 3D glasses, a VR headset, or even print using a 3D printer and special plastic. These kinds of technological advancements in medical imaging equipment are making medical imaging techniques more advance and easy to use, hence helping the market growth.

In the current state of the prostate cancer imaging market, artificial intelligence offers most of the market opportunities. AI medical imaging equipment has the greatest number of startups, the highest volume of investor transactions (more than $500 million), the greatest revenue, and strong investor interest and potential for further growth. There has been keen interest from radiologists in improving work efficiency. AI can help specialists interpret studies more quickly and some algorithms can even detect abnormalities not readily visible to the human eye. These technologies can also help with cost savings, they can prevent unnecessary readmissions and cut down on wasteful imaging, and could help prevent the kind of data breaches that have recently occurred in health care.

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