Rising Demand for Diagnostic Tools Fuels the Growing Medical Imaging Market
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New York, NY – April 6, 2021 – Medical diagnostic and imaging tools have played a critical role in the detection and early diagnosis of diseases such as cancer, which are less treatable in their later stages. The medical imaging and diagnostics industry is set to grow significantly in the future as more companies embrace artificial intelligence (AI) and machine learning (ML) in the design and development of their medical imaging and diagnostic tools. With the industry likely to grow to $43.33 billion by 2027, top medical imaging device manufacturers like Perimeter Medical Imaging AI (TSXV:PINK) (OTCPK:PYNKF), Hologic (NASDAQ:HOLX), Stryker (NYSE:SYK), Nano X Imaging (NASDAQ:NNOX), and General Electric Company (NYSE:GE) are taking note and developing point-of-care diagnostic tools for the US market. Such tools improve the speed and efficiency of diagnosis by delivering results immediately rather than later.
The US FDA Clears Perimeter Medical Imaging’s OCT Imaging System
Perimeter Medical Imaging AI (TSXV:PINK) is a medical technology company that develops high-resolution, real-time, and advanced imaging tools to assist surgeons during cancer surgery. Perimeter announced in early March that it received 510(k) clearance from the US FDA for its Optical Coherence Tomography (OCT) imaging system that is designed to examine tissue microstructures during surgical procedures and provide cross-section, real-time margin visualization.
“This is an exciting and important milestone for Perimeter that enables us to bring ‘commercial ready’ OCT Imaging System to the US market. Through clinical development, we listened to our users and this clearance covers a product that delivers on their feedback, allowing for streamlined integration into current intraoperative workflows. We are thrilled to bring physicians our platform providing ‘real-time’ margin visualization to assist their decision making and our goal is to help them create better outcomes for patients while lowering the costs to the healthcare system,” stated Jeremy Sobotta, Perimeter’s CEO. He added, “Our Perimeter OCT Imaging System is the foundational block that allows us to continue developing ‘next-gen’ improvements, such as the artificial intelligence tools currently in development under our ATLAS AI project.”
Perimeter’s OCT Imaging System comes with an image review manipulation software that allows physicians to identify and annotate microscopic tissue structures to aid their decision whether or not additional tissue needs to be excised. Other features of the imaging system include real-time images with higher resolution than an ultrasound or x-ray, 2 mm subsurface imaging for real-time visualization of microscopic tissue structures, the ability to label and capture images of individual margins, and advanced software. The imaging technology the company has developed is also non-toxic and non-destructive, allowing surgeons to capture images without compromising the tissue so it can undergo standard histopathology tests.
In addition to the imaging platform, Perimeter is developing advanced AI and ML image assessment tools to increase the efficiency of review.
Innovative Medical Diagnostic Tools From Top Companies
Hologic (NASDAQ:HOLX) recently introduced the Genius Digital Diagnostics system, the first CE-marked digital cytology platform that combines AI algorithms with advanced volumetric imaging technology to help in the diagnostics of precancerous lesions and cancer cells in women. The Genius Digital Diagnostics System is a comprehensive cervical cancer-screening portfolio with innovative technology that includes advanced digital imaging technology, a deep learning artificial intelligence algorithm, a secure image management server, and a high-resolution review station for local or remote case review. “Application of AI requires digital images that are of exceptional quality. Our teams developed a breakthrough imaging technology that converts physical glass cytology slides into digital images with superior clarity. From this digitization, advanced image analysis, and improved standardization are now achievable,” said Kevin Thornal, the president of Hologic’s Diagnostic Solutions Division.
Stryker (NYSE:SYK) is one of the leading medical technology companies that seek to better the healthcare industry with innovative products in orthopedics, medical, surgical, and neurotechnology to help in improving patient and hospital outcomes. The company continues to grow its market share through mergers and acquisitions, with the latest being the acquisition of OrthoSensor, a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement. The merger will be critical in strengthening the foundation of Stryker in the digital ecosystem by accessing the advanced sensor technology and expanded data analytics of OrthoSensor. The acquisition allows Stryker to deliver comprehensive data-driven solutions.
Medical imaging technology company Nano X Imaging (NASDAQ:NNOX) recently announced the strategic collaboration between the company and USARAD Holdings to launch an advanced radiology diagnostics service that combines over 300 expert radiologists with artificial intelligence decision support algorithms and solutions. This collaboration strengthens the previously announced partnership where the companies would deploy 3000 NanoX.ARC medical imaging systems across the US. Together, the companies target insurance companies, outpatient imaging centers, and other key players in the US healthcare market, subject to FDA 510(k) clearance of the NanoX.ARC systems.
General Electric Company (NYSE:GE), through its GE Healthcare division, announced its 510(k) clearance of its new 3D surgical imaging system that will set a standard for intraoperative 3D imaging with precise volumetric images for spine and orthopedic procedures. “We are thrilled to introduce OEC 3D to clinicians who want amazing 3D volumetric images quickly during intraoperative procedures,” said Gustavo Perez Fernandez, President and CEO of GE Healthcare Guided Therapies. “Built on the successful OEC Elite C-am platform, the familiar performance of the OEC 3D c-arm will make 3D imaging routine for complex spine and joint replacement procedures.” OEC 3D provides a large field of view with high-resolution and detail. It also comes with an advanced reconstruction engine that quickly presents images on an intuitive volume viewer with advanced tools and analysis for surgical assessment.
A rising demand for medical imaging and diagnostic tools for application in the diagnosis of critical illnesses is driving the growth of the market. Manufacturing companies and key players in the medical imaging market are positioning themselves with innovative solutions to provide real-time data to surgeons and medical specialists. Companies such as Perimeter Medical Imaging AI have already released products approved by the FDA into the market, and hope to continue making progress.
For more information on Perimeter Medical Imaging AI, click here.
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