Summary of our market study

The French medical imaging market is estimated at €2.5 billion

The global medical imaging market has shown a robust growth trajectory, rising from a valuation of $36.19 billion in 2020 to an estimated $40.17 billion in 2022.

The French market showed strong growth, increasing by 16% from 2020 to 2023, reaching 2.466 billion euros in 2023. North America, Europe and Asia-Pacific hold the majority of market share, collectively accounting for 89.1%.

The industry is also marked by significant technological advances and innovations in medical imaging software, Big Data integration and artificial intelligence. Major technology companies such as Alphabet's Deepmind are entering the market.

Trends in the French medical imaging market

The French medical imaging market has grown significantly in recent years, driven by technological innovations. This growth testifies to the market's responsiveness to demographic ageing, the prevalence of chronic diseases and increasing demand for advanced diagnostic methods.

Despite the absence of French giants, the market is well supported by dynamic and competitive SMEs and start-ups, both locally and internationally. Entities such as Echosens, Acteon, EOS Imaging, Guerbet and Pixyl have proved their worth in the face of the dominance of major players such as GE Healthcare, Siemens, Philips and Toshiba, who collectively control over 75% of the global market share.

The vitality of the French market is also reflected in the trade balance figures. Between 2021 and July 2023, imports of medical imaging equipment rose significantly, from around 377.2 million to almost 483.2 million euros. Exports also experienced an upward trajectory, rising from around 880.7 million euros to just over 1.116 billion euros over the same period.

France contributes to global innovation with software development that harnesses the power of Big Data and artificial intelligence to improve diagnostic capabilities. Players such as Alphabet subsidiary Deepmind are investing in this segment, positioning themselves at the forefront of the digital transformation of medical imaging.

Among the range of medical imaging equipment, France is mainly developing MRIs and scanners, which account for the bulk of imports and exports in this sector. Today, X-ray systems hold the largest market share worldwide, followed by MRI and ultrasound equipment.

Key players shaping the medical imaging landscape

Medical imaging is an essential aspect of modern healthcare, enabling clinicians to explore hidden areas of the body for diagnosis and treatment. While industry giants largely dominate the market, there is a dynamic cohort of French companies and startups carving out remarkable niches and demonstrating innovation.

Global giants with a strong French presence

  • GE Healthcare is a formidable global leader in medical imaging, involved in the creation of a wide variety of imaging equipment. In France, they have a significant presence and actively participate in innovative conglomerates focused on the application of AI in medical imaging.
  • Siemens Healthineers is another dominant name in the ecosystem, renowned for its extensive catalog of medical imaging tools and technologies. Siemens' ability to innovate and integrate new technologies into its product range reinforces its status within the industry.
  • Philips completes the triad of industrial behemoths, constantly pushing the boundaries with technologically advanced imaging systems. Their constant innovation in hardware and software solutions enables them to maintain their competitive edge.
  • FujiFilm also plays an important role. Although it is not described predominantly in the text provided, it is a brand that has always been influential in the imaging field, and has evolved in parallel with the industry's shift from photographic film to digital solutions.

Leading French innovators and challengers

  • Stephanix offers a glimmer of hope in the field of radiology. This equipment manufacturer is strengthening France's position on the world market with its radiology solutions.
  • Acteon is emerging by focusing on ultrasound equipment.
  • Echosens specializes in targeted imaging devices, making waves by creating tools that help meet specific medical needs such as liver diagnostics.
  • EOS Imaging deserves a mention for its cutting-edge orthopedic medical imaging solutions, which have given it a solid foothold in France and worldwide.

Startups and new entrants pushing back the boundaries of innovation

  • Incepto Medical combines AI with medical imaging to drive advances in diagnostics and patient care.
  • TheAZmed company is representative of the emerging landscape of startups offering cutting-edge solutions and methodologies.
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Summary and extracts

1 Market overview

1.1 Presentation and definition of the medical imaging market

Medical imaging encompasses all techniques based on different physical phenomena (magnetic resonance, ultrasound wave reflection, radioactivity, X-ray absorption, etc.), enabling images to be taken of the inside of the human body. Medical imaging is mainly used to establish diagnoses, but can also be used to support treatment, particularly surgery.

The global medical imaging market is estimated to be worth $40.17 billion by 2022. This is a fast-growing market (+11% since 2020), which should continue to develop at a CAGR of 5.8% until it reaches $56.53 billion in 2028[Fortune Business Insights]. North America, Europe and Asia are the regions with the highest market share(89.1% between them).what's more, the market is highly concentrated in the hands of a few players, with just 4 companies (GE Healthcare, Siemens, Philips and Toshiba) holding over 75% of the market[World Bank]

The French market has been stable over the past decade. Although there are no French giants in the medical imaging sector, many French SMEs and start-ups, such as Echosens, are active in the field. aises, such as Echosens, Acteon, EOS Imaging, Guerbet and Pixyl, are doing well at all levels of the value chain, as well as internationally. What's more, GE Healthcare, the world leader in medical imaging, has a strong presence in France. The French medical imaging market has been growing strongly since 2021, rising from 2.123 billion euros in 2020 to 2.466 billion euros in July 2023, an increase of 16%. [INSEE]

The market is strongly impacted by innovation, particularly on the software side, with the development of big data and artificial intelligence. Numerous players are investing in this segment, including digital giants such as Alphabet (Google), through its subsidiary Deepmind.

The market trend is also towards technical innovation on devices, with machines that are increasingly powerful and feature new functions.

1.2 Global market

In ****, the global medical imaging market was valued at $**.** billion. Two years later, in ****, the global market size is estimated at $**.** billion, an increase of **% over the previous year. The market is expected to continue to grow at a CAGR of *.*%, reaching $**.** billion in **** .

Evolution of global medical imaging market size World, ...

1.3 Balance of trade

In order to analyze French foreign trade in medical imaging equipment, we will use the following CN* codes, which cover all such equipment:

********: electrocardiographs, ********: ultrasonic scanning diagnostic equipment (***), ********: magnetic resonance imaging diagnostic equipment, ********: scintigraphy equipment, ********: electrodiagnostic equipment for simultaneous monitoring of two or more physiological parameters, ********: other electrodiagnostic equipment for ...

1.4 The French market

The French medical imaging equipment manufacturing business is listed under NAF nomenclature code **.**Z: "Manufacture of medical irradiation equipment, electromedical and electrotherapeutic equipment"

This code includes :

The manufacture of irradiation equipment and tubes (***), i.e. X-ray equipment and equipment using alpha, beta or gamma radiation, manufacture of computer tomographs, the manufacture ...

2 Demand analysis

2.1 Overview of the French hospital sector

In **** (***), there were *,*** healthcare establishments in France providing diagnosis, monitoring and treatment of patients, with a capacity of ***,*** full hospitalization beds and **,*** partial hospitalization places, compared with ***,*** and **,*** respectively in ****. These facilities differ in terms of legal status, size and mission. There are three types of legal status: public, private non-profit ...

2.2 Imaging equipment in healthcare establishments

Imaging equipment is a major component of healthcare facilities. Technical advances and the cost of new, more efficient equipment have led to a concentration and sharing of facilities. By ****, there will be *.* scanners per ***,*** inhabitants. However, there are significant geographical disparities, with the ratio ranging from *.* in Mayotte to *.Z in ...

2.3 Focus on MRI demand

French consultancy and research firm Cemka, specializing in Public Health, Health Economics and Epidemiology, released a study in ****, an extract of which focuses on MRI and its waiting times. There have been no new reports since, but this data gives an idea of the evolutions and challenges of MRI.

Between **** and ...

2.4 Socio-demographic factors driving market growth

Older people are the most likely to benefit from healthcare devices, and therefore from medical imaging devices. It is therefore interesting to look at the current and future demographics of the French population.

An aging population: already a reality...

Proportion of the French population aged ** or over France, ****-****, in % Source: ...

3 Market structure

3.1 Value chain

Below is a simplified value chain for the medical imaging sector:

Source: ****

The medical imaging equipment manufacturing market in France is held by a handful of international players (***). For example, in ****, General Electric controlled **% of the medical imaging equipment supply market. [***]. Indeed, with very high R&D costs, as well as ...

3.2 French players

Although France has no medical imaging giants, a number of French players are making their mark on the market, at all levels of the value chain presented in the previous section. The following table presents some of these French companies:

The French ecosystem is essentially made up of SMEs.GE Healthcare, ...

3.3 The emergence of new distribution and operating models

There are many different models for distributing and operating medical imaging equipment. According to a study by Transverse and strategy consultancy Frost & Sullivan, two business models stand out[***]:

The MES model (***): this model is based on the sale of equipment, followed by a range of related services, such as management, procurement, ...

4 Offer analysis

4.1 Diversity of medical imaging equipment

There are many different types of medical imaging technology, for a wide range of applications, the main ones of which are listed in the following table:

Source: ****

Below is a non-exhaustive list of the main types of medical imaging equipment:

Conventional and digital radiography Fluoroscopy CTscanner / Tomodensitometry / Scanography

MRI (***) Functional ...

4.2 Pricing of medical imaging equipment and procedures

Equipment prices

Prices for medical imaging equipment can vary widely, depending on the brand, features and modifications modifications made to the equipment, as well as the customer'scustomer requirements. However, SNITEM provides a price range for top-of-the-range equipment:

In addition to the cost of the equipment, there are installation costs. According to ...

4.3 Supply trends

The world of medical imaging is undergoing major changes as equipment technology improves and artificial intelligence develops.

Technological innovations by modality

Numerous technical advances are being made in each modality, notably in the finesse of equipment, which produces images that are increasingly precise, faster and less stressful for the patient.

All ...

5 Regulations

5.1 Regulations for manufacturers and healthcare professionals

International Data Management Standard (***)

DICOM is an international standard governing the communication and management of medical imaging and related information. It governs the format of images, enabling them to be exchanged without loss of data. This standard applies to almost all medical imaging equipment, and was created in ****. [***]

European regulations

on ...

5.2 Future regulations

In the near future, particularly with the growing presence of AI in this sector (***), medical imaging could also be governed by :

ePrivacy Regulation, a European Union project aimed at strengthening citizens' online privacy by "governing all electronic communications on publicly available services and networks originating from individuals within the European Union"[***]. ...

6 Positioning the players

6. Segmentation

  • Siemens Healthineers
  • Supersonic Imagine
  • Eos Imaging
  • Mauna Kea
  • NGI Group
  • CHU de Toulouse
  • CHU de Bordeaux
  • Clinique d’Arcachon
  • Polyclinique Montréal Elsan
  • Incepto Medical
  • AZmed
  • Guerbet
  • Diagnostic Medical System DMS Groupe
  • Philips
  • Gleamer
  • Deeplink Medical
  • VIMS Video Interventionnelle Medicale

List of charts presented in this market study

  • Trends in the value of the global medical imaging market
  • World market sales by region
  • Breakdown of worldwide sales by imaging equipment
  • Global market share by company
  • Exports of medical imaging equipment by type
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Latest news

Medical imaging: Guerbet injects €26 million into Simafex - 12/10/2023
  • Guerbet, founded in 1926, generates sales of €753 million with 2,600 employees, including 1,200 in France.
  • The group operates three plants in France and three abroad.
  • Simafex belongs to the French pharmaceutical group Guerbet, a leader in contrast products for medical imaging, which obtains a diagnosis for a patient under MRI or scanner every second in the world, and has inaugurated a new administrative building in Marans, Charente-Maritime, at a cost of 4.3 million euros.
  • 100 employees at the Seveso-classified chemical plant.
  • More than 25 million euros have been invested in this industrial site since 2018.
  • In March, the Guerbet site obtained approval from US health authorities to market Elucirem, a product developed since 2006. For the production of Elucirem, 6.9 million euros have been earmarked for the Marans production line in 2020, and a production capacity of 38 tons was reached this year.
  • Guerbet, founded in 1926, generates sales of 753 million euros with 2,600 employees, including 1,200 in France.
  • The Group operates three plants in France and three abroad.
Medical imaging: DMS Group acquires Sweden's Solutions For Tomorrow - 03/10/2023
  • Medical imaging specialist for digital radiology and bone densitometry, DMS targets sales of 40 million euros in 2023
  • by 2027, the goal is to reach 60 million euros
  • 120 employees
  • Network of 140 distributors worldwide
  • DMS Group is based in Gallargues (Gard) and listed on the stock exchange
  • Acquisition of Swedish company Solutions For Tomorrow. Founded in 2011
  • It offers a high-end motorized mobile medical imaging solution, protected by 15 patents and present in 35 countries.
  • The company has already deployed over 500 pieces of equipment, employs 23 people and generates sales of 6 million euros.

The Agnelli family invests in Philips Santé - 07/09/2023
  • The investment holding company Exor, owned by the Agnelli family, has assets of 33 billion euros.
  • Exor acquired 15% of the Philips conglomerate for 2.6 billion euros.
  • Philips became the Agnelli family's fourth largest holding, behind Ferrari, Stellantis and CNH Industrials.
  • Healthcare accounts for more than half of Philips' sales, totalling 17.8 billion euros last year.
  • Philips had to recall 5.3 million of its respiratory devices worldwide
  • Exor has recouped 9.3 billion euros from the sale of US reinsurer PartnerRe to Covéa in 2021.
  • Exor had taken a 45% stake in Italy's Lifenet Healthcare in spring 2022.
  • In July 2022, Exor also acquired 10% of Institut Mérieux for 833 million euros.
  • Exor also holds a 24% stake in French shoe manufacturer Christian Louboutin.
Gleamer raises $27 million to make AI standard in radiology - 28/06/2023
  • In 2017, Gleamer was co-founded by Christian Allouche.
  • Gleamer's diagnostic solutions have reduced false negatives by 30% and cut radiologists' reading time by 30% too.
  • Gleamer's ambition is to double its workforce to 100 by the end of 2024.
  • The company has successfully raised 27 million euros in financing
  • Gleamer's solutions are currently used by some 6,500 radiologists at 650 sites.
  • Gleamer is aiming for deployment at 2,000 sites by the end of 2025, with 50% in Europe and 40% in the United States.
  • The company generated €5 million in revenues in 2022, and plans to double this figure in 2023.
  • The US market currently accounts for 15% of recurring revenues.
Guerbet takes control of Intrasense to develop AI in medical imaging - 23/06/2023
  • Guerbet: sales of €753 million, 2,700 employees.
  • Intrasense: 70 employees, created in 2004, listed since 2012.
  • Guerbet acquires over 56% of Intrasense's capital.
  • Intrasense's Myrian solution deployed in 1,200 hospitals and radiology practices.
  • Intrasense and Guerbet sign licensing and integration agreement for AI in oncology medical imaging.
  • Intrasense sales to rise from €3.8 million to nearly €8 million by 2026.
  • Intrasense targets new markets: Germany and Italy.
  • Launch of a new oncology product line in 2024, with 32 people already recruited.
Medical imaging: DMS Group signs record-breaking contract in Italy | Medical imaging: DMS Group signs record-breaking contract in Italy. - 22/01/2023
  • DMS Group: imaging specialist
  • DMS Group's sales partner Fujifilm Healthcare has won a tender for 96 "FDX Visionary-RF Premium" remote-controlled X-ray tables, designed and produced by DMS Imaging
  • Sales of €40 million expected in 2023
  • 120 employees

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Siemens Healthineers
Supersonic Imagine
Eos Imaging
Mauna Kea
NGI Group
CHU de Toulouse
CHU de Bordeaux
Clinique d’Arcachon
Polyclinique Montréal Elsan
Incepto Medical
AZmed
Guerbet

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