Ultrasound News Round Up – July 2024

Cranfield, UK, 6th August 2024, Written by Mustafa Hassan, PhD. and Aiyana Amess –

While the UK has been baking in some summer sun in July, the ultrasound market was whipping up another batch acquisitions, partnerships and product launches.

In this monthly news round-up, we offer some of the latest news and developments impacting the Ultrasound market that has caught our attention in the last month.

No Story is Left Behind

• July has been a strong month for partnerships but before we focus on July’s developments, we must begin with news that was missed from our June round-up. It was announced in June that DESKi’s HeartFocus was the latest AI software to join the Butterfly Garden Marketplace. DESKi plans to integrate HeartFocus onto the Butterfly Network probe once it has received regulatory approval. Together the solutions will enable accurate cardiac screening to take place in a multitude of settings with the aim to increase detection and management of cardiovascular disease. The partnership will support DESKi in broadening its access to different demographics, especially the USA market, which it is targeting.

DESKi will face some strong competition on the Butterfly Marketplace from other AI vendors who have joined, notably UltraSight, who has developed a similar image guidance cardiology AI solution. DESKi has spent time focusing on its user interface, which it believes will be a differentiator for the company, along with the clinical trials it is currently conducting. It is also aiming to be vendor neutral. Whilst it’s joined the Butterfly Garden in June, it was also one of the first vendors to join the Clarius Marketplace. DESKi is looking to extend its partnerships with other handheld ultrasound vendors.

Partnerships/Acquisitions

• Now heading into the July news, another significant acquisition in the ultrasound AI space has grabbed the ultrasound headlines this month. We have also covered this sale further in our latest Signify Premium Insight. GE HealthCare has announced it has acquired Intelligent Ultrasound’s clinical AI business for $51m following a long-term partnership. Initially GE HealthCare included Intelligent Ultrasound’s SonoLyst technology as an optional add on to its women’s health systems. It was recently included as standard on the Voluson Expert 22. Previously we saw this inclusion as standard to be the likely aspiration for ultrasound AI companies. However, given this is the second large acquisition in recent months, it is likely that this trend will continue with vendors building their companies up with the aim of being acquired. The acquisition will help GE HealthCare to strengthen its AI offerings across its ultrasound portfolio within women’s health. The company plans to integrate the research and development experts from Intelligent Ultrasound to drive AI development within image recognition for GE HealthCare’s women’s health devices, as well as its wider offerings. Due to the long-standing partnership between Intelligent Ultrasound and GE HealthCare, the company’s Clinical AI business should be integrated quickly following the acquisition. Another positive for GE HealthCare now has more flexibility on how to market the Intelligent Ultrasound AI technology.

This news comes after the recent acquisition of Sonio by Samsung Healthcare. With two of the largest women’s health ultrasound AI companies now off the market, it has left a gap in the market of the next big AI vendor in this space. This is similar to what was seen in the cardiology ultrasound AI market last year, when Caption Health and DiA Imaging Analysis were purchased. It does now beg the question of not who will be the next big ultrasound AI vendor? But who will be the next big ultrasound AI vendor to be acquired?

• SIUI has partnered with Drei Soluciones to bring its ultrasound devices to Latin America (LATAM). Through the partnership they aim to expand the access to quality healthcare in the LATAM region. The LATAM region has become increasingly price sensitive with many providers now favouring Chinese vendors due to their lower system pricing. This should aid SIUI in having a successful launch into the region. Mexico has seen increased investment by ultrasound manufacturers who are moving away from China due to increasing legislations and who are attracted to the low production costs in Mexico.
• Inteleos’ POC academy and ThinkSono have partnered to enhance healthcare professionals’ skills in detecting DVT. The companies will provide a bundle including a ThinkSono software subscription, Inteleos POCUS fundamentals certificate and a lower extremity deep vein thrombosis certificate. Inteleos’ POC academy has also partnered with Vave Health to boost point of care ultrasound education for novice users. The partnership will offer a bundle of Vave’s phased array wireless ultrasound device and the Inteleos POCUS fundamentals certificate. The partnerships are helping to standardise the quality of ultrasound imaging at the point of care and ensure novice users have a good depth of understanding around the areas the AI supports.

As the value of ultrasound is being recognised and used more in the broader clinical setting it’s important that education is maintained particularly at the point of care.  Whilst AI is a useful tool in helping novice users acquire quality ultrasound images, education is also still important. The accreditation will give new users confidence in performing ultrasound scans, supplemented by AI assistance.

Product Launches

• Intelligent Ultrasound has launched a new endometriosis training package ‘ScanTrainer Endometriosis Plus’ to support the training of clinicians at all levels in transvaginal ultrasound and endometriosis diagnosis scale. The product will help support the early diagnosis and treatment of endometriosis, a common but under diagnosed condition. The new training system comes as we see birth rates declining in many countries and a shift in the ultrasound market towards a prioritisation of women’s health outside pre and postnatal care.
• Sonio has released its new product Soniopedia an AI software for prenatal ultrasound training. The solution aims to address challenges faced during the training process; it simulates cases from the initial ultrasound image to necessary genetic tests. Soniopedia provides an efficient and thorough practical training method to bridge the gap between theory and practice, enabling novice clinicians to better identify anomalies in the clinic.

Funding

• We end July with another big ultrasound story; The American Medical Association (AMA) has issued a CPT code for Ultromics’ EchoGo Heart Failure. The technology enables the detection of heart failure in a single echocardiographic video. The category III CPT code will come into effect on January 1^st, 2025, and marks a big step for Ultromics enabling the solution to be reimbursed through health insurance.

The big challenge for ultrasound AI vendors is finding the best business model for commercial success. Whilst OEM partnerships and joining marketplaces are good ways for vendors to bring its solutions to market, there can still be some challenge to price solutions correctly and overcome the challenge of getting the customers to use the AI solutions and seeing the benefits it can bring. This is one of the drivers for the recent spate of acquisitions we have seen. Post acquisition, the acquired AI companies have been able to continue their work with the solutions marketed alongside the system, giving a more comprehensive product.

The award of a CPT III code for Ultromics makes them one of the few AI-based ultrasound vendors to be able to obtain reimbursement alongside that of Koios Medical.  CPT reimbursement claims are dominated by HeartFlow’s AI solution for coronary artery disease, which accounts for over 70% of the total CPT claims submitted. DS Breast from Koios Medical by comparison, accounts for 0.6% of the total CPT claims submitted. So, whilst a CPT code does not guarantee claims will be made, Ultromics’ can remain optimistic. Whilst originally developing measurement solutions, since the release of EchoGo Pro in 2020 it has focused on developing predictive models of cardiac disease. These early detection solutions have the potential to transform the care pathway.

The CPT III code will give Ultromics a potential revenue stream few other ultrasound AI vendors have. It gives them a financial stability that mean they do not need to sell if they do not want to. However, the CPT code makes them a good target for vendors, especially as they are increasingly looking to acquire established AI companies. The CPT code will add a few $’s to the acquisition price if vendors come calling.

Are there any stories you believe we have missed? If so, please let us know. We welcome further conversations on the trends specifically impacting the markets highlighted.

Signify Research covers the market dynamics impacting the ultrasound market in its annual Ultrasound Service. The 2024 service includes:

• Ultrasound Equipment 2024
• Ultrasound Transducers and Catheters
• Ultrasound AI
• Ultrasound Equipment 6 – month update

If you are interested in learning more about our Ultrasound service, please reach out.

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About The Authors

Mustafa Hassan – Mustafa joined Signify Research in 2020 as part of the Medical Imaging team which covers areas such as ultrasound, general radiography and machine learning in medical imaging. Prior to that he obtained a PhD in Pharmacy and Physiology from the University of Kent and has three years of post-doctoral experience working on optimising healthcare for genetic Cardiac diseases.

Aiyana Amess – Aiyana joined Signify Research in 2023 as part of the Medical Imaging team. She graduated from Loughborough University with a BSC in Medicinal and Pharmaceutical Chemistry, receiving a diploma in industrial studies after completing an internship at Roche.

About the Medical Imaging Team

Signify Research’s Medical Imaging team formulates expert market intelligence for some of the leading Ultrasound, CT, MRI, and X-ray vendors. Combining primary data collection and in-depth discussions with industry stakeholders, our thorough research approach yields credible quantitative and qualitative analysis, helping our customers make critical business decisions with confidence. Furthermore, our commitment to seeking a plurality of perspectives across the markets we cover guarantees that our insights remain independent and balanced.

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