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EMR-EHR in Acute and Ambulatory Applications
March 2019
Thursday, 05 March 2020 1
Alex Green – alex.green@signifyresearch.net
Michael Liberty – michael.liberty@signifyresearch.net
+44 1234 436150
© Copyright Signify Research 2019
Funding Analysis for Diagnostic Ultrasound Companies - 2020 EditionPublished: February 2020Report Analyst: Simon Harris (simon.harris@signifyresearch.net)
Mustafa Hassan (mustafa.hassan@signifyresearch.net)
Thursday, 05 March 2020 2
Executive Summary
“Despite the backdrop of global economic uncertainty, the ultrasound equipment market is forecast to growrelatively strongly in the coming years. At the upper-end of the market, growth is being driven by the expandinguse of ultrasound in new areas, often as a lower cost and radiation-free alternative to CT and MRI. Short-term growthis being boosted by several new premium platform releases by the major vendors, encouraging users to upgradetheir equipment. In the mid-range of the market, the trend to shared service ultrasound systems, coupled withthe expanded feature-set of the latest mid-range systems, is driving growth. The lower-end of the market is beingexpanded by the increasing use of ultrasound by new users, primarily in point-of-care and primary care settings. Therecent availability of affordable handheld systems with improved performance is accelerating this trend. Overall, themarket is forecast to grow at a 5-year CAGR of nearly 5%.”
Deep learning is a truly transformative technology and the longer-term impact on the radiology market should not be under-estimated.
Deep learning has the potential to improve the accuracy and sensitivity of image analysis tools and will accelerate innovation and new product launches.
Companies developing ultrasound solutions for General Imaging received the most funding. The most funded are Bufferfly Network ($350M), Exo Imaging ($44.9M) and Exact Imaging($21.4M).
The most recent venture-funded start-ups are eScopics, with total funding to date of $1.7M, and Aisono, with total funding to date of $72.5M.
The last major exit by a venture-funded diagnostic ultrasound company was in 2015, when Infraredx was acquired by Nipro for an undisclosed amount.
Of the 12 ultrasound companies formed in the last 3 years, only four are developing ultrasound equipment. The others are developing catheters/probes/sensors (five companies) and software (three companies).
Since 2010, 64 diagnostic ultrasound companies have secured external capital funding.
The companies who have received the most funding are Butterfly Network ($350M), Infraredx ($126.6M), and EchoNous ($79M).
Simon HarrisPrincipal Analyst, Signify Researchsimon.harris@signifyresearch.net
© Copyright Signify Research 2020
Thursday, 05 March 2020 3
Summary of Funding for Diagnostic Ultrasound Companies
Total Funding
$1.28b
Number of Deals
Largest Deal Funding by Application
186
Average Deal Size
Funding by Region
$6.9m
$250m
© Copyright Signify Research 2020
Cardiovascular
General Imaging
POC
Specialty
Women's Health
Americas
Asia
EMEA
Thursday, 05 March 2020 4
Funding Activity for Diagnostic Ultrasound Companies – By Application
© Copyright Signify Research 2020
0
10
20
30
40
50
60
70
0
100
200
300
400
500
600
Cardiovascular General Imaging POC Specialty Women's Health
Nu
mb
er o
f D
eals
Tota
l Fu
nd
ing
($M
)
Total Funding by Application
Cardiovascular General Imaging POC Specialty Women's Health
0
2
4
6
8
10
12
14
16
Fun
din
g ($
M)
Average Deal Size
Women's Health
Specialty
POC
General Imaging
Cardiovascular
0 10 20 30 40 50 60 70
Number of Companies
Number of Funded Companies by Application
0 200 400 600 800 1000 1200
Americas
Asia
EMEA
Total Funding ($M)
Total Regional Funding by Application
Cardiovascular
General Imaging
POC
Specialty
Women's Health
Thursday, 05 March 2020 5
Funding Activity for Diagnostic Ultrasound Companies – By Deal Type
© Copyright Signify Research 2020
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Nu
mb
er o
f D
eals
Tota
l Fu
nd
ing
($M
)
Total Yearly Funding by Deal Type
Seed Series A Series B Series C Series D Venture/PE Other Number of Deals
Seed
Series A
Series B
Series C
Series D
Series E
Venture/PE
Other
0 50 100 150 200 250 300 350 400 450
Total Funding ($M)
Total Funding per Deal Type
2.2
5.6
8.5
16.3
99.0
16.5
7.1
3.1
Seed
Series A
Series B
Series C
Series D
Series E
Venture/PE
Other
0 20 40 60 80 100 120
Funding ($M)
Average Funding per Deal Type
Thursday, 05 March 2020 6
Top 25 Most Funded Diagnostic Ultrasound Companies (total funding since founded)
8.5
8.5
10.0
10.0
10.7
11.5
12.0
12.1
15.8
16.0
18.0
18.5
18.9
21.4
23.8
26.7
43.8
44.9
64.0
66.7
69.7
72.5
79.0
126.6
350.0
0 50 100 150 200 250 300 350 400
Sonostar
Sonavex
eZono
SonoCine
BURL Concepts
VentriPoint Diagnostics
Biim Ultrasound AS
DiA Imaging Analysis
Vinno Technology
Ultromics
Innovative Health
Intelligent Ultrasound
Caption Health
Exact Imaging
Clarius Mobile Health
NuVera Medical
QT Ultrasound
Exo Imaging
U - Systems *
Delphinus Medical Tech
Neural Analytics
Aisono
EchoNous
Infraredx
Butterfly Network
Total Funding ($M)
© Copyright Signify Research 2020
* Acquired by GE Healthcare in November 2012
Thursday, 05 March 2020 7
Funded Diagnostic Ultrasound Companies - By Application
General Imaging
Cardiovascular
© 2017 Signify Research
Women’s Health
Point of Care (POC)
Specialty
($350M) (undisclosed) ($0.4M) ($1.7M) ($21.4M) ($44.9M)
($12M) ($23.8M) ($7M) ($4M) ($79M) ($0.1M)
($72.5M) ($5M) ($66.7M) ($0.7M) ($4.6M) ($8M)
($10.7M) ($0.4M) ($69.7M) ($1M) (undisclosed)
($2.5M) ($1.2M) ($18.5M) ($3.5M) (undisclosed) ($7.7M)
($0.01M) ($8.5M) ($15.8M) ($8)
($10M) ($5.8M) ($4.2M) ($0.1M) ($7.3M) ($3.2M)
($0.9M) ($8.5M) ($6.7M) ($2M) ($3M) ($5.3M)
($43.8M) ($4.6M) ($6.8M) ($10M) ($64M)
($18.9M) ($3.9M) ($12.1M) ($5M) ($126.6M) ($18M) ($26.7M)
($5.6M) ($3M) ($0.1M) ($0.9M) ($16M) ($0.1M) ($11.5M)
Note: Numbers in parenthesis are the total funding received© Copyright Signify Research 2020
Thursday, 05 March 2020 8
Funding Timeline for Most Funded Diagnostic Ultrasound Companies (2010 to 2020 YTD)
$100M $250M
$25M$34M$33M
$35M$5M
$73M
$8M $10M
$11M$8M $39.5M $8M $16M
$10M $6.5M $5M
$13M $32M
$18M $26M
$15M$12M
Acquired by GE Healthcare
Acquired by Nipro
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Thursday, 05 March 2020 9
Number of Diagnostic Ultrasound Companies Founded (2010 to 2020 YTD)
0 1 2 3 4 5 6 7 8 9
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Number of Companies Founded
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Thursday, 05 March 2020 10
Funded Diagnostic Ultrasound AI Companies
0.1
0.4
1.0
4.6
5.0
6.8
8.0
11.5
12.1
16.0
16.3
18.5
72.5
0 10 20 30 40 50 60 70 80
VeoCor Diagnostics
DESKi
See-Mode Technologies
iSonoHealth
eko.ai
Qview Medical
Koios Medical
VentriPoint Diagnostics
DiA Imaging Analysis
Ultromics
Caption Health
Intelligent Ultrasound
Aisono
Total funding ($M)
© Copyright Signify Research 2020
Companies with undisclosed funding and thus omitted from the list;
Thursday, 05 March 2020 11
Funded Diagnostic Ultrasound Companies - By Technology Type
Devices
Catheters/ Probes/Sensors
Software
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Thursday, 05 March 2020 12
Exits by Diagnostic Ultrasound Companies (2010 to 2020 YTD)
VisualSonics Sonosite U-Systems Ultrasonix PocketSonics ZONARE Infraredx Volcano
Exit Timing 2010 2011 2012 2013 2013 2013 2015 2015
Exit Price $71M $995M N/A $83M $11M $102M undisclosed $1.2B
Revenues at Exit
$30M $275M (‘10) N/A $35M (‘11) N/A $64M (‘12) $21.3M $400M (‘14)
Acquirer SonoSite FUJIFILMGE
HealthcareAnalogic Analogic Mindray Nipro Philips
Other notable M&A activity in the period:1. Samsung Electronics acquired a 43.5% stake in Medison for $262M in December 2010. Samsung subsequently increased its stake to 68.4%.2. Konica Minolta, Inc. acquired the diagnostic ultrasound equipment business of Panasonic Healthcare in December 2013.3. Hologic Inc, acquired a 43.5% stake in SuperSonic Imagine for $42M in August 20194. Smile Invest acquired a majority % stake in Oldelft Ultrasound for an undisclosed value in March 2019
© Copyright Signify Research 2020
About Signify Research
At Signify Research we are passionately curious about Healthcare Technology and we strive to deliver the most robust market data and insights, to help our customers make the right strategic decisions. We blend primary data collected from in-depth interviews with technology vendors and healthcare professionals, to provide a balanced and complete view of the market trends.
Whether our research is delivered as an off-the-shelf report or as a consultancy project, our customers benefit from direct access to our Analyst team for an expert opinion when they need it. We encourage our clients to think of us as an extension to their in-house market intelligence team.
Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. In each of our coverage areas, we offer a full suite of products including Market Reports, Customer Insights and Vendor Selection Tools, as well as custom research and consultancy services. Our clients include technology vendors, healthcare providers and payers, management consultants and investors.
Find us on the web at www.signifyresearch.net.
Simon HarrisManaging Director & Principal Analyst
Simon has 23 years of experience in technology market intelligence, having served as Executive Vice President at IMS Research, a leading source of research and analysis for the global technology industry. Whilst at IMS Research, Simon established the InMedica brand of medical market research. IMS Research was acquired by IHS Inc. in 2012 and Simon stayed on for four years as Senior Research Director for the company’s Technology market intelligence division. Simon left IHS in March 2016 to launch Signify Research.
Out of work, Simon has a passion for indie music, fast cars, and of course – his wife and three children.
simon.harris@signifyresearch.net+44 1234 436 150
Diagnostic Ultrasound Equipment - World Market Report– 2020 Edition
This research report quantifies the market for diagnostic ultrasound equipment and forecasts how the market will develop over the next five years. There are dedicated chapters for 8 major clinical markets, with analysis of the product mix, regional variations, competitive landscape, vendor market shares and the trends driving growth. The main report is accompanied by a PowerPoint style executive summary and an Excel file with static and fully customisable (pivot format) tables. Customers also benefit from direct access to the lead Analyst for unparalleled customer support and expert opinions on the market. Click for details: Report Brochure
13Thursday, 05 March 2020 © Copyright Signify Research 2020
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