Report Analyst: Simon Harris (simon.harris@signifyresearch ...

EMR-EHR in Acute and Ambulatory Applications

March 2019

Monday, 02 March 2020 1

Alex Green – [email protected]

Michael Liberty – [email protected]

+44 1234 436150

© Copyright Signify Research 2019

Funding Analysis for Diagnostic Ultrasound Companies - 2020 EditionPublished: February 2020Report Analyst: Simon Harris ([email protected])

Mustafa Hassan ([email protected])

mailto:[email protected]

mailto:[email protected]


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, 63 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 [email protected]



Summary of Funding for Diagnostic Ultrasound Companies

Total Funding

$1.28b

Number of Deals

Largest Deal Funding by Application

184

Average Deal Size

Funding by Region

$7m

$250mAfrica

Americas

Asia

EMEA

Middle East

Oceania

Cardiovascular

General Imaging

POC

Specialty

Women's Health



Funding Activity for Diagnostic Ultrasound Companies – By Application

0 200 400 600 800 1000 1200

Africa

Americas

Asia

EMEA

Middle East

Oceania

Total Funding ($M)

Total Regional Funding by Application Cardiovascular

General Imaging

POC

Specialty

Women's Health

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


Funding Activity for Diagnostic Ultrasound Companies – By Deal Type


0

5

10

15

20

25

30

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

Seed

Series A

Series B

Series C

Series D

Series E

Venture/PE

Other

0 20 40 60 80 100

Funding ($M)

Average Funding per Deal Type


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)


* Acquired by GE Healthcare in November 2012


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) ($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


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



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



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)


Companies with undisclosed funding and thus omitted from the list;


Funded Diagnostic Ultrasound Companies - By Technology Type

Devices

Catheters/ Probes/Sensors

Software



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


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.

[email protected]+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

13Monday, 02 March 2020 © Copyright Signify Research 2020

Further Information

https://www.signifyresearch.net/reports/ultrasound-equipment-world-2020/

A better approach to healthcare technology market intelligence

Monday, 02 March 2020 © Copyright Signify Research 2019 14

Reliable market data you can trust, insightful analysis and exceptional Analyst support. A world-class team of Analysts delivering the market intelligence you need, when you need it.

Report Analyst: Simon Harris (simon.harris@signifyresearch ...

Documents

Transcript of Report Analyst: Simon Harris (simon.harris@signifyresearch ...