Philips adds Traxtal to healthcare unit.
The purchase is a move to grow Philips' healthcare business. The company's product line includes imaging systems, diagnostics, resuscitation devices such as external defibrillators, radiation, healthcare informatics and patient monitoring. The worldwide market for image-guided systems is expected to grow to $600 million by 2015, according to Philips.
Financial terms of the deal, announced in early May, were not disclosed. Privately held Traxtal has approximately 45 employees. The company has been in partnership with Philips to provide integrated soft tissue therapeutic and diagnostic navigation solutions since 2006.
Traxtal's navigation device functions much like a global positioning system for medical instruments, designed to make interventional radiology procedures more accurate while reducing contrast, radiation dose and interventional time. For example, Traxtal's navigation solution displays, during the procedure, an instrument's position, orientation and trajectory on medical images such as ultrasound or CT.
"Image-guided procedures are one of the most important breakthroughs in the healthcare industry in decades. This acquisition allows Philips to significantly enhance its abilities in this rapidly emerging field, and will help us further realize our ambition to offer the best quality of care in the most efficient way possible," said Steve Rusckowski, CEO of Philips' Healthcare division.
Rusckowski added that the purchase "opens up great opportunities" for the company to expand its product line.
Since 2005, Philips has spent more than $13.3 billion on acquisitions to bolster its medical and lighting units. Philips expects the global market for image-guided navigation to reach $600 million by 2015.
Philips' imaging systems business competes with industry powerhouses such as General Electric and Munich, Germany-based Siemens AG.
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|Title Annotation:||Top of the News|
|Publication:||Medical Product Outsourcing|
|Date:||Jun 1, 2009|
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