LONDON, U.K. — September 24, 2020 — Based on its recent analysis of the global AI-based echocardiography market, Frost & Sullivan recognizes Ultromics with the 2020 Global New Product Innovation Award for enhancing diagnostic quality in cardiac care units with its AI suite, EchoGo. The FDA and CE-cleared solutions (respectively EchoGo Core and EchoGo Pro) not only automate measurements for heart functions but also empower physicians to predict the occurrence of coronary artery disease (CAD). With a cloud-based Software-as-a-Service (SaaS) format, they enable quick deployment, minimal training, and hassle-free upgrades.
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“Ultromics’ EchoGo Core performs cardiac measurements, including ejection fraction (EF), global longitudinal strain (GLS), left ventricular (LV) volume, and myocardial strain reporting. By automating these measurements, Ultromics eases one of the most tedious steps in cardiovascular conditions’ diagnosis, thus saving time and removing inter-operator variability,” said Parth Shah Research Analyst. “Meanwhile, EchoGo Pro serves as a clinical decision support tool for physicians by assessing the risk profiles of patients. As an industry-first solution within cardiac echocardiography, it enables early detection and prevention of CAD supported by evidence at the point of care.”
Furthermore, being a cloud-based solution, it can be delivered as a SaaS model, which allows deployments to be completed faster than with traditional PACS software integrations. The SaaS model also does away with the need for future upgrades, patches, and associated fees. The solution is designed to be intuitive, minimizing the need for substantial user training required by other solutions. Once usage begins, it employs a zero-click, off-the-cart usage approach, eliminating the need for users to manually upload or cross-launch scans.
Being a vendor-neutral solution, Ultromics can target any provider, regardless of the echocardiography equipment they use, across regions. While the EchoGo solutions are currently available in the western markets, Ultromics will target the Asia-Pacific market in the future. Its adoption in developed markets received a major boost in 2020 when the Strain procedure obtained a CPT code that allows physicians to report and bill myocardial strain diagnosis. It is also one of the very few AI solutions in the imaging space to qualify for reimbursement.
“EchoGo’s pricing structure delivers significant return on investment with no upfront costs. While competitors offer comparable price points, their need for additional software upgrades and associated installation costs and efforts make them more expensive in the long term. Ultromics adopts a pay-per-use pricing model but can also offer a subscription model depending on the volume of procedures being conducted,” noted Shah. “EchoGo automates the entire process, allowing physicians to save on costs while having zero user interactions to obtain results. Overall, Ultromics’ price-value proposition helps it capture a larger share of the market and positions it for continued growth globally.”
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased return on investment (ROI) it gives customers, which, in turn, raises customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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Ultromics is a global health technology firm which provides autonomous echocardiography analysis through innovative AI solutions empowering physicians to make fast, accurate decisions when diagnosing cardiovascular disease. EchoGo, the world’s first autonomous echocardiography service provides cloud-based artificial intelligence services to support cardiac imaging diagnosis without any variability or need to touch software. Our technology was born at the University of Oxford and built in partnership with the NHS, and has since raised over £20 million to help improve patient care, and bring diagnostic quality and resource savings to hospitals. Cardiovascular disease is the leading cause of mortality, with an estimated 17 million deaths each year. www.ultromics.com
Director of Marketing – Ultromics