SG Healthcare Co., Ltd, the Korean originated manufacturer of medical imaging systems continued it’s growth spurt during 2018, following on from strong sales growth in 2017. Sales revenue increased to 23.5 billion won which represents annual growth of approximately +33% year-on-year.
SG Healthcare, which entered the medical device market in 2009, initially with solutions for digital radiography, has steadily broadened it’s portfolio of products and it’s line-up now includes computed tomography (CT), magnetic resonance imaging (MRI), surgical C-arm and ultrasound diagnostic imaging systems.
The firm has ambitious plans to increase it’s global market share through targeting aggressive sales growth in the coming years with a mid- to long-term vision of achieving sales of 100 billion won. Achieving this target would reflect approximately a +300% increase in sales revenue from it’s level in FY2018. To support this ambition, the company has been investing into its production and distribution capabilities which led to the opening of a second manufacturing operation in Icheon, Gyeonggi-do during 2017. The completion of this additional factory increases the companies potential production capacity to 2,000 x-ray systems and 800 ultrasound systems per annum.
The firm is is currently exporting it’s diagnostic imaging medical equipment to more than 50 countries including two of the largest western markets for medical imaging equipment, the United States and Germany. In 2017, the company received CE certification from the German Technical Testing Association (TÜV) for it’s INVICTUS MRI product, highlighting the companies ambition to drive sales growth from these international markets. The company also has US FDA approval for it’s Jumong series of stationary x-ray systems for digital radiography with distribution supported through it’s US-based subsidiary SG Healthcare Inc.
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