Philips News
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Saudi Arabia 3D Printing Medical Devices Market Review 2018-2024 and Forecast 2025-2034 Featuring Philips, GE Healthcare, Nikon SLM Solutions, and Stratasys
The Saudi Arabian 3D printing medical devices market is experiencing significant growth, driven by the demand for personalized implants and prosthetics, supported by the governments Vision 2030 initiative. The market, valued at USD 52.09 million in 2024, is expected to grow at a CAGR of 14.90% to reach USD 208.91 million by 2034. Key drivers include the expansion of additive manufacturing and significant governmental support. A notable development is the joint venture between 3D Systems and Dussur to establish an Innovation and Additive Manufacturing Center in Riyadh, initially energy-focused but now pivoting towards healthcare solutions. This initiative, along with others like Immensas USD 15 million facility, highlights the trend towards localized manufacturing and healthcare digitization.
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/PRNewswire/ -- Insightec, a global healthcare company dedicated to using focused ultrasound to transform patient care, today announced the dual achievement of...
Insightec, a global healthcare company, announced that its Exablate Prime system has received both FDA approval and CE Mark for use with certain Philips MRI systems. This development allows for the integration of Insightecs focused ultrasound technology with Philips MRI scanners, expanding non-invasive treatment options for patients with essential tremor and Parkinsons disease. The collaboration between Insightec and Philips aims to make these advanced treatments more accessible to healthcare providers and patients. Insightecs Exablate Neuro platform uses sound waves guided by MRI to treat tremors, with ongoing research for further applications in neuroscience. This partnership marks a significant step in advancing patient care through innovative technology.
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/CNW/ -- Insightec, a global healthcare company dedicated to using focused ultrasound to transform patient care, today announced the dual achievement of U.S....
Insightec, a global healthcare company, announced that its Exablate Prime system has received both FDA approval and CE Mark for compatibility with certain Philips MRI systems. This development allows for expanded access to non-invasive MR-guided focused ultrasound treatments for essential tremor and Parkinsons disease. The collaboration between Insightec and Philips aims to make these advanced treatments more widely available, benefiting patients with cutting-edge care. Insightecs Exablate Neuro platform uses sound waves to provide tremor treatment, and the company is actively researching future applications in neuroscience. This partnership is seen as a significant step forward in enhancing patient care and treatment accessibility.
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Paddy Power owner plans to quit FTSE 100 in fresh blow to London
Flutter, the owner of Paddy Power, PokerStars, and Betfair, has announced plans to shift its primary listing from the London Stock Exchange to the New York Stock Exchange. The company sees the US as its natural home and aims to make the move over the summer, pending a vote by shareholders at its AGM in May. The shift would likely make Flutter ineligible for inclusion on FTSE indexes. The company, which is worth £28.9bn, debuted its shares on the NYSE on Monday. The US accounts for around 40% of its business, with sales growing by 38% to £3.6bn in 2023.
Public Trading
Philips Slides as Order Drop Raises Doubts Over Sales Growth
Royal Philips NVs order intake has dropped for a fifth consecutive quarter due to lower demand in China, partly due to a corruption probe in the countrys healthcare sector. This has led to a 9% fall in new orders in the three months through September. The company is also dealing with a costly recall of faulty sleep therapy devices, which has led to class-action and individual lawsuits. Despite these challenges, Philips expects revenue to rise by 6% to 7% this year. The companys shares dropped as much as 5.3% in Amsterdam.
CustomersManagement ChangesLayoffs
פיליפס מפטרת עשרות עובדים בישראל וסוגרת את פעילות...
Philips, a medical equipment company, is laying off several dozen employees in Israel as part of a global layoff initiative. The Dutch company will close its local operations based on the Israeli company EPD Solutions, which it acquired in 2018. Philips reported its intention to lay off 6,000 people worldwide, about 7.5% of its total workforce. The layoff process will continue until 2025. Half of the layoffs will be carried out this year. This move is in addition to a previous cut announced by the company last October, in which the company laid off 4,000 employees, mostly in the US and the Netherlands. In total, about 10,000 people will be laid off, which is about 13% before the start of the layoff waves. The move is designed to help Philips return to profitability after erasing about 70% of the market value following a recall and failures in its respiratory devices.
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Philips Israel laying off dozens of employees as part of global cutbacks | CTech
Philips is laying off around 4,000 employees worldwide, including dozens of employees in Philips Israel. The layoffs will amount to 5% of the companys workforce and are a result of declining sales and profitability. Philips Israel, which employs around 1,500 people, is involved in R&D, manufacturing, marketing, sales, and services of medical equipment and software. The company stated that the decision to reduce the workforce is necessary to significantly reduce expenses. Philips will act in accordance with the laws in Israel and prioritize the safety of patients, quality, and support for clients.
Layoffs
שרי שנהב מונתה למנכ"לית מרכז הייצור והפיתוח של פיליפס ישראל -
Shari Shnehab has been appointed as the CEO of Philips Medical Systems Technologies in Israel. She will also continue in her current role as the head of the CT/AMI Clinical Science group and a member of the CT/AMI management team. Shnehab has been with Philips for 16 years and brings experience in clinical-technological development. She holds a second degree in biomedical engineering and a first degree in medical sciences from Tel Aviv University.
Management Changes
Philips switch to health technology is Israel's gain
Philips has completed its transformation into a health technology company by selling its domestic appliances division. The CEO, Frans van Houten, has focused on healthcare as the companys core area, and the shareholders have responded positively, with the companys share price doubling since his appointment. Philips has extensive healthcare operations in Israel and has made acquisitions in the digital health sector. The company sees remote patient management and the use of medical data as key areas for the future. Despite the impact of the Covid-19 pandemic, Philips revenue grew in the first quarter of 2021. The companys recent acquisitions indicate a focus on remote cardiac monitoring devices and data management systems for hospitals.
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https://www.jpost.com/israel-news/israels-vibrant-innovation-scene-important-for-health-giant-philips-589997
Royal Philips, a healthcare giant, has been operating in Israel since 1948 and considers it a key innovation hub. The company has over 1,000 employees in five locations across the country. Philips has shifted its focus towards healthcare innovation and its Israel operation plays a crucial role in medical imaging, image-guided therapy solutions, and healthcare IT. The company is investing heavily in R&D, with a particular emphasis on software and data science. Philips is transitioning from selling products to building platforms for open innovation. In 2018, the company acquired EPD Solutions, a developer of image-guided procedures for heart rhythm disorders. Philips has also partnered with Teva to launch Sanara Ventures, an investment platform for Israeli healthcare start-ups.
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Philips Partners With Israeli Sleep Analysis Startup SleepRate
Royal Philips NV has partnered with Israeli sleep analysis startup SleepRate. SleepRates mobile app uses off-the-shelf sensors to track sleep patterns and detect sleep problems. Philips will offer SleepRates technology as part of its SmartSleep group of sleep technologies and consumer products. The partnership was announced at the Consumer Electronics Show.
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Philips Israel targets big data and home treatment
Philips has shifted its focus from television sets and consumer products to the health industry. The company is now concentrating on big data and home treatment in the diagnostic and treatment sector. Philips plans to connect all home solutions to a network and make use of information and data to improve healthcare. The company is also working on projects related to cancer treatment and genetic information. Philips is cooperating with startups and has a successful joint incubator with Teva called Sanara Ventures. The company is looking for more support from the government, especially in settling intellectual property issues with hospitals and institutions of higher learning.
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Philips: EPD R&D staff will stay in Israel
Philips has acquired EPD Solutions, an Israeli cardiac imaging company, for $530 million including milestone payments. The R&D staff of EPD will remain in Israel and become part of Philips. The acquisition will strengthen Philips position in the minimally invasive treatment sector, particularly in the field of guided imaging. EPDs products, including smart catheters and navigation software, will enhance Philips capabilities in treating heart rhythm disorders. The market for burning tissues for heart treatment has grown significantly, and Philips aims to offer a unique solution in this market. The acquisition of EPD is expected to contribute to Philips growth in this field.
AcquisitionCustomers
Philips buys Israeli cardiac imaging co EPD for $292m
Dutch healthcare technology giant Royal Philips is acquiring Israeli company EPD Solutions for €250 million ($292 million) in cash and deferred milestone payments of up to €210 million. EPD Solutions has developed image-guided procedures for cardiac arrhythmias. The acquisition will strengthen Philips image-guided therapy solutions portfolio and drive long-term profitable growth. EPDs breakthrough innovation provides detailed 3D anatomical information of the heart during cardiac arrhythmia ablation procedures. The technology has the potential to address the key unmet need of real-time therapy assessment. The sale represents a comeback for Prof. Shlomo Ben-Haim, the founder of EPD Solutions, who has previously sold several startups for significant amounts.
Acquisition
Philips Healthcare expanding its Israel workforce
Philips Healthcare is increasing the number of employees in its cancer informatics division in Israel. The company aims to boost its staff in Israel to 1,000. Philips Healthcare has been changing its business focus to become a company based solely on health, with an emphasis on digital health and online devices. The companys informatics division, which includes cancer-related informatics and genetics R&D, has been growing. Philips Healthcare is cooperating with gene-mapping company Illumina. The companys goal is to have every cancer patient routinely undergo genetic testing for personalized treatment. The tests will be carried out by hospitals or special laboratories, and the results will be obtained through Philips Healthcares new medical cloud services.
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Philips Israel hiring dozens of software engineers
Philips is launching a global recruitment campaign called Code to Care to attract software engineers to the field of healthcare. The campaign aims to provide opportunities for software engineers to develop in the vanguard of medical technology and contribute to data-based medical decision making. The companys products focus on rapid cancer diagnosis, treatment at home, and the development of wearables for heart attack warnings. Philips Israel operations will be hiring dozens of employees as part of this campaign.
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Philips Healthcare to establish Israeli incubator
Philips Healthcare is interested in investing in Israeli medical start-ups and establishing an incubator-style infrastructure in Israel. The company already has a large development center in Israel and has acquired CDP Medical and closely cooperates with Corindus Vascular Robotics Inc. Philips Healthcare is focused on imaging-based non-invasive treatment and clinical informatics. They are also interested in developing in home healthcare. The company is impressed with the advancements made by Israeli companies with limited resources.
InvestmentAcquisition
Philips Healthcare sets up new R&D center in Haifa
Philips Healthcare announced the establishment of a new development center in Israel that will focus on image processing and analysis. The center will employ scientists, technicians, and engineers to develop applications for contemporary markets. The decision to establish the center is based on the outstanding medical achievements of Philips employees in Haifa. The center specializes in 3D CT scanners. President Shimon Peres praised the companys state-of-the-art medical instruments. Philips Healthcare Israel currently has 600 employees in Haifa.
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