Healthymagination at GE Healthcare Systems
GE Healthcare is a subsidiary of General Electrics (GE) and its primary business is creation of healthcare technologies and services that ranges from medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, and biopharmaceutical manufacturing technologies and so on. Its business units are classified as:
Healthcare IT and Performance Solutions
GE Healthcare Systems (GEHS) is a major business unit of GE Healthcare delivering technologies for different phases of patient care ranging from diagnostic …show more content…
For instance, Philips Healthcare had introduced imaging devices that were in line with the latest technology introduced. At the same time it had identified the concerns of the markets in Middle East and was delivering products there. Its plan also encompassed Asian markets like India and China. Also, due to the rising environmental issues, Philips Healthcare had also introduced eco-friendly products and products that consume less power.
However, competitors never gained advantage over GEHS in terms of sales and market capture due to its brand reputation and commitment to innovation in technology. Besides technology GEHS has also realized the importance of marketing and therefore its area of research and product innovation were the results of dedicated team which analyzed the customers' need and carefully mapped the products to the desired customers.
Nature of Market:
As also discussed in the previous sections, the target market has the potential to grow in coming future. One another interesting fact about the target market is late acceptance of the new products. Example: when a new product was launched, the buyers look for its acceptance to its service takers and payers, which may take up to 3-5 years or even a decade in case of new technology to get completely established in the market.
Therefore, the market of GEHS is assumed to be full of opportunities as it has scope of growth still it offers many