Funding Acquired by Transcend Imaging through Modular Devices Investment
Modular Devices Boosts Mobile MRI Market Presence with Strategic Investment
In a move to strengthen its position in the mobile MRI market and expand its product offerings, Modular Devices, a leading provider of mobile medical imaging equipment and cleanroom solutions, has made a strategic investment in Transcend Imaging.
Transcend Imaging, a company founded in 2023, specializes in mobile MR imaging labs and has gained traction due to strong vendor and customer relationships. Its best-in-class fleet and customer relationships have propelled the business into becoming a dominant player in the industry.
The partnership between Modular Devices and Transcend Imaging is expected to deepen Modular's exposure in the mobile MR space, and both companies anticipate continued growth in the interim lab market.
According to industry reports, the mobile imaging services market, which includes the mobile MRI market, was valued at approximately $1.85 billion in 2023 and is projected to grow to around $2.91 billion by 2032. This growth trajectory is driven by increasing demand for point-of-care diagnostics, convenience, and technological advances.
Key factors supporting growth in the mobile MRI and mobile imaging sector include rising demand for on-site and rapid diagnostic capabilities outside traditional hospital settings, technological advancements in AI integration, wireless transmission, and cloud connectivity, increasing prevalence of chronic diseases and aging populations, and expansion of healthcare infrastructure worldwide.
The mobile MRI market, which focuses on soft tissue and neurological imaging, benefits from these general mobile imaging trends. However, specific market size figures for mobile MRI alone are not provided.
Steve Richter, Managing Partner of Transcend Imaging, expresses optimism about the partnership with Modular Devices. Mark Koers, CEO of Modular Devices, is equally excited about the strategic investment in Transcend Imaging. Both companies are eager to better serve their customers through this partnership.
The strategic investment in Transcend Imaging is expected to support the continued growth of Transcend, and it is anticipated to accelerate innovation, expand deployment, and integrate cutting-edge features such as AI-assisted imaging and wireless connectivity.
Modular Devices serves hospitals and healthcare providers across the U.S. and Canada, and O2 Investment Partners, the parent company of Modular Devices, is a private equity firm focused on North American businesses. Sam Wegenke of O2 Investment Partners is involved in the strategic investment in Transcend Imaging.
In summary, the mobile MRI market is poised for significant growth in the next decade, supported by increasing medical need, technological advances, and expanded healthcare delivery models. Modular Devices' investment in Transcend Imaging likely enhances this outlook by enabling further innovation and broader deployment capabilities in the mobile MRI space.
In the realm of healthcare and technological advancements, private equity firm O2 Investment Partners, the parent company of Modular Devices, has invested in Transcend Imaging, a company specializing in mobile MR imaging labs, to boost Modular Devices' presence in the mobile MRI market. This collaboration is anticipated to foster innovation, particularly in the integration of AI-assisted imaging and wireless connectivity, within the health-and-wellness sector.
