LONDON, May 3, 2010 /PRNewswire/ -- Based on its recent research on the medical imaging market, Frost Sullivan presents TeraRecon with the 2010 European Frost Sullivan Award for Company of the Year. Innovation in technology is TeraRecon's Unique Selling Proposition (USP). The company offers technological advantages that have enabled it to grow over 50 per cent in the last couple of years, irrespective of the economic downturn.
This is significant because the European medical market is a tough one. In general, the pursuit towards acquiring validation of a medical product is a long procedure and with the introduction of the third amendment - a medical devices directive that requires manufacturers to predict the safety and efficacy of their product performance in the long and short terms - more challenges will be experienced by manufacturers in obtaining approvals. Therefore, it is critical for a company to have organized and efficient protocols for innovating new products with a faster turn-around time. Besides, cultural differences prevalent among many European nations mean that a product adopted successfully in one country with justifiable reasons may fail in another country if the cultural difference is ignored.
In a highly evolving field such as advanced visualisation image processing, a company's success relies on faster turn-around cycles in product innovation and efficient marketing strategies, says Frost Sullivan Senior Research Analyst Shriram Shanmugham. TeraRecon has shown a high degree of innovation both in its product and business processes, garnering customer loyalty and market penetration.
TeraRecon offers an advanced 3D image processing capability deployed through a server based hardware architecture. This compact architecture provides image processing solutions for the entire radiology department. The image processing software that TeraRecon offers has a high degree of automation, capable of segmenting specific nodules of any organ. Moreover, this automation occurs in a pre-declared form even before the radiologist begins to execute further manipulations and necessary interpretations. The company also offers a decision support platform that aids radiologist and other physicians to make better assessment of the images.
The company's technological innovation is accompanied by a terrific team of country wise managers. TeraRecon practices decentralized management strategies across Europe. Each country manager provides effective business development that encompasses an intricate understanding of the product as well as the culture of the region. TeraRecon's top management provides assistance and support to the individual country manager's decision.
TeraRecon's primary customers are advanced medical research universities in Europe mainly because TeraRecon is probably the only company that thinks of product innovation beyond the complexities of radiology department, says Shanmugham. Clients who are aware of TeraRecon's vision take their own initiatives to request the company in customising a new product application.
Realising the potential for its expertise, TeraRecon is set to continue to innovate with further advanced visualisation applications in the CT, MR and PET spectrum in the future. For these achievements, the company is the worthy recipient of the 2010 European Award for Company of the Year in the advanced visualisation market.
Each year, Frost Sullivan presents this award to the company that has demonstrated innovative growth strategies and implementation. Besides the degree of innovation in business processes, products and/or technologies, the award also lauds the recipient's leadership in customer value and the resulting market penetration.
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 in order to identify best practices in the industry.
TeraRecon has become the largest independent vendor from a revenue perspective in the European advanced visualisation market. Perceived as a technology leader, TeraRecon has pioneered the enterprise model for advanced visualisation and continues to capitalize on direct sales to end customers at the enterprise level, where it recognises the large majority of its revenue. Its solution is recognised as the most advanced in the marketplace in terms of its remote access capabilities, as well as for its performance, which constitute the two most important features of advanced visualisation solutions after ease-of-use. The TeraRecon solution leverages the company's own uniquely powerful custom visualization hardware technology, or when appropriate, purely software-based alternatives.
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