Copenhagen based Radiometer, a world leading provider of blood gas analyzers used for diagnosing critically ill patients, is launching a new measurement instrument which has the potential to increase sales by DKK 1bn (USD 200m) over the next four years, writes financial daily newspaper Børsen.
The instrument, AQT, can help hospital doctors quickly diagnose heart problems in patients. Radiometer has spent three years and DKK 250m (USD 50m) to develop the instrument, which will initially be launched in the EU and Asia, while clinical studies of the product will be started up in the US. Peter Kürstein, CEO of Radiometer, told Børsen that he reckons the US authorities will approve AQT during this year.
"The US is a large and attractive market, so we would like to get started as quickly as possible", he said. Radiometer currently generates 55% of its sales in Europe, 20% in the US and 25% in the rest of the world.
Radiometer is known for its blood gas analysis equipment which can test the lung function of critically ill patients. In this product area, the company currently has one third of world market sales and each year takes a bigger slice by growing more than the market.
"I would like to increase the market share to 40% in the next two to three years," said Kürstein. "If we grow at twice the rate of the market, we can add a couple of percentage points each year."
Radiometer was founded in 1935 and is headquartered in Copenhagen. In 2004, the company was acquired by USA's Danaher Corporation for DKK 4.4bn (USD 880m).