The medical device market is vast -- everything from a large imaging system to a disposable item can be classified as a type of medical device -- but also provides opportunity for new entrants. While in dollar terms the pharmaceutical market is greater, the device market has more participants and is responsible for more orders and transactions. Throughout the past decade, Kalorama Information has covered many device markets in detail. Certain areas such as infusion pumps, patient monitoring and catheters have shown promising growth. Others have solid market leaders earning stable revenue.
What are the fastest-growing markets for medical devices? Who are the main participants and what competitive moves did they make in 2010? How have device companies fared in a continually lukewarm economy? What impact will US healthcare reform have on the industry in the largest medical device market? How much of the business has shifted out of the US?
This Kalorama Information report, The Global Market for Medical Devices representing the second time Kalorama Information looked at the medical device industry as a whole, answers these questions and examines the global medical device industry and the key competitors participating in it. Combining the expert knowledge of Kalorama Information's reporting on device markets and analysis of 2010 results, the report provides insights into current trends that will be of interest to anyone watching the medical device market. As part of its coverage, the report includes:
As is the standard methodology with all Kalorama market research reports, both primary and secondary research was used. Research into company annual reports, trade publications, government and medical literature was used as a foundation. Interviews with executives at medical device companies were conducted and are the key source of estimates.
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"In some categories, such as orthopedics or respiratory, it's simple demographics and improved economics in the developed world that led to growth," said Bruce Carlson, publisher of Kalorama Information and the author of Kalorama's yearly roundup of medical devices. "For most companies, double-digit growth in orders to India, China, Brazil and other nations fueled revenues."
Carlson noted that overall, about one percent more sales shifted outside the US between 2009 and 2010, consistent with the long-term trend of companies seeking international sales.
The medical device market is not without its challenges including regulatory procedures, group purchasing negotiations and a new tax as part of US health care reform. However, the report pointed to a robust amount of merger and acquisition activity in the market as an indication that the medical device industry is optimistic about the future. Among the acquisitions that occurred last year was Covidien's $2.6 billion acquisition of endovascular company ev3 Inc. Orthopedic giant Stryker purchased the neurovascular unit of Boston Scientific and Baxter Healthcare assumed bone graft maker Apatech. Medtronic acquired several companies, including spinal neuromodulation products company Axon Systems, heart valve maker ATS Medical and Invatec S.p.a, a producer of stents.
"It's a healthy sign that so many of the top companies chose 2010 to make strategic moves, either to divest unprofitable areas or to acquire areas that are in line with strategic goals and where cross-selling opportunities were present," Carlson said.
Kalorama Information's The Global Market for Medical Devices, 2nd Edition, contains profiles of top device companies, a review of 2010 revenue performance, specific market sizes for categories of devices, and important trends in the industry.
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