The Top 10 Cardiovascular Device Companies: Market Trends, Growth Strategies, And Swot Analyses

The cardiovascular (CV) device industry is highly competitive and has reached maturity

resulting in single digit growth rates of prominent devices such as pacemakers, defibrillators, and drug eluting stents (DES). Innovations in niche sectors such as atrial fibrillation (AF) and ventricular assist devices (VADs) are poised for double digit growth in the near to mid-term future. From 200709, the top three companies in the CV segment acquired other smaller firms to expand their product portfolios and to gain market share in new geographies. Some major companies also established manufacturing facilities outside the US to enhance cost containment and product distribution. The CV device market remained relatively resilient during the economic downturn compared with other healthcare segments. The 200709 period also witnessed a considerable rise in consolidation activities among major companies.

This report provides detailed profiles of the top 10 cardiovascular (CV) device companies and brief profiles of other major players. It also elucidates trends within the cardiovascular device market. The detailed profiles contain descriptions of business, financial performance, growth strategies and SWOT analyses. The analysis is based on:

Each companys consolidated and segmental financial performance;

Each companys growth strategies and major acquisitions and divestments relating to the CV devices market;

Key partnerships and alliances formed by these companies;

Business-related strengths and weaknesses of these companies and insights into the opportunities and threats facing them.

Key features of this report

Drivers

Innovations in CRM and DES segments such as MRI compatible pacemakers from Medtronic and Abbotts Xience drug eluting stent with their positive clinical outcomes support stronger evidence for long-term benefits.

Emerging markets for DES in Canada, China and parts of Asia furnish opportunities to expand businesses for CV companies.

Ageing population in industrialized markets such as the US, Europe and Japan are increasing. Moreover, the ICDs and pacemakers in these geographies are expected to have a second-phase of CRM implants.

Resistors

The safety and efficacy of DES are under scrutiny following numerous clinical studies and more studies are being executed to justify the long-term efficacy of DES intervention.

Markets for ICDs and pacemakers have reached maturation. ICD sales are growing between 4-5% and pacemakers between 2-3% annually.

Reduction in reimbursement affects sales and profitability for CV device manufacturers.

Scope of this report

Learn from the business operation strategies of the premier CV device companies to target future growth markets effectively, avoid their mistakes, and replicate their successes.

Benchmark your performance against the leading CV device companies.

Analyze the growth strategies of major players in the CV industry and how their business models are planned for the next 3 to 5 years.

Compare performances of the top 10 companies in the CV market with respect to acquisitions, new product innovation, geographic expansion, and industry challenges.

Save time, money and resources on analyzing the performance of leading CV device companies using this report.

Key Market Issues

Pricing pressures due to industry regulations

The CV device industry is highly regulated around the world with stringent guidelines defined by regulatory bodies. The medical device approvals by governing bodies such as the FDA in the US have become very meticulous that CV device manufacturers are launching products outside the US such as Europe and Canada. Since the prices are strictly regulated outside the US, manufacturers will be forced to launch their products in the US for a similar price. In the long run, the pricing pressures would continue to prevail and limit the profitability margins for CV device manufacturers.

Significance of CV device innovation

Markets reaching saturation for major revenue generators in the CV device segment such as ICD, pacemaker and DES. New device innovation will be the only parameter that will assure a company of its competitive edge. Novel technologies that are uncontested would help a company by allowing it to charge premium pricing. Research & development (R&D) initiatives and interdisciplinary knowledge will remain the benchmark for assuring a companys success and commanding prevalence in the market.

Decline in capital expenditure of hospitals

In the US, hospitals spend a considerable amount of their revenues on capital expenditure to improve their facilities and purchase new medical technology. However, the impact of economic recession since 2008 had forced hospitals to decrease their capital expenditure by almost 6%. This decline will impact the medical devices industry across all sectors in the CV device division. Some segments of the CV device industry such as ICD, pacemakers, heart valves and stents will remain insulated from the economic impact given their non-elective nature of associated procedures. other low budget, high-frequency CV accessories that hospitals purchases on a regular basis will be affected due to decline of capital expenditures.

Key findings from this report

The top 10 companies had cumulative revenues of $27bn in 2009 and over 95% share of the global CV device market. The top 3 CV device companies dominate more than 60% of this segments market share.

Medtronic was the No. 1 company with CV device revenues of $8.6bn in 2009. The company strategically acquired other franchises to expand its heart valve and catheter product portfolios.

The growth rates of the implantable cardioverter defibrillator (ICD) and pacemaker sectors in 2009 were 45% and 23% respectively. The ventricular assist device (VAD) and atrial fibrillation (AF) sectors are poised for double-digit growth rates over the next 23 years.

Analysis revealed that, even during economic recession, the CV device market has remained buoyant, achieving single-digit growth. However, the growth rate in this segment with the exception of AF solutions and VAD sales will remain in the mid single digits over the next decade.

Key questions answered

What was the market value of the global CV device industry in 2009?

What are the global market values for the major CV device segments?

What are the key trends in the CV device industry and what are the leading companies strategic responses?

Who are the major players in the global CV device market?

What are the growth strategies of the leading CV device companies?

Table of Contents :

About 2

Disclaimer 2

Executive summary 11

Industry overview 11

Medtronic 11

Boston Scientific 12

St. Jude Medical 12

Abbott Laboratories 13

Cordis 13

Terumo 13

Edwards Lifesciences 14

Sorin 14

Zoll Medical 15

Thoratec 15

Chapter 1 Introduction 16

What is this report about? 16

Methodology 16

Chapter 2 Industry overview 18

Summary 18

Introduction 18

Market size and growth 19

Key drivers and resistors 20

Drivers of growth 20

Resistors of growth 21

Competitive landscape 21

The top 10 companies 21

Market characteristics 23

CV industry trends 26

Pricing pressures due to industry regulations 26

Significance of CV device innovation 27

Decline in capital expenditure of hospitals 27

Cost containment challenges 27

Chapter 3 Medtronic 28

Summary 28

Company overview 28

Financial performance 28

Financial performance by segments 29

Cardiac rhythm management 29

Cardiovascular 30

Physio-control 30

Marketed products 30

Cardiac rhythm management 30

Cardiovascular 30

Physio-control 31

Recent product approvals 31

Challenges 32

Litigations 32

Growth strategies 32

Research and development 32

Acquisitions 33

Analysis of growth strategies 33

Marketing and sales strategies 36

SWOT analysis - Medtronic 37

Chapter 4 Boston Scientific 38

Summary 38

Company overview 38

Financial performance 38

Marketed products 39

Recently launched products and approvals 40

Challenges 41

Litigations 41

Growth strategies 42

Research and development 42

Analysis of growth strategies 42

SWOT analysis - Boston Scientific 43

Chapter 5 St. Jude Medical 44

Summary 44

Company overview 44

Financial performance 44

Financial performance by segments 45

Marketed products 46

Recent approvals and product launches 46

Growth strategies 47

Research and development 47

Analysis of growth strategies 48

SWOT analysis - St. Jude Medical 50

Chapter 6 Abbott Laboratories 51

Summary 51

Company overview 51

Financial performance 51

Marketed products 52

Recent approvals and product launches 53

Growth strategies 54

Acquisitions and divestments 54

Analysis of growth strategies 54

SWOT analysis - Abbott Laboratories 56

Chapter 7 Cordis 57

Summary 57

Company overview 57

Financial performance 58

Marketed products 59

Recent approvals and product launches 59

Challenges 59

Litigations 59

Growth strategies 60

Research and development 60

Analysis of growth strategies 61

SWOT analysis - Cordis 62

Chapter 8 Terumo 63

Summary 63

Company overview 63

Financial performance 64

Marketed products 65

Recent approvals and product launches 65

Growth strategies 65

Research and development 65

Analysis of growth strategies 66

SWOT analysis - Terumo 68

Chapter 9 Edwards Lifesciences 69

Summary 69

Company overview 69

Financial performance 69

Financial performance by segments 70

Heart valve therapy 70

Cardiac surgery systems 71

Vascular 71

Marketed products 71

Recent approvals and product launches 72

Challenges 73

Litigations 73

Growth strategies 73

Research and development 73

Analysis of growth strategies 74

SWOT analysis - Edwards Lifesciences 75

Chapter 10 Sorin 76

Summary 76

Company overview 76

Financial performance 76

Financial performance by segments 77

Marketed products 78

Recent approvals and product launches 78

Growth strategies 78

Analysis of growth strategies 78

SWOT analysis - Sorin 80

Chapter 11 Zoll Medical 81

Summary 81

Company overview 81

Financial performance 81

Marketed products 82

Recent approvals and product launches 83

Growth strategies 83

Research and development 83

Analysis of growth strategies 84

SWOT analysis - Zoll Medical 85

Chapter 12 Thoratec 86

Summary 86

Company overview 86

Financial performance 86

Marketed products 87

Recent approvals and product launches 88

Growth strategies 88

Research and development 88

Analysis of growth strategies 89

SWOT analysis - Thoratec 90

Chapter 13 Other major players 91

Merit Medical Systems 91

ATS Medical 92

Biotronik 93

Appendix 94

Abbreviations 94

Definitions 96

Table of figures

Figure 1: CV device global market performance, 20072009 20

Figure 2: Revenues of top 10 CV companies ($m), 2007-2009 23

Figure 3: Medtronic CV device revenue performance, 200709 29

Figure 4: SWOT analysis Medtronic 37

Figure 5: Boston Scientific CV device revenue performance, 200709 39

Figure 6: SWOT analysis Boston Scientific 43

Figure 7: St. Jude Medical CV device revenue performance, 200709 45

Figure 8: SWOT analysis St. Jude Medical 50

Figure 9: Abbott Laboratories CV device revenue performance, 200709 52

Figure 10: SWOT analysis Abbott Laboratories 56

Figure 11: Cordis CV device revenue performance, 200709 58

Figure 12: SWOT analysis Cordis 62

Figure 13: Terumo CV device revenue performance, 200709 64

Figure 14: SWOT analysis Terumo 68

Figure 15: Edwards Lifesciences CV device revenue performance, 200709 70

Figure 16: SWOT analysis Edwards Lifesciences 75

Figure 17: Sorin CV device revenue performance, 200709 77

Figure 18: SWOT analysis Sorin 80

Figure 19: Zoll Medical CV device revenue performance, 200709 82

Figure 20: SWOT analysis Zoll 85

Figure 21: Thoratec CV device revenue performance, 200709 87

Figure 22: SWOT analysis Thoratec 90

Figure 23: Merit Medical Systems CV device revenue performance, 200709 92

Figure 24: ATS Medical CV device revenue performance, 200709 93

Table of tables

Table 1: CV device global market performance, 20072009 19

Table 2: Revenues of top 10 cardiovascular companies ($m), 2007-2000 22

Table 3: Global market shares of the top 10 CV device companies, 2009 24

Table 4: R&D expenditure of top 3 CV device companies, 2009 24

Table 5: Global market size of prominent CV device segments, 2009 25

Table 6: Medtronic CV device revenue performance, 200709 29

Table 7: Medtronic product portfolio 31

Table 8: Boston Scientific CV device revenue performance, 200709 39

Table 9: Boston Scientific product portfolio 41

Table 10: St. Jude Medical CV device revenue performance, 200709 45

Table 11: St. Jude Medical product portfolio 47

Table 12: Abbott Laboratories CV device revenue performance, 200709 52

Table 13: Abbott Laboratories product portfolio 53

Table 14: Cordis CV device revenue performance, 200709 58

Table 15: Cordis product portfolio 60

Table 16: Terumo CV device revenue performance, 200709 64

Table 17: Terumo product portfolio 65

Table 18: Edwards Lifesciences CV device revenue performance, 200709 70

Table 19: Edwards Lifesciences product portfolio 72

Table 20: Sorin CV device revenue performance, 200709 77

Table 21: Sorin product portfolio 79

Table 22: Zoll Medical CV device revenue performance, 200709 82

Table 23: Zoll Medical product portfolio 83

Table 24: Thoratec CV device revenue performance, 200709 87

Table 25: Thoratec product portfolio 88

Table 26: Merit Medical Systems CV device revenue performance, 200709 91

Table 27: ATS Medical CV device revenue performance, 200709 92

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