Overview:
Medical devices are intended for medical purposes, they play a vital role in all the medical procedures from diagnosis to end stage of any disease management. Medical technology can diagnose, treat and monitor all the diseases or conditions that are affecting the global population. Technology developers focus on making medical devices affordable for patients and healthcare experts. Increasing geriatric population, rise in the number of chronic disease cases and increasing life expectancy are the factors that are driving the development of novel technologies related to medical technology. As determined by the Global Medical Devices Nomenclature (GMDN) Agency, medical devices are categorised into active implantable technology, hospital hardware, dental technology, and in-vitro diagnostic technology.
Market competitors are adopting various strategies such as, mergers and acquisitions to maintain their position in the market of medical devices. For instance, in 2016, Abbott Laboratories acquired St. Jude Medical. The acquisition was completed in 2017. With this acquisition, chronic pain management business and other cardiovascular aids were added into Abbott’s product portfolio. In 2016, the top 10 global medical device companies had total revenue of US$ 166.4 billion.
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Outlook of top 10 organizations in the medical devices industry (2016)
Top 10 medical device manufacturers in 2016, according to the rank include
- Medtronic Plc
- Johnson & Johnson
- General Electric Co.
- Fresenius Medical Care AG & Co. KGAA
- Philips Healthcare
- Siemens AG
- Becton, Dickinson and Co.
- Cardinal Health Inc.
- Stryker Corp.
- Baxter International Inc.
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These rankings have been given according to the sales revenues for respective organizations for 2016 in global medical devices industry.
- Medtronic Plc is a global medical device manufacturing organization and earned US$ 29 billion revenue through medical devices sales and distribution in 2016. The company currently functions in four main operating segments namely, cardiac & vascular group, minimally invasive therapies group, restorative therapies group, and diabetes group. Cardiac & vascular group accounted for highest revenues in the year 2016, i.e., US$ 10.2 billion, The major competitors in the cardiac and vascular group include St. Jude Medical, Inc., Boston Scientific Corporation, Sorin Group, Edwards Lifesciences Corporation, and C.R. Bard, Inc.
- Johnson & Johnson operates through three major segments which include pharmaceuticals, consumer and medical devices. The company has planned to drive the growth further in the global medical devices sector through at least 12 planned product launches in 2017 and has capitalized on various acquisitions, in 2016, in the medical device sector. For instance, acquisition of Abbott Medical Optics and Megadyne Medical Products, Inc. in 2016, by Ethicon, a part of the Johnson & Johnson medical devices companies.
- Fresenius Medical Care is global leader in providing products and services for chronic kidney failure management. Almost 70% of the company’s revenue comes from dialysis services which include dialysis machines, dialyzers, and bloodline systems. The dialysis products accounted for around 34% of the global market in 2016. The company’s strategy revolves around dominating select global medical device sectors through product innovation and internal market analysis. Fresenius Medical Care has developed its own tool, the Market and Competitor Survey (MCS) which is used to collect and analyze relevant dialysis market and competitor data once a year.
- Becton, Dickinson, and Company earned US$ 12.5 billion sales revenues in 2016 through medical devices sales and distribution. The company operates through two segments, medical and life sciences segment, out of which, medical segment is the major revenue generator for the organization. The organization invests in acquisitions to compete in the market as well, as the company acquired CareFusion Corporation in 2015.
- Baxter International, Inc. operates through two business segments, namely hospital products and renal products. These segments consist of medical devices as well as IV drug solutions and IV administration associated products and accessories. The company’s product portfolio has substantial breadth and depth in terms of product lines and penetration. The company’s strong marketing strategies associated with its customers, group purchasing organizations, and end users have helped them to create a diverse and strong customer base, which is how the company has retained its position in the global medical devices market.
From macro to microeconomic factors with respect to individual manufacturers affect global medical devices market. Yet, increasing competition and price pressure has led to various changes such as technological development in the medical devices including integration of information technology (IT) in healthcare, customer centricity and change in supply channel. Increasing trends such as 3D printing, revolution in diabetes care, engineered blood vessels and medical robots are expected to drive growth of the global medical devices market over the forecast period.
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