A medical device can be a machine, instrument, apparatus, an article that is used to diagnose, monitor, and therapeutic purposes. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and many more. These medical devices are categorized into four classes, such as I, IIa, IIb, and III. The categories of the medical devices are based on the Food and Drug Administration and CE marking. The organizations have categorized class I as low-risk medical devices and class III high-risk medical devices.
Medtronic and Johnson and Johnson Services, Inc.-Notable Market Players in Medical Device Market
Market leaders operating in the market have undertaken various organic growth strategies in the medical device market. The medical device market majorly consists of the players such as Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc. among others. Several organic approaches, such as product launches, and expansion in the medical device market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.
Below is the list of the growth strategies done by the players operating in the medical device market:
|Jun-2020||Medtronic announced investment of around US$ 337 million with the financial assistance of Blackstone Life Sciences to expand research and development activities for diabetes technologies.|
|Jun-2020||Medtronic received CE approval for one-month dual antiplatelet therapy (DAPT) which will be conducted with the help of company’s Resolute Onyx Drug-Eluting Stent (DES). The product is especially designed to deal with high bleeding.|
|Jun-2020||Abbott entered into strategic partnership with Tandem Diabetes Care for development of integrated and modern technologies for insulin delivery systems. Both the companies agreed to integrate their technologies and develop a new product which will ease diabetes management.|
|Jan-2020||Siemens Healthineers India announced launch of ACUSON Redwood Ultrasound System at 73rd Annual Conference of Indian Radiological & Imaging Association 2020. The new launched system is equipped with AI based intelligent algorithms, which can provide a superior efficiency.|
|Aug-2019||Boston Scientific Corporation completed acquisition of BTG plc. Boston scientific Corporation took this strategic move in order to expand its minimally invasive products portfolio.|