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Growth Strategies Adopted by Key Players in Global Diagnostic Catheters Market
Diagnostic Catheter Market report categories the global market by Application Area (Urology, Cardiology, Neurology, Gastroenterology), Type (Angiography, OCT, Ultrasound, Electrophysiology, Pressure and Hemodynamic Monitoring), End User (Imaging Centers, Hospitals) & Geography
The global diagnostic catheters market mainly includes medical device manufacturers, diagnostic catheter manufacturers & distributors along with venture capitalists and investors. As the diagnostic catheters market is competitive in nature, the focus of players lies currently on acquisitions. The global diagnostic catheters market is dominated by Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Medtronic plc (Ireland), Johnson & Johnson (U.S.), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), C.R. Bard, Inc. (U.S.), Cardinal Health, Inc. (U.S.), Edward LifeSciences Corporation (U.S.), and Terumo Corporation (Japan)
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Boston Scientific Corporation (U.S,) offers catheters under its cardiovascular and rhythm management business segment. The company has a strong presence in the U.S., which is the largest market for the diagnostic catheters globally. This can be attributed to the steady increase in revenue generated by the company’s cardiovascular and rhythm management business segment over the years. In order to grow in the diagnostic catheters market, the company majorly focuses on acquisition of other key players in the market. In November 2013, Boston Scientific acquired Bard EP, the electrophysiology (EP) business of C.R. Bard Inc. (U.S.). This acquisition enabled the company to offer a broad portfolio for electrophysiology products and strengthened its presence in the diagnostic catheters market for electrophysiology.
Johnson & Johnson (U.S.) is a leading player in the global diagnostic catheters market. The company offers a robust product portfolio for electrophysiology diagnostic catheters and Intravascular ultrasound (IVUS) imaging catheters. The major end users of the company’s products include physicians, nurses, clinics, and hospitals. Over the years, the company has established itself in North America, Europe, the Middle East and Africa, and Asia-Pacific through 265 companies in 60 countries. The company focuses on expansions and acquisitions to strengthen its position in the healthcare arena.
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St. Jude Medical (U.S.) is another leading player in the global diagnostic catheters market. It has maintained its position in the market through strong distribution networks across North America, Asia-Pacific, Europe, the Middle East, and Africa, along with manufacturing facilities based in Brazil, Costa Rica, Thailand, Puerto Rico, Malaysia, and the U.S. The company offers a robust portfolio of electrophysiology, intravascular diagnostic, and imaging catheters. The company’s growth is attributed to its focus on product launches. During 2013 to 2016, the company launched various products, including the EnSite Precision Cardiac Mapping System, the Sensor Enable Mapping Catheter, and optical coherence tomography (OCT)-assisted systems for coronary imaging. This enabled the company in establishing a strong foothold in the diagnostic catheters market.
Medtronic plc (Ireland) is a leading provider of healthcare services across the globe, offering a comprehensive range of cardiological, digestive & gastroenterological, urological, spinal, and neurological products and services. The company focuses on establishing a strong foothold in this market through acquisitions. It acquired Covidien plc (Ireland), a company focused on the manufacturing and marketing of medical devices in 2015. This acquisition was aimed at helping the company enter the diagnostic catheters market and expand its product offerings.
Other companies in this market include Cardinal Health, Inc. (U.S.) and Koninklijke Philips N.V. (Netherlands). Acquisitions, expansions, and agreements are some of the strategies used by these companies to strengthen their foothold in the market.
Industry players adopted the strategy of acquisitions to achieve growth in the global diagnostic catheters market. For instance, Medtronic plc (Ireland) acquired HeartWare International, Inc. (U.S.), a leading innovator of less-invasive, miniaturized circulatory support technologies in June 2016.
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