New Product Launches – Key Growth Strategy in the Minimally Invasive Surgical Instruments Market
Aug 8, 2018 3:22 PM ET
The global minimally invasive surgical instruments market is expected to register a CAGR of 10.2% between 2016 and 2021. There is a high degree of fragmentation in this market. The major players in the global minimally invasive surgical instruments market are Medtronic plc (Ireland), Ethicon Inc. (U.S.), Aesculap Inc. (Germany), Stryker Corporation (U.S.), and Smith & Nephew (U.K.). These players have a strong presence in major as well as emerging markets. Other players in this market include ConMed Corporation (U.S.), Abbott Laboratories (U.S.), Applied Biomedical Resources Corporation (U.S.), Microline Surgical (Japan), and Zimmer Biomet (U.S.).
An analysis of the market developments between 2013 and 2016 reveals that new product launches was the most important growth strategy for market players in this period. This strategy was adopted by major players including Medtronic plc (Ireland), Ethicon, Inc. (U.S.), Smith & Nephew (U.K.), Applied Biomedical Resources Corporation (U.S.), Aesculap Inc. (Germany), Zimmer Biomet (U.S.), and Microline Surgical (Japan).
The other important growth strategies adopted were acquisitions, agreements, collaborations, partnerships, and expansions. These strategies were adopted by players for strengthening their existing product portfolios and expanding their geographic presence. Medtronic plc (Ireland), Ethicon Inc. (U.S.), Aesculap Inc. (Germany), Smith & Nephew (U.K.), ConMed Corporation (U.S.), Applied Biomedical Resources Corporation (U.S.), Microline Surgical (Japan), and Zimmer Biomet (U.S.) are some players that adopted these strategies.
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Medtronic plc (Ireland) held the leading position in the minimally invasive surgical instruments market. The company offers products for hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs in all major geographies, such as the Americas, EMEA, Asia-Pacific, and Greater China. During 2013 to 2016, the company focused on both organic and inorganic growth strategies such as new product launches, acquisitions, and agreements to maintain its leading position and enhance its market share by comprehensively enhancing its minimally invasive surgical instruments product portfolio. In April 2016, Medtronic launched the Barrx 360 Express radiofrequency ablation (RFA) balloon catheter for Barrett’s esophagus treatment. This launch strengthened the company’s portfolio of MIS instruments.
Ethicon Inc. (U.S.) is the second-largest player in the minimally invasive surgical instruments market. The company offers products for consumer, pharmaceutical, and medical devices used in the orthopedic, surgery, cardiovascular, diabetes care, and vision care fields. The company operates in 60 countries across the U.S., Europe, and Western Hemisphere excluding U.S., Asia-Pacific, and Africa. The company maintained its market position with both organic and inorganic growth strategies such as new product launches, acquisitions, and agreements. During 2013 to 2016, it launched three new products. The company also focuses on the inorganic growth strategies of acquisitions and agreements. For instance, in April 2016, this company acquired NeuWave Medical, Inc. (U.S.), a private manufacturer and marketer of minimally invasive soft-tissue microwave ablation systems. NeuWave majorly markets its products to top cancer centers in the U.S. With this acquisition, Ethicon strengthened its portfolio for the surgical oncology segment.
Related Reports:
Minimally Invasive Surgical Instruments Market by Product (Handheld Instruments, Guiding Devices, Inflation Systems), Application (Cardiothoracic, Vascular, Gastrointestinal), End Users (Private Hospitals, Government Hospitals) – Global Forecast to 2021
Related Articles:
https://www.marketsandmarkets.com/PressReleases/minimally-invasive-surgical-devices.asp
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