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Product Innovation, a Key Strategy Adopted by Leading Market Players to Foster their Growth in the Global Ablation Technologies Market
The global ablation technologies market was dominated by Covidien plc (Ireland), Medtronic, Inc. (U.S.), and Biosense Webster, Inc. (U.S.) in 2013. These three companies together accounted for a share of ~42% of the global ablation technologies market in 2013. Covidien was the leader in this market, with a share of 20.3% in 2013. However, Medtronic will gain the lead once it completes the acquisition of Covidien.
Covidienís product portfolio includes a vast range of microwave and radiofrequency ablation devices, including the Evident Microwave Ablation System, the Barrx Radiofrequency Ablation System and Catheters, and the Cool-tip Radiofrequency Ablation System. The company employs more than 38,500 people with 41 manufacturing facilities in 17 countries, and markets its products in over 150 countries across the globe. The companyís wide geographic presence enables it to maintain its leadership in the global ablation technologies market. Furthermore, the company focuses on new product launches, initiatives for raising awareness on ablation procedures, and strategic acquisitions as key business strategies to ensure its growth in the global ablation technologies market.
Medtronic, Inc. (U.S.) held the second position in the ablation technologies market in 2013. Over the past three years, the company has been focusing on innovative product developments and strategic acquisitions as key business strategies in order to increase its share in the global ablation technologies market. Recently, in June 2014, the company signed an agreement to acquire Covidien plc. Medtronic has a wide product portfolio with advanced mapping catheters, cryoablation devices, and radiofrequency ablation devices, which serves as one of the important factors for its future growth. The Cardioblate series of surgical ablation systems and catheters are some of the technologically advanced ablation devices offered by the company in the global market. It has a strong geographic presence and large customer base.
In the ablation technologies market, leading players are adopting the strategies of new product development, new product launches, product enhancements, geographic expansions, agreements, acquisitions, and joint ventures to expand their presence. Market players adopted these strategies to access new technologies, develop novel products, expand their product portfolio, enter into growing markets, and increase their market share. In addition to the top market players, companies such as St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), AngioDynamics, Inc. (U.S.), and AtriCure, Inc. (U.S.) are primarily focused towards launching new ablation devices and acquisitions to widen their product offerings in the market.
Major strategic developments are taking place in the field of radiofrequency ablation technologies, a market which exhibits high growth potential in the near future. Dominant market players such as Covidien plc (Ireland), Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), CONMED Corporation (U.S.), and Olympus Corporation (Japan) have introduced several technologically advanced radiofrequency ablation devices in order to keep pace with the industry trends.
Ablation Technologies Market by Product (Radiofrequency, Ultrasound, Irreversible Electroporation, Cryotherapy, Microwave), Application (General & Cosmetic Surgery, Cardiovascular, Cancer, Ophthalmology, Orthopedics) - Global Forecasts to 2019
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