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Major Players in the ECG Market Considered New Product Launch, Agreements, Partnerships, and Collaborations as the Key Strategy to Expand Their Footprint in the Diagnostic ECG Market
The key players in the global diagnostic ECG market are GE Healthcare (U.K.), Philips Healthcare (Netherlands), Mindray Medical (China), Mortara Instrument Inc. (U.S.), Spacelabs Healthcare (U.S), Schiller AG (Switzerland), Cardionet (U.S.), Compumed Inc. (U.S.), Nihon Kohden Corporation (Japan), and Welch Allyn (U.S.).
The diagnostic ECG market is highly fragmented with Philips and GE leading most of the segments. However, each segment is dominated by different players owing to their core competencies.
GE Healthcare provides transformational medical technologies and services in patient care. The company has a broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, performance improvement, drug discovery, and biopharmaceutical manufacturing technologies. The company strategically focuses on product launches and innovations as a key strategy for its growth. To obtain the maximum market share, the company has been extensively adopting the strategy of agreements, collaborations, and partnerships with third party vendors.
Philips Healthcare has emerged as the market leader in the global diagnostic ECG market and is likely to maintain its leadership position in the coming years. The company manufactures and markets healthcare IT solutions, diagnostic imaging systems, patient monitors, and cardiac devices. Philips’ key strategy is to expand its market through partnerships, connecting financially with companies having common values and goals. To gain the maximum market share, the company has been aggressively adopting the strategy of agreements, collaborations, and partnerships with third party vendors.
The in-depth research in the global diagnostic ECG market has brought to light that agreements, partnerships, and collaborations are the key strategies adopted by the major players to enhance their existing portfolios. The major players adopting this strategy were Philips Healthcare, GE Healthcare (U.K.), Mindray Medical (China), and CardioNet (U.S). In November 2013, Mindray (China) and Beckman Coulter (U.S.) signed an agreement to settle an ordinary course commercial dispute with Original Equipment Manufacturers (OEMs). The agreements and partnership deals together have widened the company’s offerings across geographies and added to their existing portfolios of products and services. These extended range of products and services are offered together by combining considerable medical leadership to encourage innovations that improve the patient outcomes. Besides generating revenues from the developed markets, companies are also making the most of the opportunities offered to them by the emerging markets.
Diagnostic Electrocardiograph (ECG) Market by Product (Resting, Stress, Holter Monitor), End-user (Hospitals, Home/Ambulatory, Research Center, Physician Office, Nursing Homes) & by Lead Type (Single, 3-6, 12) - Global Forecast to 2020
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