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Major Players in the Patient Monitoring Devices Market Considered Agreements, Partnerships, and Collaborations As the Key Strategy to Expand Their Footprint in the Market
The key players in the patient monitoring devices market are Abbott Laboratories (U.S), Covidien (Ireland), Drager Medical GmbH (Germany), GE Healthcare (U.K.), Johnson & Johnson Inc. (U.S), Masimo Corporation (U.S), Mindray Medical (China), Mortara Instrument Inc. (U.S.), Natus (U.S.), Nihon Kohden (Japan), Nonin Medical (U.S), Omron Healthcare (Japan), Philips Healthcare (Netherlands), Roche Diagnostics Limited (Switzerland), and Welch Allyn (U.S.). The patient monitoring 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.
Philips Healthcare has emerged as the market leader in the global patient monitoring 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. Until now, the company has partnered with MEDSI (Russia), AMREF Flying (Africa), and acquired Aerogen Ltd (Ireland)
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 also been extensively adopting the strategy of agreements, collaborations, and partnerships with third party vendors.
The in depth research in the patient monitoring devices market has brought to light that agreements, partnerships, and collaboration are the key strategies adopted by major players to enhance their existing portfolio. It accounted for 37% share of the total number of strategies. Major players adopting this strategy were Philips Healthcare, GE Healthcare (U.K.), Mindray Medical (China), and Omron Healthcare (Japan). In November 2013, Mindray (China) and Beckman Coulter (U.S.) signed an agreement to settle ordinary course commercial dispute with Original Equipment Manufacturers (OEMs). The agreements and partnership deals together have widened the companies’ offerings across geographies and added to their existing portfolio of products and services. These extended range of products and services are offered together by combining considerable medical leadership to encourage innovations that improve 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.
Some companies are also focusing on new product launches, which contributed to 36% of the total strategies. Mergers and acquisitions contributed for 9% share followed by expansions which accounted for 5% of the total strategies adopted in the patient monitoring devices market.
Patient Monitoring Device / Equipment / System Market by Product (Blood Glucose, EEG, ECG, Capnography, Spirometer, Sleep Apnea, Pulse Oximeter, Fetal Doppler, Multiparameter, Remote, Weight, Temperature), End-user (Hospitals, Home) - Global Forecast to 2018
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