Product Launches and Strategic Acquisitions Are the Key Growth Strategies Adopted by Leading Market Players in the Global Atherectomy Devices Market
The global atherectomy devices market is projected to reach USD 1.45 Billion by 2022 from 1.08 Billion in 2017, at a CAGR of 6.1%. Some of the factors driving the growth of this market are the growing target patient population, continuous product development & commercialization, favorable medical reimbursements, rising demand for minimally invasive atherectomy procedures, and strengthening distribution channels of major product manufacturers. However, limited patient awareness related to disease diagnosis (resulting in delayed treatment for peripheral vascular diseases), stringent regulatory framework, dearth of well-trained surgeons to conduct atherectomy procedures, and significant adoption of alternative therapies are the key challenges faced by a majority of the atherectomy device manufacturers across the globe.
Analysis of the market developments between 2014 and 2017 (October) reveals that several growth strategies such as product launches, strategic acquisitions, mergers, market expansions, agreements, partnerships, and collaborations are adopted by the market players to strengthen their product portfolios and maintain a competitive position in the atherectomy devices market. Among these business strategies, product launches and strategic acquisitions were the most widely adopted growth strategies by players in the market.
Medtronic (Ireland) holds the leading position in the market with its broad range of atherectomy products. The company has strong distribution networks across 160 countries across Asia Pacific, Eastern Europe, Latin America, the Middle East & Africa, Central Asia, Western Europe, South Asia, and North America. The company primarily focuses on product launches and strategic acquisitions to sustain its position in the atherectomy devices market. The company acquired Covidien (US) to expand its interventional product portfolio including atherectomy devices. In addition, the market has witnessed the launch of its HawkOne 6F directional atherectomy devices in 2015.
Philips (Netherlands) is one of the prominent players in the atherectomy devices market. The company has a strong foothold in the market with a wide range of atherectomy devices. The company mainly focuses on strategic acquisitions to strengthen its minimally invasive product portfolio as well as to expand its customer base in the atherectomy devices market. For instance, in August 2017, the company acquired Spectranetics (US) to expand its image-guided therapy business group, which includes atherectomy devices.
Related Reports:
Atherectomy Devices Market by Product (Directional, Rotational, Laser, Orbital), Application (Peripheral, Cardiovascular, Neurovascular), End User (Hospitals, Surgical Centers, Ascs, Research Laboratories, Academic Institutes) - Global Forecasts To 2022
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