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3. Product Launches and Approvals Were the Key Growth Strategies Adopted by Players in the Global Defibrillators Market

The global defibrillators market is projected to reach USD 10,883.3 million by 2022 from USD 9,323.5 million in 2017, at a CAGR of 3.1%. Technological advancements in defibrillators, rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training & awareness programs on defibrillators are expected to propel the growth of this market. However, issues related to the use of implantable and automated external defibrillators are expected to restrain the growth of the defibrillators market in the forecast period

An analysis of market developments between 2015 and 2017 has revealed that several growth strategies, such as new product launches and approvals; expansions; acquisitions, mergers, and joint ventures; and agreements, collaborations, and partnerships. Product launches and acquisitions were the most widely adopted growth strategies by market players in the last three years.

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Medtronic (Ireland) held the leadership position in the global ICDs market in 2016. The company has a broad product portfolio, a strong geographical presence, and a wide customer base in emerging economies, including Brazil, Russia, India, and China. To maintain its leadership position in the market, the company has been focusing on technological advancements in implantable defibrillators. In line with this strategy, the company launched Visia AF MRI SureScan CRT-D, Visia AF single-chamber ICDs, Claria MRI Quad CRT-D SureScan, Amplia MRI Quad CRT-D SureScan, Compia MRI Quad CRT-D SureScan, and Evera MRI SureScan ICD in the last three years. Its Evera MRI SureScan ICD is among the first ICD systems with CE Mark, PMDA (Japan), and US FDA approvals for 3 Tesla (T) magnetic resonance imaging (MRI) scans that allow the patients to have full access to MRI scans. Furthermore, it acquired TYRX, Inc., a US-based developer of implantable medical devices and implantable combination antibiotic drugs to reduce surgical site infections caused by cardiac implantable electronic devices (CIEDs). To capture growth opportunities in the emerging the Asia Pacific region, the company set up its Asia-Pacific headquarters in Singapore; it reinforced its operations in this region by strengthening and supporting its operations across 80 locations in the Asia Pacific market.

ZOLL Medical Corporation (US) held the leadership position in the global external defibrillators market in 2016. Over the past three years, the company adopted new product launches, agreements, and partnerships as its core business strategies to enhance its share in the global external defibrillators market. For instance, the company launched the Hospital Wearable Defibrillator, PlusTrac AED Program Management Software, ZOLL R Series Monitor/Defibrillator, ZOLL X Series Monitor/Defibrillator, and ZOLL AED Plus, with a major focus on developing user-friendly and application-specific defibrillators. Furthermore, the company entered into strategic agreements with various industry players in order to develop innovative defibrillators and incorporate advanced technologies. The company also focuses on partnerships to increase its geographical presence.

Conmed Corporation is one of the leading companies in the field of smoke evacuation systems. The company is engaged in the development, manufacturing, and sales of surgical devices and equipment related to minimally invasive procedures. The company acquired Buffalo Filter LLC market, Inc., a leading company in surgical safety and surgical smoke evacuation technologies in 2019. This acquisition helped the company strengthen its market position in the global smoke evacuation system market owing to Buffalo’s long term presence and established brand position, its strong distribution network, and widespread geographical presence. The recent acquisition is expected to boost CONMED’s market growth to a significant extent during the forecast period. Through such strong business strategies, the company is expected to witness high growth in the defibrillators market in the coming years.

Ethicon (a subsidiary of Johnson and Johnson) is one of the top players in the global defibrillators market. The company caters to the demand of the defibrillators market through its medical devices business segment. The company has strengthened its presence in the defibrillators market through growth strategies such as product launches, and awareness campaign for smoke evacuation systems. For instance, In January 2017, the company acquired Megadyne Medical Products, which is a leading company in electrosurgical tools that are used in operating rooms. This acquisition has helped Ethicon in strengthening its market position and visibility.

Related Reports:

Defibrillators Market by Product (Implantable Cardioverter Defibrillator (Transvenous ICD, Single & Dual Chamber, CRT-D, S-ICD) and External (Manual, AED, Wearable)), End User (Hospitals, Prehospital, Public Access, Home care) - Global Forecast to 2022

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