Medtronic (Ireland), Abbott (US), Boston Scientific (US), and Cordis (A Cardinal Health Company) (US) Dominated the Global Embolic Protection Devices Market
The global embolic protection devices market is projected to reach USD 604.9 Million by 2023 from an estimated USD 405.5 Million in 2018, at a CAGR of 8.3%. The global embolic protection devices market is consolidated in nature with very few players accounting for the major share of the market. Medtronic (Ireland), Abbott (US), Boston Scientific (US), and Cordis (a cardinal health company) (US) dominated the market in 2017.
Medtronic dominated the global embolic protection devices market in 2017. The company offers a wide range of innovative products and therapies to treat more than 30 chronic diseases related to cardiac, diabetes, and neurological and spinal conditions. To expand its existing product portfolio, the company focuses on inorganic growth strategies such as acquisitions. In January 2015, Medtronic acquired Covidien plc (Ireland), a manufacturer of cardiovascular products. This acquisition helped the company to expand its product portfolio as well as its market share. The company also focuses on developing new products and obtaining regulatory approvals for enhancing its product offerings.
Abbott is leading player in the global embolic protection devices market in 2017. The company’s focus on R&D helps it to develop new products and offer products in various segments. In 2016, the company spent 6.8% of its revenue, i.e. USD 1,422 million on its R&D. The company’s vascular products segment, which offers embolic protection devices, grew by 4.5% in 2016 and 1.3% in 2015. The company also focuses on acquisitions to strengthen its position in the market. For instance, in 2016, Abbott laboratories acquired St. Jude Medical (US), which expanded the company’s capabilities in terms of product and market reach.
Boston Scientific is a key player embolic protection devices market. The company’s dominance in the market can be attributed to its innovative and broad product portfolio, which includes a range of embolic protection products for interventional cardiology and peripheral interventions. Its leading position can also be attributed to its focus on the development of technologically advanced products. The company is continuously launching technologically advanced products and securing regulatory approvals, which helps Boston Scientific enhance its product offerings and broaden its market presence. The company also adopts inorganic growth strategies such as agreements to expand its market presence. It acquired the interventional business of Bayer AG (Germany) in 2014, adding several of Bayer’s products to its portfolio. Similarly in 2015, Boston Scientific also acquired the interventional radiology business of CeloNova Biosciences. Such developments help the company to expand its interventional oncology portfolio and even enhance its R&D capabilities.
Related Reports:
Embolic Protection Devices Market by Type (Distal Filter, Distal Occlusion, Proximal Occlusion), Material (Nitinol, Polyurethane), Application (Cardiovascular, Neurovascular, Peripheral), Indication (PCI, SVD, TAVR) - Global Forecast to 2023
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