Abbott (US), Boston Scientific (US) and Koninklijke Philips N.V. (Netherlands) are leading players in Fractional Flow Reserve Market
The fractional flow reserve market is projected to reach USD 1,082 million by 2024 from USD 516 million in 2019, at a CAGR of 16.0% during the forecast period. Growth in this market is primarily attributed to the rising geriatric population and the subsequent growth in the prevalence of cardiovascular diseases, cost-benefits of FFR, and the presence of a favorable reimbursement scenario.
Abbott (US), Boston Scientific (US), ACIST Medical Systems (US), Koninklijke Philips N.V. (Netherlands), Opsens, Inc. (Canada), HeartFlow, Inc. (US), Siemens Healthineers (Germany), Pie Medical Imaging (Netherlands), CathWorks (Israel), and Medis Medical Imaging Systems BV (Netherlands) are the major players operating in the fractional flow reserve market. These players have adopted various growth strategies, such as product launches, agreements, partnerships, collaborations, and acquisitions, to strengthen their presence in the global market. Product launches were the most widely adopted strategies during 2015–2019. These strategies helped market players to offer innovate products and broaden their customer base.
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Abbott (US) held the leading position in the fractional flow reserve market. The company acquired a significant share in the FFR market through the acquisition of St. Jude Medical (US). This acquisition positioned Abbott as a major cardiology devices provider. The strategic acquisition of St. Jude Medical, a leading player in the cardiovascular and neuromodulation products market, strengthened the position of Abbott in the fractional flow reserve market. Abbott focuses on continuous expansions to achieve optimal growth across industries and different geographic areas. It strives to maintain its position through innovation and product launches. For instance, the company invests a significant amount of its revenue in R&D activities to increase its presence in the market. It invested USD 2.30 billion, USD 2.26 billion, and USD 1.42 billion on R&D in 2018, 2017, and 2016, respectively
Philips (Netherlands) held the second position in the market. The company acquired Volcano Corporation (US) to gain access to the fractional flow reserve market. The company is also significantly investing in the research and development to strengthen its position in this market by launching technologically advanced products. For instance, the company launched iFR. This technology is unique to Philips, as it does not require administration of hyperemic agents, unlike the other FFR measurement devices. This product continued to gain traction and was incorporated into the European Society of Cardiology’s updated guidelines for revascularization. The company is also adopting inorganic strategies, such as its agreement with HeartFlow (US). As per this agreement, Philips will promote the use of the HeartFlow FFRct analysis in conjunction with Philips’ advanced catheters for imaging and assessing measurements of coronary arteries. This provided the company access to non-invasive FFR measurement, which is a high-growth market segment. Additionally, Philips has a strong brand presence and vast sales and networking capabilities.
Boston Scientific (US) holds the third-leading position in the fractional flow reserve market. The company provides a broad range of products in the interventional medical specialty market. The company markets its products to hospitals, clinics, outpatient facilities, and medical offices across the globe. It also has manufacturing, distribution, and technology centers worldwide. The company focuses on expanding into high growth adjacencies, driving global expansion, and developing key capabilities. Through these strategies, Boston Scientific aims to accelerate profitable revenue growth and increase stockholder value while strengthening its leadership position in the medical device industry. Additionally, the company’s R&D is focused on developing next-generation and novel technology offerings across multiple programs and divisions.
Related Reports:
Fractional Flow Reserve Market by Technology (Invasive Monitoring, Non-invasive Monitoring), Invasive Monitoring Product (Pressure Guidewires, FFR Measurement Systems), Application, and Region - Global Forecast to 2024
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