Strong product pipeline will drive double-digit growth rates in the Western Europe and US markets, finds Frost & Sullivan’s Transformational Health team
The emerging cardiac therapies market in the US and Western Europe is advancing at double-digit rates, propelled by the growing adoption of minimally invasive procedures by interventional cardiologists, technology advancements, supportive reimbursement policies and rising aged population.
Cardiac original equipment manufacturers (OEMs) must invest in product branding and procedure awareness among clinicians to overcome adoption barriers and ensure longevity in this sector.
Partnerships and acquisitions are rampant and necessary for this market.
“Partnerships and acquisitions are rampant and necessary for this market,” said Transformational Health Industry Principal Sowmya Rajagopalan. “Strategic partnerships increase the capability of the companies to identify growth opportunities, gain first-mover advantage, and achieve significant product development in a highly consolidated ecosystem.”
Market Analysis of Emerging Cardiac Therapies in the United States and Western Europe, Forecast to 2020, a recent insight from Frost & Sullivan’s Advanced Medical Technology Growth Partnership Service program, explores four key market segments:
The insight provides revenue forecasts, reimbursement trends, drivers, restraints and top company profiles.
Competition will intensify over the next five years as new devices will launch with unique and innovative product and next-generation technology characteristics to capture market share. However, the current emerging cardiac therapy implants market will get commoditised by 2030.
Companies are shifting towards business models that create value for their customers rather than being a pure-play device manufacturer and seller.
“Metronic, Boston Scientific, Abott Laboratories and Edwards Lifesciences are shifting away from traditional business models and engaging in the creation of revenue-generation product solutions and service-centric business models that create value for their customers rather than being a pure-play device manufacturer and seller. This will drive market penetration in the near term,” said Rajagopalan.