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Pain Management Devices Market was Dominated by Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), and Boston Scientific Corporation

02-15-2017 12:05 PM CET | Health & Medicine

Press release from: MarketsandMarkets

Pain Management Devices Market was Dominated by Medtronic plc

The global pain management devices market was dominated by Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), and Boston Scientific Corporation (U.S.) in 2015.

Medtronic plc accounted for the largest share of the pain management devices market due to its dominant position in the neurostimulation market. Its wide portfolio of infusion systems and spinal cord stimulation devices, which are used in chronic pain management, is one of the important factors responsible for its leading position and future growth in the pain management devices industry. Furthermore, the company’s wide geographic presence enables it to maintain its strong position in the market.

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The company expanded its research capabilities by establishing several training and research facilities in developing countries. In 2014, it established the Covidien Center of Innovation Brazil (CCI), Covidien Center of Innovation Turkey (CCI Turkey), and Covidien Center of Innovation Korea (CCI Korea). This helped the company to intensify its research activities, strengthen its product portfolio, increase its global reach, and strengthen its position in the pain management devices market. Medtronic also focuses on new product launches, strategic acquisitions, and expansion as its key business strategies to ensure its growth in this market.

Boston Scientific held the second position in the pain management devices market in 2015. Over the past three years, the company has been focusing on new product launches in order to increase its share in the market. Recently, in June 2015, the company launched the Precision Novi Spinal Cord Stimulator (SCS) System for the treatment of chronic pain, in Europe. Furthermore, the company launched several other products, including fiXate Tissue Band in the U.S. and Precision Spectra Spinal Cord Stimulator (SCS) System in the U.S. and Europe. In recent years, the company received FDA and CE mark approvals for a number of its products. For instance, its CoverEdge 32 and CoverEdge X 32 Surgical Leads received CE mark in October 2014. Its strong geographic presence and large customer base enable Boston Scientific to maintain its leading position in the pain management devices market.

Leading players are adopting the strategies of new product launches, geographic expansion, agreements, acquisitions, and collaborations to expand their presence in the global pain management devices market. Market players adopted these strategies to expand their product portfolios, enter into growing markets, and increase their market share in the industry. Other companies operating in this market include Hospira, Inc. (U.S.), Halyard Health, Inc. (U.S.), Smiths Medical (U.S.), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), Neurotech NA, Inc. (U.S.), and Nevro Corp. (U.S.).

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

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