欧州における心血管装置市場動向：投資分析と成長機会

Abstract

Frost & Sullivan's Medical Devices Financial Benchmarking and Analysis (FBA) service presents a broad financial outline of the medical devices industry, highlighting major market and financial trends in key growth segments. It provides a comprehensive financial analysis of leading medical devices firms to support the investment and financial analysis needs of decision makers in the marketplace. The current study within the service focuses on the following key growth sectors of the European Cardiology Devices Market:Cardiac Rhythm Management, Interventional Cardiology, and Cardiac Surgery.

Opportunities in potential investments lie ahead in Europe for venture capitalists

There is an abundance of ideas for innovation in Europe, though the continent lacks when it comes to commercialization of ideas into products.However,this scenario is slowly changing.In order to make Europe more competitive and innovation friendly, the European Medical Technology Industry Association (Eucomed) has proposed ten recommendations in 2005 to augment medical technology innovation in Europe.This 'innovation friendly' climate is expected to lend support and unfold several opportunities for novel ideas and devices thus presenting potential investment opportunities for venture capitalists.The study aims to analyze these potential investment opportunities present in the cardiovascular devices space and identify segments in the market that are attractive to private equity participants, institutional investors, and trade investors.

Cardiovascular device companies spring new interest in cardiac rhythm management

The European cardiovascular devices market is highly consolidated, being controlled by global players such as Boston Scientific, Johnson & Johnson, Medtronic, Sorin, and St. Jude Medical.With the acquisition of Guidant, by Boston Scientific, the space is only condensing further.Key market participants are constantly scouting for growth opportunities by acquiring smaller companies to fill in their R&D product pipelines.Companies targeted include those that develop technologies catering to an unmet need or that convert a surgery from an inpatient to an outpatient setting.Additionally, devices in the cardiac rhythm management specialty are also witnessing increased interest by large cardiovascular device companies.Johnson & Johnson, whose presence in the cardiac market so far has been confined to the segments of interventional cardiology and cardiac surgery, is now eyeing for an opportunity in the cardiac rhythm management space.Such aggressive acquisition onpart of bigger companies present attractive exit opportunities to venture capitalists in the form of a trade sale.

Table of Contents

1. Executive Summary

• 1. Executive Summary
  • 1. Executive Summary

2. Introduction and Methodology

• 1. Introduction
  • 1. Introduction
• 2. Methodology
  • 1. Methodology

3. Investment Analysis and Growth Opportunities

• 1. Market Overview
  • 1. Cardiac Rhythm Management
  • 2. Interventional Cardiology
  • 3. Cardiac Surgery
  • 4. Country Analysis
• 2. Industry Economics
  • 1. Industry Economics
• 3. Investment Analysis and Growth Opportunity
  • 1. Investment Themes
  • 2. Value Chain Analysis
  • 3. Sector Scorecard
  • 4. Company Investment Opportunity Scorecard
  • 5. Frost & Sullivan Cardiovascular Devices Growth Monitor

4. Financial Benchmarking and Valuation

• 1. Frost & Sullivan Cardiovascular Devices Universe
  • 1. Industry Classification
• 2. Ratio Analysis
  • 1. Year-over-Year Sales Growth
  • 2. Operating Margin
  • 3. Selling General and Administrative Expenses (SGA) to Sales
  • 4. Research and Development (R&D) to Sales
  • 5. Revenues per Employee
  • 6. Return on Average Assets versus Return on Average Equity
  • 7. Capital Expenditure to Sales
  • 8. Current Ratio
  • 9. Receivable and Payable Days
  • 10. Inventory Turnover Ratio
  • 11. Working Capital Ratio
  • 12. Asset Turnover Ratio
• 3. Common Size Analysis
  • 1. Common Size Analysis
• 4. Fixed Cost Analysis
  • 1. Fixed Cost Analysis
• 5. Valuations
  • 1. Historical Valuations based on Sales and Profitability
  • 2. Year-to-Date Stock Performance
  • 3. Industry Growth Outlook
  • 4. EPS Impact Analysis
  • 5. Private Equity and Venture Capital Activity
• 6. Mergers and Acquisitions
  • 1. Mergers and Acquisitionsa