Publication Date: February 2013 SAMPLE9.4 Cardiovascular Devices (Cardiovascular Prosthetic...
Transcript of Publication Date: February 2013 SAMPLE9.4 Cardiovascular Devices (Cardiovascular Prosthetic...
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Sorin S.p.A. Market Share Analysis GDME0581CDB / Published February 2013
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Sorin S.p.A. Market Share Analysis Reference Code: GDME0581CDB Publication Date: February 2013
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1 Table of Contents
1 Table of Contents ................................................................................................................ 2
1.1 List of Tables .............................................................................................................................................................. 11
1.2 List of Figures ............................................................................................................................................................ 13
2 Introduction ....................................................................................................................... 15
2.1 What Is This Report About?.................................................................................................................................... 15
3 Definitions of Markets/Categories Covered .................................................................... 16
3.1 Cardiovascular Devices ........................................................................................................................................... 16
3.1.1 Cardiac Rhythm Management ........................................................................................................................... 16
3.1.2 Cardiovascular Prosthetic Devices ................................................................................................................... 16
3.1.3 Cardiovascular Surgery ...................................................................................................................................... 16
3.1.4 Prosthetic Heart Valves ...................................................................................................................................... 16
4 Company Snapshot .......................................................................................................... 17
4.1 Key Facts ..................................................................................................................................................................... 17
4.2 Company Overview ................................................................................................................................................... 17
4.3 Financial Performance ............................................................................................................................................. 17
4.4 SWOT Snapshot ......................................................................................................................................................... 17
5 Business Description ....................................................................................................... 18
5.1 Business Overview ................................................................................................................................................... 18
5.2 Cardiovascular ........................................................................................................................................................... 18
5.2.1 Overview ............................................................................................................................................................... 18
5.2.2 Financials .............................................................................................................................................................. 18
5.2.3 Market View .......................................................................................................................................................... 18
5.3 Major Products and Services ................................................................................................................................. 18
5.3.1 Overview ............................................................................................................................................................... 18
6 History ............................................................................................................................... 19
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7 SWOT Analysis ................................................................................................................. 24
7.1 Overview ...................................................................................................................................................................... 24
7.2 Sorin S.p.A. Strengths .............................................................................................................................................. 24
7.3 Sorin S.p.A. Weaknesses ........................................................................................................................................ 25
7.4 Sorin S.p.A. Opportunities ...................................................................................................................................... 25
7.5 Sorin S.p.A. Threats .................................................................................................................................................. 25
8 Competitors ....................................................................................................................... 26
9 Competitive Landscape .................................................................................................... 27
9.1 Cardiovascular Devices (Cardiac Rhythm Management), Global, Market Share (%), 2011.................... 27
9.2 Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Market Share
(2011) 29
9.3 Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Market Share
(2011) 30
9.4 Cardiovascular Devices (Cardiovascular Prosthetic Devices), Global, Market Share (%), 2011 .......... 32
9.5 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Market Share
(2011) 34
9.6 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Market Share
(2011) 35
9.7 Cardiovascular Devices (Cardiovascular Surgery), Global, Market Share (%), 2011............................... 37
9.8 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Market Share (2011) ..... 38
9.9 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Market Share (2011) ... 39
9.10 Cardiovascular Devices (Prosthetic Heart Valves), Global, Market Share (%), 2011 ............................... 41
9.11 Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Market Share (2011) ..... 42
9.12 Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Market Share (2011) ... 43
10 Sorin S.p.A. Medical Equipment Market Share Analysis by Category ...................... 45
10.1 Sorin S.p.A., Cardiovascular Devices, Global, Category Revenue Share (2011) ...................................... 45
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10.2 Sorin S.p.A., Asia-Pacific, Category Revenue Share (2011) ........................................................................... 47
10.2.1 Sorin S.p.A., Australia, Category Revenue Share (2011) ............................................................................. 49
10.2.2 Sorin S.p.A., China, Category Revenue Share (2011) ................................................................................... 51
10.2.3 Sorin S.p.A., India, Category Revenue Share (2011) .................................................................................... 53
10.2.4 Sorin S.p.A., Japan, Category Revenue Share (2011) .................................................................................. 55
10.2.5 Sorin S.p.A., Other Asia-Pacific, Category Revenue Share (2011) ............................................................. 57
10.3 Sorin S.p.A., Europe, Category Revenue Share (2011) .................................................................................... 59
10.3.1 Sorin S.p.A., France, Category Revenue Share (2011) ................................................................................. 61
10.3.2 Sorin S.p.A., Germany, Category Revenue Share (2011) ............................................................................. 63
10.3.3 Sorin S.p.A., Italy, Category Revenue Share (2011) ...................................................................................... 65
10.3.4 Sorin S.p.A., Spain, Category Revenue Share (2011) ................................................................................... 67
10.3.5 Sorin S.p.A., United Kingdom, Category Revenue Share (2011) ................................................................. 69
10.3.6 Sorin S.p.A., Other Europe, Category Revenue Share (2011) ..................................................................... 71
10.4 Sorin S.p.A., Middle East and Africa, Category Revenue Share (2011) ....................................................... 73
10.5 Sorin S.p.A., North America, Category Revenue Share (2011) ...................................................................... 75
10.5.1 Sorin S.p.A., Canada, Category Revenue Share (2011) ............................................................................... 77
10.5.2 Sorin S.p.A., United States, Category Revenue Share (2011) ..................................................................... 79
10.6 Sorin S.p.A., South and Central America, Category Revenue Share (2011) .............................................. 81
10.6.1 Sorin S.p.A., Brazil, Category Revenue Share (2011) ................................................................................... 83
10.6.2 Sorin S.p.A., Other South and Central America, Category Revenue Share (2011) .................................. 85
11 Key Employees .............................................................................................................. 87
12 Key Employee Biographies ........................................................................................... 88
13 Company Statement ...................................................................................................... 89
14 Locations And Subsidiaries .......................................................................................... 92
14.1 Head Office .................................................................................................................................................................. 92
14.2 Other Locations & Subsidiaries ............................................................................................................................. 92
15 Financial Deals Landscape ........................................................................................... 94
15.1 Sorin S.p.A., Deals Volume Summary, 2007 to 2012 ........................................................................................ 94
16 Sorin S.p.A. Detailed Deal Summary ............................................................................ 96
16.1 Asset Purchase .......................................................................................................................................................... 96
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16.1.1 Sorin Acquires Cannulae Product Line From ESTECH ................................................................................. 96
16.1.2 Sorin Group Acquires EVH Business From Datascope ................................................................................. 97
16.2 Venture Financing ..................................................................................................................................................... 98
16.2.1 HighLife Raises $6 Million In Venture Financing ............................................................................................ 98
16.2.2 Cardiosolutions Raises $8 Million In Venture Financing ................................................................................ 99
16.3 Private Equity ........................................................................................................................................................... 100
16.3.1 Argos Soditic And MPS Venture SGR Acquire Bellco From Sorin ............................................................. 100
16.3.2 Sorin Group Sells Its Vascular Therapy Business To IP Investimenti e Partecipazioni .......................... 101
16.4 Partnerships .............................................................................................................................................................. 102
16.4.1 LETI Forms Partnership With Sorin, TIMA, Cedrat Technologies, Tronics And EASII IC ...................... 102
16.4.2 Sorin Enters Into Distribution Agreement With CardioMedical ................................................................... 103
16.4.3 Sorin Signs Distribution Agreement With Japan Lifeline ............................................................................. 104
16.4.4 Sorin Enters Into Co-Development Agreement With Orange Business Services .................................... 105
16.4.5 Sorin Signs An Agreement With Sphere Medical ......................................................................................... 106
16.4.6 Sorin Enters Into An Agreement With Japan Lifeline ................................................................................... 107
16.4.7 Sorin Signs Research Agreement With Mayo Clinic .................................................................................... 108
16.5 Asset Transactions ................................................................................................................................................. 109
16.5.1 Cytomedix Acquires Angel Whole Blood Separation System And activAT Autologous Thrombin
Processing Kit From Sorin Group.................................................................................................................................... 109
16.5.2 Datascope Acquires Peripheral Vascular Stent Business From Sorin ...................................................... 111
16.6 Acquisition ................................................................................................................................................................ 112
16.6.1 Sorin Group Acquires Alcard Industria Mecanica, Cardiac Surgery Devices Maker ............................... 112
16.6.2 Sorin Group Acquires Neurotech, Developer Of Neurostimulation Devices ............................................. 113
16.6.3 Sorin Acquires California Medical Labs, Maker Of Cardiovascular Cannulae, For $14 Million ............. 115
16.6.4 Sorin Group Invests $7 Million In Enopace Biomedical ............................................................................... 116
16.6.5 Sorin Group Acquires GISH Biomedical From VENTIZZ Capital Partners ............................................... 117
16.6.6 Sorin Group Acquires Austria-Based Distributor For $4.8 Million .............................................................. 118
16.6.7 Sorin Acquires Minority Stake In Sphere Medical Holding .......................................................................... 119
16.6.8 Japan Lifeline Acquires Sorin Group Japan From Sorin .............................................................................. 120
17 Recent Developments ................................................................................................. 121
17.1 Financial Announcements .................................................................................................................................... 121
17.1.1 Oct 31, 2012: Sorin Reports Revenue Of Of €160.4m In Q3 2012 ............................................................ 121
17.1.2 Jul 30, 2012: Sorin Reports Revenue Of €188.2m In Q2 2012 .................................................................. 122
17.1.3 Apr 23, 2012: Sorin Reports Revenue Of €191.7m In Q1 2012 ................................................................. 123
17.1.4 Mar 15, 2012: Sorin Reports Revenue Of €743.4m In 2011 ....................................................................... 124
17.1.5 Oct 28, 2011: Sorin Reports Revenue Of €171.4m In Q3 2011 ................................................................. 125
17.1.6 Jul 29, 2011: Sorin Reports Total Revenues Of €191.9m For Q2 2011 .................................................... 127
17.1.7 Apr 29, 2011: Sorin Reports Net Revenues Of €182.3m In Q1 2011 ........................................................ 127
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17.1.8 Mar 17, 2011: Sorin Reports Net Profit of €39.1m In 2010 ......................................................................... 129
17.1.9 Oct 26, 2010: Sorin Reports Net Income Of $8.2 Million For Q3 2010 ..................................................... 129
17.1.10 Oct 26, 2010: Sorin Reports Net Income Of EUR8.2 Million For Q3 2010 ........................................... 130
17.1.11 Oct 26, 2010: Sorin Reports Net Revenues Of EUR180.3 Million In Q3 2010 ..................................... 130
17.1.12 Jul 29, 2010: Sorin Reports Net Revenues Of EUR197.5 Million In Q2 2010 ...................................... 130
17.1.13 Apr 30, 2010: Sorin Reports Net Revenues Of EUR172.4 million In Q1 2010 ..................................... 131
17.1.14 Mar 19, 2010: Sorin Reports Revenues Of EUR689 Million In 2009 ..................................................... 132
17.1.15 Oct 29, 2009: Sorin Reports Net Earnings Of EUR3.9 Million In Q3 2009 ........................................... 133
17.1.16 Jul 30, 2009: Sorin Reports Net Result Of EUR12.8 Million In Q2 2009 ............................................... 134
17.1.17 Apr 30, 2009: Sorin Posts Net Profit Of EUR2.8 Million For Q1 2009 ................................................... 136
17.1.18 Mar 19, 2009: Sorin Reports 2008 Results ................................................................................................ 137
17.1.19 Feb 10, 2009: Sorin Reports Preliminary Results For 2008 .................................................................... 139
17.1.20 Nov 12, 2008: Sorin Reports 3Q 2008 Results ......................................................................................... 141
17.1.21 Aug 26, 2008: Sorin Reports 1H 2008 Results ......................................................................................... 143
17.1.22 Jul 25, 2008: Sorin Reports Preliminary 2Q 2008 Results ...................................................................... 144
17.1.23 May 07, 2008: Sorin Declares Q1 2008 Results ....................................................................................... 146
17.1.24 Mar 28, 2008: Sorin Declares 2007 Results .............................................................................................. 148
17.1.25 Nov 08, 2007: Sorin Declares Q3 2007 Results ....................................................................................... 150
17.1.26 Sep 11, 2007: Sorin Declares H1 2007 Results ........................................................................................ 151
17.1.27 May 07, 2007: Sorin Declares Q1 2007 Results ....................................................................................... 152
17.1.28 Feb 13, 2007: Sorin Declares Q4 2006 Results ........................................................................................ 154
17.2 Corporate Communications .................................................................................................................................. 155
17.2.1 Jun 15, 2010: Sorin Co-opts Massimo Tononi As Member Of Board ........................................................ 155
17.2.2 May 17, 2010: Sorin Announces Resignation Of Giovanni Gorno Tempini As Board Member ............. 155
17.2.3 May 14, 2010: Sorin's Board Member Giovanni Gorno Tempini Resigns ................................................. 155
17.2.4 Jun 26, 2009: Sorin Announces Board Resignations ................................................................................... 155
17.2.5 Mar 19, 2009: Sorin Announces Board Changes ......................................................................................... 156
17.2.6 Jan 08, 2009: Sorin Announces Board And Management Changes ......................................................... 156
17.2.7 Nov 25, 2008: Sorin Announces Board Resignations .................................................................................. 156
17.2.8 Oct 11, 2007: Sorin Appoints President, CRM Business Unit ..................................................................... 157
17.2.9 Sep 21, 2007: Sorin Appoints New CEO........................................................................................................ 157
17.3 Legal and Regulatory ............................................................................................................................................. 158
17.3.1 Mar 12, 2010: Sorin Announces Tentative Settlement Of Investigation By Department Of Justice...... 158
17.3.2 Dec 24, 2008: Sorin Settles Litigation With ATS Medical ............................................................................ 158
17.4 Product News ........................................................................................................................................................... 159
17.4.1 Dec 04, 2012: Sorin Receives PMDA Approval And Announces Commercial Launch Of Mitroflow Aortic
Pericardial Heart Valve In Japan ..................................................................................................................................... 159
17.4.2 Sep 18, 2012: Sorin Group Announces CE Mark Approval Of Extended Indications And Second
Generation Accessories For Perceval S ........................................................................................................................ 159
17.4.3 Jun 13, 2012: Sorin Group And Orange Business Services Launch SMARTVIEW ................................ 160
17.4.4 Jun 12, 2012: Sorin Announces First Enrollment In Dream Clinical Study ............................................... 160
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17.4.5 May 16, 2012: Sorin Group Receives Regulatory Approval To Market Memo 3D Annuloplasty Ring In
Japan 161
17.4.6 May 09, 2012: Sorin Announces Publication Of Full Clear Study Results In Peer Reviewed Cardiology
Journal 161
17.4.7 Feb 21, 2012: Sorin Announces Initiation Of US IDE Study Of Freedom Solo Stentless Pericardial
Aortic Valve ......................................................................................................................................................................... 162
17.4.8 Dec 05, 2011: Sorin Receives CE Mark For INSPIRE6 ............................................................................... 163
17.4.9 Oct 12, 2011: Sorin Launches SonR CRT Optimization System At Venice Arrhythmias 2011 Congress
163
17.4.10 Jul 28, 2011: Sorin Group Receives CE Mark Approval For Mitroflow Aortic Pericardial Heart Valve
With PRT 164
17.4.11 May 24, 2011: Sorin Announces First North American Implant Of Freedom Solo Pericardial Aortic
Valve 165
17.4.12 May 02, 2011: Sorin Launches VascuClear Endoscopic Vessel Harvesting System ......................... 165
17.4.13 Apr 29, 2011: Sorin Announces US Launch Of XTRA Autotransfusion System .................................. 166
17.4.14 Feb 21, 2011: Sorin Group Achieves Milestone In Mitroflow Aortic Pericardial Heart Valve ............. 166
17.4.15 Jan 31, 2011: Sorin Group Receives CE Mark Approval For Perceval S Self-Anchoring Aortic Heart
Valve 167
17.4.16 Sep 15, 2010: Sorin Announces Presentation Of Clinical Results Of Perceval S Self-Anchoring Aortic
Heart Valve ......................................................................................................................................................................... 168
17.4.17 Jun 17, 2010: Sorin Announces CLEAR Study For SonR Technology Met Its Primary Endpoint ..... 168
17.4.18 Feb 18, 2010: Sorin Announces FDA Approval For New Generation C5 Heart-Lung Machine ........ 169
17.4.19 Feb 05, 2010: Sorin Group Announces FDA Approval And First Implantation Of Paradym CRT Model
8750 170
17.4.20 Aug 15, 2009: Sorin Group To Complete Trial For FREEDOM SOLO In The Second Quarter Of 2014
170
17.4.21 Jul 07, 2009: Sorin Group Receives Health Canada TPD Approval To Market REPLY Pacemaker 171
17.4.22 Jul 03, 2009: Sorin Group Announces Japanese Regulatory Approval And First Implant Of REPLY
And FACIL Pacemakers ................................................................................................................................................... 171
17.4.23 Jun 25, 2009: Sorin Group Delivers Its 1000TH S5 Heart-Lung Machine ............................................ 172
17.4.24 Feb 24, 2009: Sorin Group Kick Starts Patient Enrolment In European Trial For Perceval S
Sutureless Aortic Valve ..................................................................................................................................................... 172
17.4.25 Dec 11, 2008: Sorin Group Announces The Japanese Approval And Market Release Of Defibrillation
Lead-Isoline ........................................................................................................................................................................ 173
17.4.26 Nov 26, 2008: Sorin Group Announces European Market Release And First Implant Of New-
Generation Cardiac Resynchronization Therapy Defibrillator ..................................................................................... 173
17.4.27 Sep 16, 2008: Sorin Group Publishes 21 Year Durability Data Of It's Mitroflow Aortic Pericardial
Heart Valve ......................................................................................................................................................................... 174
17.4.28 Sep 12, 2008: Sorin Group Announces First Successful Use Of New Pediatric Oxygenator At
Children's Medical Center Dallas .................................................................................................................................... 174
17.4.29 Sep 12, 2008: Sorin Group Announces Successful Use Of New Pediatric Arterial Filter At Children's
Medical Center Dallas ....................................................................................................................................................... 175
17.4.30 Aug 07, 2008: Sorin Group Announces FDA Approval And First US Implant Of The Dual Chamber
Pacemaker .......................................................................................................................................................................... 175
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17.4.31 May 21, 2008: Sorin Group Reports FDA Approval Of Ovatio CRT ...................................................... 175
17.4.32 May 16, 2008: Sorin Group Announces FDA Approval Of The World's Smallest Cardiac
Resynchronization Implantable Cardioverter Defibrillator OVATIO CRT .................................................................. 176
17.4.33 Apr 28, 2008: Sorin Group Cardiac Rhythm Management Announces First Implant Of A New-
Generation CRT-D Device Designed To Provide Hemodynamic Management Of Heart Failure ......................... 176
17.4.34 Mar 07, 2008: Sorin Group Announces FDA Approval Of New Defibrillation Leads Range: ISOLINE
177
17.4.35 Feb 14, 2008: Sorin Group Announces US Clinical Trial Of Memo 3D Semirigid Annuloplasty Ring
177
17.4.36 Dec 31, 2007: Mitroflow Aortic Pericardial Heart Valve Gets US FDA Approval In United states ..... 178
17.4.37 Dec 05, 2007: Sorin Group Announces First US Implant Of Mitroflow Aortic Pericardial Heart Valve
178
17.4.38 Dec 03, 2007: Sorin Group Cardiac Rhythm Management Announces The First US Enrollment In
The Option Study ............................................................................................................................................................... 178
17.4.39 Oct 22, 2007: Sorin Group Announces The First US Clinical Implant Of The World‟s Smallest Cardiac
Resynchronization Implantable Cardioverter Defibrillator – Ovatio CRT .................................................................. 179
17.4.40 Sep 25, 2007: Sorin Group Announces US FDA‟s Authorization To Market Its Memo 3D Annuloplasty
Ring In the United States .................................................................................................................................................. 180
17.4.41 May 09, 2007: The Sorin Group Announces European Market Release Of REPLY, The World‟s
Smallest Pacemaker ......................................................................................................................................................... 180
17.4.42 Mar 08, 2007: First Implants And EU Approval For Sorin REPLY Pacemakers .................................. 180
17.5 Product Approvals .................................................................................................................................................. 181
17.5.1 Sep 18, 2012: Sorin Group Announces CE Mark Approval Of Extended Indications And Second
Generation Accessories For Perceval S ........................................................................................................................ 181
17.5.2 May 16, 2012: Sorin Group Receives Regulatory Approval To Market Memo 3D Annuloplasty Ring In
Japan 181
17.5.3 Dec 05, 2011: Sorin Receives CE Mark For INSPIRE6 ............................................................................... 182
17.5.4 Jul 28, 2011: Sorin Group Receives CE Mark Approval For Mitroflow Aortic Pericardial Heart Valve
With PRT ............................................................................................................................................................................. 182
17.5.5 Jan 31, 2011: Sorin Group Receives CE Mark Approval For Perceval S Self-Anchoring Aortic Heart
Valve 183
17.5.6 Feb 05, 2010: Sorin Group Announces FDA Approval And First Implantation Of Paradym CRT Model
8750 183
17.5.7 Jul 07, 2009: Sorin Group Receives Health Canada TPD Approval To Market REPLY Pacemaker .... 184
17.5.8 Jul 03, 2009: Sorin Group Announces Japanese Regulatory Approval And First Implant Of REPLY And
FACIL Pacemakers ........................................................................................................................................................... 185
17.5.9 Dec 11, 2008: Sorin Group Announces The Japanese Approval And Market Release Of Defibrillation
Lead-Isoline ........................................................................................................................................................................ 185
17.5.10 Aug 07, 2008: Sorin Group Announces FDA Approval And First US Implant Of The Dual Chamber
Pacemaker .......................................................................................................................................................................... 186
17.5.11 May 21, 2008: Sorin Group Reports FDA Approval Of Ovatio CRT ...................................................... 186
17.5.12 May 16, 2008: Sorin Group Announces FDA Approval Of The World's Smallest Cardiac
Resynchronization Implantable Cardioverter Defibrillator OVATIO CRT .................................................................. 187
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17.5.13 Mar 07, 2008: Sorin Group Announces FDA Approval Of New Defibrillation Leads Range: ISOLINE
187
17.5.14 Dec 31, 2007: Mitroflow Aortic Pericardial Heart Valve Gets US FDA Approval In United states ..... 188
17.5.15 Sep 25, 2007: Sorin Group Announces US FDA‟s Authorization To Market Its Memo 3D Annuloplasty
Ring In the United States .................................................................................................................................................. 188
17.5.16 Mar 08, 2007: First Implants And EU Approval For Sorin REPLY Pacemakers .................................. 188
17.6 Clinical Trials ............................................................................................................................................................ 189
17.6.1 Jun 12, 2012: Sorin Announces First Enrollment In Dream Clinical Study ............................................... 189
17.6.2 Feb 21, 2012: Sorin Announces Initiation Of US IDE Study Of Freedom Solo Stentless Pericardial
Aortic Valve ......................................................................................................................................................................... 189
17.6.3 Sep 15, 2010: Sorin Announces Presentation Of Clinical Results Of Perceval S Self-Anchoring Aortic
Heart Valve ......................................................................................................................................................................... 190
17.6.4 Jun 17, 2010: Sorin Announces CLEAR Study For SonR Technology Met Its Primary Endpoint ......... 191
17.6.5 Aug 15, 2009: Sorin Group To Complete Trial For FREEDOM SOLO In The Second Quarter Of 2014
191
17.6.6 Feb 24, 2009: Sorin Group Kick Starts Patient Enrolment In European Trial For Perceval S Sutureless
Aortic Valve ......................................................................................................................................................................... 192
17.6.7 Sep 16, 2008: Sorin Group Publishes 21 Year Durability Data Of It's Mitroflow Aortic Pericardial Heart
Valve 192
17.6.8 Apr 28, 2008: Sorin Group Cardiac Rhythm Management Announces First Implant Of A New-
Generation CRT-D Device Designed To Provide Hemodynamic Management Of Heart Failure ......................... 193
17.6.9 Feb 14, 2008: Sorin Group Announces US Clinical Trial Of Memo 3D Semirigid Annuloplasty Ring .. 194
17.6.10 Dec 05, 2007: Sorin Group Announces First US Implant Of Mitroflow Aortic Pericardial Heart Valve
194
17.6.11 Dec 03, 2007: Sorin Group Cardiac Rhythm Management Announces The First US Enrollment In
The Option Study ............................................................................................................................................................... 194
17.6.12 Oct 22, 2007: Sorin Group Announces The First US Clinical Implant Of The World‟s Smallest Cardiac
Resynchronization Implantable Cardioverter Defibrillator – Ovatio CRT .................................................................. 195
17.7 Other Significant Developments .......................................................................................................................... 196
17.7.1 Dec 08, 2010: SORIN Group Uses KIKA Advanced EDC Platform For Clinical Asset Management On
Heart Valve Studies ........................................................................................................................................................... 196
17.7.2 Apr 16, 2009: Sorin Enters Ten-Year Distribution Agreement With JLL For Its Heart Valves Portfolio 196
18 Appendix ...................................................................................................................... 197
18.1 Research Methodology .......................................................................................................................................... 198
18.2 Secondary Research............................................................................................................................................... 198
18.3 Primary Research .................................................................................................................................................... 198
18.4 Models ........................................................................................................................................................................ 199
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18.5 Forecasts ................................................................................................................................................................... 199
18.6 Expert Panels ............................................................................................................................................................ 199
18.7 GlobalData Consulting ........................................................................................................................................... 199
18.8 Currency Conversion ............................................................................................................................................. 200
18.9 Disclaimer .................................................................................................................................................................. 201
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1.1 List of Tables
Table 1: Sorin S.p.A., Key Facts, 2011 17
Table 2: Sorin S.p.A., SWOT Analysis, 2011 24
Table 3: Cardiovascular Devices (Cardiac Rhythm Management), Global, Company Share by Revenue ($m), 2011 28
Table 4: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Revenue ($m) and Market Share (%), 2011 29
Table 5: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Revenue ($m) and Market Share (%), 2011 31
Table 6: Cardiovascular Devices (Cardiovascular Prosthetic Devices), Global, Company Share by Revenue ($m), 2011 33
Table 7: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Revenue ($m) and Market Share (%), 2011 34
Table 8: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Revenue ($m) and Market Share (%), 2011 36
Table 9: Cardiovascular Devices (Cardiovascular Surgery), Global, Company Share by Revenue ($m), 2011 37
Table 10: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Revenue ($m) and Market Share (%), 2011 38
Table 11: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Revenue ($m) and Market Share (%), 2011 40
Table 12: Cardiovascular Devices (Prosthetic Heart Valves), Global, Company Share by Revenue ($m), 2011 41
Table 13: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Revenue ($m) and Market Share (%), 2011 42
Table 14: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Revenue ($m) and Market Share (%), 2011 44
Table 15: Sorin S.p.A., Cardiovascular Devices, Global, Revenue ($m) and Market Share (%) by Category, 2011 46
Table 16: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Revenue ($m) and Market Share (%) by Category, 2011 48
Table 17: Sorin S.p.A., Cardiovascular Devices, Australia, Revenue ($m) and Market Share (%) by Category, 2011 50
Table 18: Sorin S.p.A., Cardiovascular Devices, China, Revenue ($m) and Market Share (%) by Category, 2011 52
Table 19: Sorin S.p.A., Cardiovascular Devices, India, Revenue ($m) and Market Share (%) by Category, 2011 54
Table 20: Sorin S.p.A., Cardiovascular Devices, Japan, Revenue ($m) and Market Share (%) by Category, 2011 56
Table 21: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Revenue ($m) and Market Share (%) by Category, 2011 58
Table 22: Sorin S.p.A., Cardiovascular Devices, Europe, Revenue ($m) and Market Share (%) by Category, 2011 60
Table 23: Sorin S.p.A., Cardiovascular Devices, France, Revenue ($m) and Market Share (%) by Category, 2011 62
Table 24: Sorin S.p.A., Cardiovascular Devices, Germany, Revenue ($m) and Market Share (%) by Category, 2011 64
Table 25: Sorin S.p.A., Cardiovascular Devices, Italy, Revenue ($m) and Market Share (%) by Category, 2011 66
Table 26: Sorin S.p.A., Cardiovascular Devices, Spain, Revenue ($m) and Market Share (%) by Category, 2011 68
Table 27: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Revenue ($m) and Market Share (%) by Category, 201170
Table 28: Sorin S.p.A., Cardiovascular Devices, Other Europe, Revenue ($m) and Market Share (%) by Category, 2011 72
Table 29: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Revenue ($m) and Market Share (%) by Category, 2011 74
Table 30: Sorin S.p.A., Cardiovascular Devices, North America, Revenue ($m) and Market Share (%) by Category, 2011 76
Table 31: Sorin S.p.A., Cardiovascular Devices, Canada, Revenue ($m) and Market Share (%) by Category, 2011 78
Table 32: Sorin S.p.A., Cardiovascular Devices, United States, Revenue ($m) and Market Share (%) by Category, 2011 80
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Table 33: Sorin S.p.A., Cardiovascular Devices, South and Central America, Revenue ($m) and Market Share (%) by Category, 2011 82
Table 34: Sorin S.p.A., Cardiovascular Devices, Brazil, Revenue ($m) and Market Share (%) by Category, 2011 84
Table 35: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Revenue ($m) and Market Share (%) by Category, 2011 86
Table 36: Sorin S.p.A., Key Employees 87
Table 37: Sorin S.p.A., Subsidiaries 92
Table 38: Sorin S.p.A., Deals Volume Summary, 2007 to 2012 94
Table 39: Sorin S.p.A., Deals Summary, 2007 to 2012 95
Table 40: Sorin Acquires Cannulae Product Line From ESTECH 96
Table 41: Sorin Group Acquires EVH Business From Datascope 97
Table 42: HighLife Raises $6 Million In Venture Financing 98
Table 43: Cardiosolutions Raises $8 Million In Venture Financing 99
Table 44: Argos Soditic And MPS Venture SGR Acquire Bellco From Sorin 100
Table 45: Sorin Group Sells Its Vascular Therapy Business To IP Investimenti e Partecipazioni 101
Table 46: LETI Forms Partnership With Sorin, TIMA, Cedrat Technologies, Tronics And EASII IC 102
Table 47: Sorin Enters Into Distribution Agreement With CardioMedical 103
Table 48: Sorin Signs Distribution Agreement With Japan Lifeline 104
Table 49: Sorin Enters Into Co-Development Agreement With Orange Business Services 105
Table 50: Sorin Signs An Agreement With Sphere Medical 106
Table 51: Sorin Enters Into An Agreement With Japan Lifeline 107
Table 52: Sorin Signs Research Agreement With Mayo Clinic 108
Table 53: Cytomedix Acquires Angel Whole Blood Separation System And activAT Autologous Thrombin Processing Kit From Sorin Group 109
Table 54: Datascope Acquires Peripheral Vascular Stent Business From Sorin 111
Table 55: Sorin Group Acquires Alcard Industria Mecanica, Cardiac Surgery Devices Maker 112
Table 56: Sorin Group Acquires Neurotech, Developer Of Neurostimulation Devices 113
Table 57: Sorin Acquires California Medical Labs, Maker Of Cardiovascular Cannulae, For $14 Million 115
Table 58: Sorin Group Invests $7 Million In Enopace Biomedical 116
Table 59: Sorin Group Acquires GISH Biomedical From VENTIZZ Capital Partners 117
Table 60: Sorin Group Acquires Austria-Based Distributor For $4.8 Million 118
Table 61: Sorin Acquires Minority Stake In Sphere Medical Holding 119
Table 62: Japan Lifeline Acquires Sorin Group Japan From Sorin 120
Table 63: USD to Local Currency, Average Exchange Rate, 2011 200
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1.2 List of Figures
Figure 1: Cardiovascular Devices(Cardiac Rhythm Management), Global, Market Share (%), 2011 ......................................... 27
Figure 2: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Market Share (%), 2011 .......... 29
Figure 3: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Market Share (%), 2011 ......... 30
Figure 4: Cardiovascular Devices(Cardiovascular Prosthetic Devices), Global, Market Share (%), 2011 ................................. 32
Figure 5: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Market Share (%), 2011 .. 34
Figure 6: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Market Share (%), 2011 . 35
Figure 7: Cardiovascular Devices(Cardiovascular Surgery), Global, Market Share (%), 2011 .................................................... 37
Figure 8: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Market Share (%), 2011 ..................... 38
Figure 9: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Market Share (%), 2011 .................... 39
Figure 10: Cardiovascular Devices(Prosthetic Heart Valves), Global, Market Share (%), 2011 .................................................. 41
Figure 11: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Market Share (%), 2011 ................... 42
Figure 12: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Market Share (%), 2011 .................. 43
Figure 13: Sorin S.p.A., Cardiovascular Devices, Global, Category Revenue Share (%), 2011.................................................. 45
Figure 14: Sorin S.p.A., Cardiovascular Devices, Global, Market Share (%) by Category, 2011 ................................................ 46
Figure 15: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Category Revenue Share (%), 2011 ........................................ 47
Figure 16: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Market Share (%) by Category, 2011 ....................................... 48
Figure 17: Sorin S.p.A., Cardiovascular Devices, Australia, Category Revenue Share (%), 2011 .............................................. 49
Figure 18: Sorin S.p.A., Cardiovascular Devices, Australia, Market Share (%) by Category, 2011 ............................................ 50
Figure 19: Sorin S.p.A., Cardiovascular Devices, China, Category Revenue Share (%), 2011 ................................................... 51
Figure 20: Sorin S.p.A., Cardiovascular Devices, China, Market Share (%) by Category, 2011 ................................................. 52
Figure 21: Sorin S.p.A., Cardiovascular Devices, India, Category Revenue Share (%), 2011 .................................................... 53
Figure 22: Sorin S.p.A., Cardiovascular Devices, India, Market Share (%) by Category, 2011 ................................................... 54
Figure 23: Sorin S.p.A., Cardiovascular Devices, Japan, Category Revenue Share (%), 2011 .................................................. 55
Figure 24: Sorin S.p.A., Cardiovascular Devices, Japan, Market Share (%) by Category, 2011 ................................................. 56
Figure 25: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Category Revenue Share (%), 2011 ............................. 57
Figure 26: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Market Share (%) by Category, 2011 ............................ 58
Figure 27: Sorin S.p.A., Cardiovascular Devices, Europe, Category Revenue Share (%), 2011 ................................................ 59
Figure 28: Sorin S.p.A., Cardiovascular Devices, Europe, Market Share (%) by Category, 2011 ............................................... 60
Figure 29: Sorin S.p.A., Cardiovascular Devices, France, Category Revenue Share (%), 2011 ................................................. 61
Figure 30: Sorin S.p.A., Cardiovascular Devices, France, Market Share (%) by Category, 2011 ............................................... 62
Figure 31: Sorin S.p.A., Cardiovascular Devices, Germany, Category Revenue Share (%), 2011 ............................................. 63
Figure 32: Sorin S.p.A., Cardiovascular Devices, Germany, Market Share (%) by Category, 2011 ........................................... 64
Figure 33: Sorin S.p.A., Cardiovascular Devices, Italy, Category Revenue Share (%), 2011 ...................................................... 65
Figure 34: Sorin S.p.A., Cardiovascular Devices, Italy, Market Share (%) by Category, 2011 .................................................... 66
Figure 35: Sorin S.p.A., Cardiovascular Devices, Spain, Category Revenue Share (%), 2011 ................................................... 67
Figure 36: Sorin S.p.A., Cardiovascular Devices, Spain, Market Share (%) by Category, 2011 ................................................. 68
Figure 37: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Category Revenue Share (%), 2011 ................................. 69
Figure 38: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Market Share (%) by Category, 2011 ............................... 70
Figure 39: Sorin S.p.A., Cardiovascular Devices, Other Europe, Category Revenue Share (%), 2011 ..................................... 71
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Figure 40: Sorin S.p.A., Cardiovascular Devices, Other Europe, Market Share (%) by Category, 2011 .................................... 72
Figure 41: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Category Revenue Share (%), 2011 ..................... 73
Figure 42: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Market Share (%) by Category, 2011 .................... 74
Figure 43: Sorin S.p.A., Cardiovascular Devices, North America, Category Revenue Share (%), 2011 .................................... 75
Figure 44: Sorin S.p.A., Cardiovascular Devices, North America, Market Share (%) by Category, 2011 .................................. 76
Figure 45: Sorin S.p.A., Cardiovascular Devices, Canada, Category Revenue Share (%), 2011 ............................................... 77
Figure 46: Sorin S.p.A., Cardiovascular Devices, Canada, Market Share (%) by Category, 2011 .............................................. 78
Figure 47: Sorin S.p.A., Cardiovascular Devices, United States, Category Revenue Share (%), 2011 ..................................... 79
Figure 48: Sorin S.p.A., Cardiovascular Devices, United States, Market Share (%) by Category, 2011 .................................... 80
Figure 49: Sorin S.p.A., Cardiovascular Devices, South and Central America, Category Revenue Share (%), 2011 .............. 81
Figure 50: Sorin S.p.A., Cardiovascular Devices, South and Central America, Market Share (%) by Category, 2011 ............ 82
Figure 51: Sorin S.p.A., Cardiovascular Devices, Brazil, Category Revenue Share (%), 2011 ................................................... 83
Figure 52: Sorin S.p.A., Cardiovascular Devices, Brazil, Market Share (%) by Category, 2011.................................................. 84
Figure 53: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Category Revenue Share (%), 2011 ... 85
Figure 54: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Market Share (%) by Category, 2011 . 86
Figure 55: Sorin S.p.A., Deals Volume Summary, 2007 to 2012 ...................................................................................................... 94
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2 Introduction
GlobalData Medical Equipment Company Reports are ideal guide for anyone wishing to understand the
market better in terms of revenues and competitive landscape.
2.1 What Is This Report About?
This report is an essential source for data, analysis and strategic insights into the company. The report
provides key information relating to market share by sector and country. The report examines
company‟s business structure and operations, history and products and provides an analysis of its key
revenue lines.
The country coverage for the purpose of this report includes:
North America – United States and Canada.
Asia Pacific – Australia, China, India, Japan, Republic of Korea, Taiwan and New Zealand,
Europe – France, Germany, Italy, Spain, United Kingdom, Austria, Belgium, Czech Republic,
Finland, Greece, Hungary, Ireland, Netherlands, Norway, Poland, Portugal, Russian Federation,
Sweden, Switzerland and Turkey.
South and Central America – Brazil, Argentina, Chile and Mexico.
Middle East and Africa - Egypt, Israel, South Africa and United Arab Emirates.
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4 Company Snapshot
4.1 Key Facts
Table 1: Sorin S.p.A., Key Facts, 2011
Web Address
Turnover (in USD Million)
Financial year-end
Number of Employees
BIT
Source: GlobalData Company Website
4.2 Company Overview
4.3 Financial Performance
4.4 SWOT Snapshot
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5 Business Description
5.1 Business Overview
5.2 Cardiovascular
5.2.1 Overview
5.2.2 Financials
5.2.3 Market View
5.3 Major Products and Services
5.3.1 Overview
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7 SWOT Analysis
7.1 Overview
Table 2: Sorin S.p.A., SWOT Analysis, 2011
Strengths Weaknesses
Opportunities Threats
Source: GlobalData Company Website
7.2 Sorin S.p.A. Strengths
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7.3 Sorin S.p.A. Weaknesses
7.4 Sorin S.p.A. Opportunities .
7.5 Sorin S.p.A. Threats
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16 Sorin S.p.A. Detailed Deal Summary
16.1 Asset Purchase
16.1.1 Sorin Acquires Cannulae Product Line From ESTECH
Table 40: Sorin Acquires Cannulae Product Line From ESTECH
Deal Type
Deal in Brief
Deal Rationale
Deal Information
Deal Status
Completed Date
Acquirer Company Information
Company Name
Business Description
Vendor Company Information
Company Name
Business Description
Advisor Information
Company Being Advised Financial Advisor
Target Asset Information
Asset Name
Asset Description
Source: GlobalData
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16.1.2 Sorin Group Acquires EVH Business From Datascope
Table 41: Sorin Group Acquires EVH Business From Datascope
Deal Type
Deal in Brief
Deal Information
Deal Status
Announced Date
Completed Date
Companies Information
Acquirer Company Information
Company Name
Business Description
Vendor Company Information
Company Name
Business Description
Advisor Information
Company Being Advised Legal Advisor
Target Asset Information
Asset Name
Asset Description
Source: GlobalData
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18 Appendix
The data and analysis within this report is driven by Medical eTrack
Medical eTrack gives you the key information to drive sales, investment and deal making activity in your
business. It includes the following information:
15,000+ Market size data tables across 740 medical equipment segments and 39 countries with historic
data from 2004 forecast to 2018
6,000+ Primary expert interviews conducted per annum for ensuring data and report quality
1,100+ Conferences on medical equipment covered
1,000+ Industry leading reports per annum covering growing sectors, market trends, investment
opportunities and competitive landscape
600+ Analysis reports covering market and pipeline product analysis reports by indication, medical
equipment trends and issue reports and investment and M&A trend reports worth over $3 Million
43,000+ Medical equipment companies profiled
1,500+ Private, emerging and technology start-up company profiles
1,500+ Medical equipment manufacturers in China and India
1,500+ Medical equipment companies in Japan
700+ Companies with revenue splits and market shares by category
1,500+ Quarterly and annual medical equipment company financials
700+ Medical equipment company SWOT‟s
9,000+ Pipeline product profiles
8,000+ Marketed product profiles
14,000+ Clinical trials
15,000+ Trial investigators
13,000+ New product patents
3,300+ Companies with products in development
17,000+ Deals in the medical equipment industry
1,100+ Surgical and diagnostic procedures by therapy area
40+ Key healthcare indicators by country
o For more information or to receive a free demo of the service visit
http://www.medicaletrack.com/contactus.aspx?RD=Demo=
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18.1 Research Methodology
GlobalData‟s dedicated research and analysis teams consists of qualified professionals with experience
in marketing, market research, consulting background in the medical devices industry and advanced
statistical expertise.
GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and the
Strategic and Competitive Intelligence Professionals (www.scip.org).
All GlobalData databases are continuously updated and revised. The following research methodology is
followed for all databases and reports.
18.2 Secondary Research
The research process begins with exhaustive secondary research on internal and external sources
being carried out to source qualitative and quantitative information relating to each market.
The secondary research sources that are typically referred to include, but are not limited to:
Company websites, annual reports, financial reports, broker reports, investor presentations and
SEC filings;
Industry trade journals, scientific journals and other technical literature;
Internal and external proprietary databases;
Relevant patent and regulatory databases;
National government documents, statistical databases and market reports;
Procedure registries; and
News articles, press releases and web-casts specific to the companies operating in the market.
18.3 Primary Research
GlobalData conducts thousands of interviews a year with industry participants and commentators in
order to validate its data and analysis. A typical research interview fulfills the following functions:
It provides first-hand information on market size, market trends, growth trends, competitive
landscape and future outlook;
Helps in validating and strengthening the secondary research findings; and
Further develops the analysis team‟s expertise and market understanding.
Primary research involves e-mail interactions and telephonic interviews for each market, category,
segment and sub-segment across geographies.
The participants who typically take part in such a process include, but are not limited to:
Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and
national sales managers;
Hospital stores, laboratories, pharmacies, distributors and paramedics;
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Outside experts: investment bankers, valuation experts, research analysts specializing in specific
medical equipment markets; and
Key opinion leaders: physicians and surgeons specializing in different therapeutic areas
corresponding to different kinds of medical equipment.
18.4 Models
Where no hard data is available, GlobalData uses modeling and estimates in order to produce
comprehensive data sets. The following rigorous methodology is adopted:
Available hard data is cross-referenced with the following data types to produce estimates:
Demographic data on population segments;
Macro-economic indicators such as GDP, inflation rate;
Healthcare indicators such as health expenditure, physician base, healthcare infrastructure and
facilities; and
Selected epidemiological and procedure statistics.
18.5 Forecasts
GlobalData uses proprietary forecast models. The following four factors are utilized in the forecast
models:
Historic growth rates;
Macro-indicators such as population trends and healthcare spending;
Forecast epidemiological data; and
Qualitative trend information and assumptions.
The data is then cross-checked by the expert panel.
18.6 Expert Panels
GlobalData uses a panel of experts to cross-verify its databases and forecasts.
GlobalData‟s expert panel comprises marketing managers, product specialists, international sales
managers from medical device companies; academics from research universities, KOLs from hospitals,
consultants from venture capital funds and distributors/suppliers of medical equipment and supplies etc.
Historic data and forecasts are relayed to GlobalData‟s expert panel for feedback and adjusted in
accordance with their feedback.
18.7 GlobalData Consulting
We hope that the data and analysis in this brief will help you make informed and imaginative business
decisions. If you have further requirements, GlobalData‟s consulting team may be able to help you.
GlobalData offers tailor-made analytical and advisory services to drive your key strategic decisions. For
more information about GlobalData‟s consulting capabilities, please contact us directly at
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18.8 Currency Conversion
Revenues are calculated in constant currency (USD) in the report.
Table 63: USD to Local Currency, Average Exchange Rate, 2011
Country Currency Code Conversion Factor
United States USD 1.000
Canada CAD 0.989
Austria EUR 0.719
Belgium EUR 0.719
Czech Republic CZK 17.678
Denmark DKK 5.356
Finland EUR 0.719
France EUR 0.719
Germany EUR 0.719
Greece EUR 0.719
Hungary HUF 200.982
Ireland EUR 0.719
Italy EUR 0.719
Netherlands EUR 0.719
Norway NOK 5.606
Poland PLN 2.962
Portugal EUR 0.719
Russian Federation RUB 29.389
Spain EUR 0.719
Sweden SEK 6.491
Switzerland CHF 0.887
Turkey TRY 1.679
United Kingdom GBP 0.624
Australia AUD 0.969
China CNY 6.464
India INR 47.041
Japan JPY 79.722
New Zealand NZD 1.265
Republic of Korea KRW 1,107.542
Taiwan TWD 29.388
Argentina ARS 4.127
Brazil BRL 1.673
Chile CLP 483.417
Mexico MXN 12.432
Egypt EGP 5.944
Israel ILS 3.577
Saudi Arabia SAR 3.750
South Africa ZAR 7.251
United Arab Emirates AED 3.673
Source: GlobalData
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18.9 Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by
any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of
the publisher, GlobalData.