Pulse of the Industry industry - Austromed€¦ · Allergan Ireland ForSight VISION5 US -...
Transcript of Pulse of the Industry industry - Austromed€¦ · Allergan Ireland ForSight VISION5 US -...
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31 August 2016
Pulse of theindustry
Medtech trends andimplications
Pulse of theIndustryMedtech Report 2016Wien, 29. März 2017
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Seite 2 Pulse of the industry
Diversität der MedizintechnikbrancheStrukturen und Kategorien in Pulse 2016
Ausrüstung Forschungsgeräte
Imaging/ BildgebendeVerfahren
Non-imaging Diagnostik
Therapeutische Geräte
Andere
5 Produktgruppen Krankheitsgebiete
Herz-Kreislauf/GefässeZahn
AestheticsGastrointestinal
Hematologie/NiereMultiple
NeurologieOnkologie
OphthalmologieOrthopädieAtemwegeUrologie
GänykologieWundheilung
• „Conglomerates“ und „Pure-Plays“ (nur kotierte Firmen)• Produktgruppen und Krankheitsgebiete• Fokus auf Entwicklungen in USA und Europa
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Seite 3 Pulse of the industry
Megatrends erschüttern Gesundheitsmarkt…und erfordern neue Geschäftsmodelle für MedTech
“Value-based”health care
2050:1.5 Mrd.
Menschenüber 65
2040:chronische und
nicht-übertragbareKrankheiten kosten
30 Billionen US$
GrössereTransparenz
VeränderteKundenerwartungen
GesteigerteEffizienz
► Neue “Delivery”-Modelle und Behandlungsstandards
Herausforderung für das Wachstumder MedTech-Industrie
Demographische Veränderungen “LifeStyle”-Krankheiten Digitalisierung & Datenmobilität
80% der globalenSmartphone Nutzer
wollen damit mit Ärztenin Verbindung treten
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Seite 4 Pulse of the industry
Top-Trends: MedTech-Industrie im ÜbergangHerausforderungen für das Wachstum der MedTech-Industrie
► MedTech – eine Industrie im Übergang► Verbrauchermacht – Patient Outcome► Wettbewerb mit neuen Playern (Health IT)► Digitalisierung
► Neue Geschäftsmodelle► Neue Partnermodelle (J&J/Verily)► Konvergenz MedTech – Healthcare – Health IT-
Therapie► Innovationen ausserhalb MedTech Kernbereich
► Portfolio Optimierung► Tiefe und Marktführerschaft► Diversifizierung Produkt / Service
► Kostenträger als Verhandlungspartner► Pricing vs. Marktpenetration► Comparative Effectiveness► Bundeled Payments
► Regulatory: Erfolge und Herausforderungen► Höhere Zulassungsraten für 510k Produkte► PMA Zulassungen nehmen zu► MDR in Europa als neue Hürde?
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Seite 5 Pulse of the industry
Trendentwicklung beschleunigt sichKann die MedTech-Industrie mithalten?
Vor5
JahrenHeute
In3-5
Jahren
Diskussion/Unsicherheitbzgl. der Bedeutung von“Value-based Healhcare”
Nur wenige haben von“Big Data” gehört
Digitale and mobileTechnologien sind
Neuheiten
Daten sind isoliert undintransparent
Gesundheitsreformen -Balance zwischen Kosten
und Zugang
Zunehmende Zahl anMöglichkeiten für
Datenanalyse
Digitale und mobile Hilfefür Patienten
Transparenz als neues“buzz word”
Neue Bezahl- undFinanzierungsmodelle
verbessern Zugang
Analytics bestimmen dieAuswahl von
Devices und Dx
Shift zu Outcome
Vertrauen in Quellen alsWettbewerbsvorteil
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Seite 6 Pulse of the industry
FinanzkennzahlenWo steht die MedTech-Industrie?
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Seite 7 Pulse of the industry
MedTech-Wachstum hält nicht mitUmsatzentwicklung des Gesamtsektors stagniert
Source: EY, Capital IQ and company filings.
Medtech-Umsatzwachstum zwischen 2007 und 2015
-1%4%2%1%2%5%11%
159.4178.6 184.8 180.4 172.8 174 184.1 190 194
103.4
113.7121.8 133.5 143.6 147.4
152.2 151.7 143
0
50
100
150
200
250
300
350
2007 2008 2009 2010 2011 2012 2013 2014 2015
Mrd
.US
$
Pure play Conglomerate
2%
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Seite 8 Pulse of the industry
MedTech am Kapitalmarkt aber gut aufgestellt
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Seite 9 Pulse of the industry
Finanzkennzahlen im ÜberblickUSA / Europa zusammen
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Seite 10 Pulse of the industry
Finanzzahlen im ÜberblickEuropa
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Seite 11 Pulse of the industry
Umsatzentwicklung nach SegmentenDiagnostik als Wachstumstreiber
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Seite 12 Pulse of the industry
Finanzierung mit Schatten und Lichtblicken
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Seite 13 Pulse of the industry
Gesamtfinanzierung deutlich rückläufigWeniger Fremdkapital durch Fehlen der Megadeals
Source: EY, BMO Capital Markets, Dow Jones VentureSource and CapitalIQ. Numbers may appear to beinconsistent because of rounding. PIPEs inlcuded in “Follow-on and other”.
$5 $4 $5 $4 $5 $5 $5
$2 $2 $1 $4 $2$2
$3
$13$12
$20
$22$20
0
10
20
30
40
50
60
Jul 2009 - Jun2010
Jul 2010 - Jun2011
Jul 2011 - Jun2012
Jul 2012 - Jun2013
Jul 2013 - Jun2014
Jul 2014 - Jun2015
Jul 2015 - Jun2016
Mrd
.US$
Venture IPO Follow-on and other Debt
20.4
- 61%
- 71%
41.601
11.670
51.4
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Eigenkapitalentwicklung zweigeteiltIPO Fenster volatil – aber positive FO / VC-Bilanz
Source: EY, BMO Capital Markets, Dow Jones VentureSource and CapitalIQ. Numbers may appear to beinconsistent because of rounding. PIPEs included in “Follow-on and other”.
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Seite 15 Pulse of the industry
VC wieder mit mehr FrühphasenfinanzierungenEine wichtige Nachricht für die Zukunft der Medizintechnik
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Seite 16 Pulse of the industry
Finanzierung in Europa mit positiverer TendenzVC und Fremdkapital steigen – IPOs auch in EU rückläufig
Source: EY, BMO Capital Markets, Dow Jones VentureSource and CapitalIQ.PIPEs included in “Follow-on and other”.
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Seite 17 Pulse of the industry
Venture Capital in Europa mit AufwindUK (335Mio.), Israel (153 Mio.) und Schweiz (162 Mio.) dominieren
Company Country Product type (disease) Gross raised(US$m)
Oxford Nanopore Technologies UK Research and other Equipment 135Oxford Nanopore Technologies UK Research and other Equipment 107CeQur Switzerland Therapeutic devices (hematology / renal) 100Inivata UK Non-imaging diagnostics 45BoneSupport Sweden Therapeutic devices (orthopedic) 37BiomUp France Therapeutic devices (non-disease-specific) 35SpineArt Switzerland Therapeutic devices (orthopedic) 33G-Therapeutics Switzerland Therapeutic devices (neurology) 29Retina Implant Germany Therapeutic devices (ophthalmic) 29V Wave Israel Therapeutic devices (cardiovascular / vascular) 28ElMindA Israel Imaging 28Eye Tech Care France Therapeutic devices (ophthalmic) 28STAT - Diagnostica & Innovation Spain Non-imaging diagnostics 28Blue Earth Diagnostics UK Imaging 28LifeBond Israel Therapeutic devices (non-disease-specific) 27JenaValve Technology Germany Therapeutic devices (cardiovascular / vascular) 27EarlySense Israel Non-imaging diagnostics 25Ornim Medical Israel Non-imaging diagnostics 25Cambridge Medical Robotics UK Therapeutic devices (non-disease-specific) 20BioWink Germany Non-imaging diagnostics 20Nyxoah Belgium Therapeutic devices (neurology) 20Ornim Medical Israel Non-imaging diagnostics 20
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Seite 18 Pulse of the industry
IPO-Feuerwerk “droht” auszugehen, abergrösster IPO im 2. Halbjahr 2016
*Convatec Group raised £1.47 billion through its IPO
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Seite 19 Pulse of the industry
IPOs in Europa und USAJuli 2016 – December 2016
Company Ticker Country Product type (disease) Gross raised
(US$m)Convatec Group CTEC UK Therapeutic devices (non-disease-specific) 1,990.7NovoCure NVCR Israel Therapeutic devices (oncology) 165.0Penumbra PEN US - California Therapeutic devices (cardiovascular / vascular) 138.0iRhythm Technologies IRTC US - California Non-imaging diagnostics 123.1Obalon Therapeutics OBLN US - California Therapeutic devices (metabolic/endocrinology) 75.0Advanced Accelerator ApplicationsAAAP France Imaging 75.0Senseonics SENH US - Maryland Non-imaging diagnostics 45.0Curetis CURE Germany Non-imaging diagnostics 44.4Tactile Systems Technology TCMD US - Minnesota Therapeutic devices (hematology/blood) 40.0Cellnovo CLNV UK Therapeutic devices (non-disease-specific) 35.0InDex Pharmaceuticals Holding INDEX Sweden Non-imaging diagnostics 29.2Creo Medical Group CREO UK Therapeutic devices (non-disease-specific) 27.1Pulse Biosciences PLSE US - California Therapeutic devices (oncology) 20.0Oncimmune ONC UK Non-imaging diagnostics 16.8Acarix ACARIX Denmark Non-imaging diagnostics 16.4Logos Biosystems A238120 US - Virginia Research and other Equipment 15.5Viveve Medical VIVE US - California Therapeutic devices (women's health) 15.5SENSUS Healthcare SRTSU US - Florida Therapeutic devices (oncology) 11.0Biocorp Production ALCOR France Therapeutic devices (non-disease-specific) 9.8Immunovia IMMNOV Sweden Non-imaging diagnostics 7.1PAVmed PAVMU US - New York stateTherapeutic devices (multiple) 5.3Scandinavian ChemoTech CMOTEC B Sweden Other 1.9Invent Medic Sweden AB IMS Sweden Therapeutic devices (urology / pelvic) 1.1QuickCool QUICK Sweden Therapeutic devices (neurology) 1.0
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Seite 20 Pulse of the industry
Transaktionen als wichtigster Strategiehebel“Stärken stärken” (“Pure plays” ) vs. Divestition (“Conglomerates”)
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Seite 21 Pulse of the industry
Solider M&A-Markt (US/EU)“Stärken stärken” (“Pure plays” ) vs. Divestition (“Conglomerates”)
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Seite 22 Pulse of the industry
Fokus auf MarktführerschaftProduktportfolien und gebündelte Patientenlösungen
-10
0
10
20
30
40
50
60
Imaging Non-imaging diagnostics Research & other equipmentServices & Other TD-Cardiovascular TD-MultipleTD-Ophthalmic TD-Orthopedic TD-All other
*Figures include previous M&As of companies that were later acquired: Abbott (St. Jude Medical), Becton Dickinson (CareFusion), Danaher(Beckman Coulter), Medtronic (Covidien), and Zimmer Biomet (Biomet).The therapeutic device (TD) category was further subdivided by therapeutic area. TD — Multiple refers to deals that covered multipletherapeutic areas. TD — All other refers to a deal in a therapeutic area other than cardiovascular, ophthalmic or orthopaedic.Source: EY, Capital IQ and Thomson ONE.
Abbott* Becton Dickinson* Danaher* J&J Medtronic* Stryker Thermo Fisher Zimmer Biomet*
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Seite 23 Pulse of the industry
Medtech M&A Umfeld (US/EU)Starker Fokus auf US-Unternehmen (Käufer und Verkäufer)
Acquiring company Location Acquired company Location Value (US$m)Abbott Laboratories US - Illinois St. Jude Medical US - Minnesota $30,700Dentsply International US - Pennsylvania Sirona Dental Systems US - New York state $5,520Thermo Fisher Scientific US - Massachusetts FEI Oregon $4,200Danaher US - Washington D.C. Cepheid US - California $4,000St. Jude Medical US - Minnesota Thoratec US - California $3,400Stryker US - Michigan Sage Products US - Illinois $2,775Greatbatch US - New York state Accellent US - North Carolina $1,730Thermo Fisher Scientific US - Massachusetts Affymetrix US - California $1,300Stryker US - Michigan Physio-Control US - Washington $1,280Medtronic Ireland HeartWare International US - Massachusetts $1,100Zimmer Biomet Holdings US - Indiana LDR Holding US - Texas $1,100Sonova Holding Switzerland AudioNova Netherlands $950TE Connectivity Switzerland Creganna Tactx Medical Ireland $895ResMed US - California Brightree US - Georgia $800Hoya Japan Performance Optics US - Minnesota $476Medtronic Ireland Twelve US - California $458LabCorp US - North Carolina Sequenom US - California $371Bio-Techne US - Minnesota Advanced Cell Diagnostics US - California $325Boston Scientific US - Massachusetts EndoChoice Holdings US - Georgia $210Coloplast Denmark Comfort Medical US - Florida $160Essilor International France MyOptique Group UK $155Instrumentation Laboratory US - Massachusetts CA Casyso AG Switzerland $138Nissha Med International Japan Graphic Controls US - New York state $135DURAN Group Germany Kimble Chase Life Science and Research ProductsUS - New Jersey $131Zimmer Biomet Holdings US - Indiana MedTech France $119Merit Medical Systems US - Utah DFine US - California $98Allergan Ireland ForSight VISION5 US - California $95Shanghai Genext Medical TechnologyChina Lifeline Scientific US - Illinois $88Zoetis US - New Jersey Scandinavian Micro Biodevices Denmark $80
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Seite 24 Pulse of the industry
Europa mit schwächerer M&A-AktivitätWeniger Optionen durch anhaltend schwache Finanzierung?
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Seite 25 Pulse of the industry
Weiterentwicklung der Geschäftsmodelle
Wachstum bleibtdie wichtigste
Herausforderung
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Seite 26 Pulse of the industry
Was sagen uns die Zahlen und Analysen?Innovative Geschäftsmodelle / Kapitalallokation mit Zukunftsblick
MedTechUmsatz
schwach
ConglomeratesdivestierenGeschäfts-bereiche
Pure-playsvertiefen ihr
Portfolio
GemischtesBild
bei derFinanzierung
Schwaches IPOKlima
Billiges Fremd-kapital; aber wie
lange noch?
StarkesVentureCapitalUmfeld
HoheTransaktions-
Dynamik
Fokus auf derrichtigen Kapital-
Allokation
Geschäftsmodell-Innovation
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Seite 27
Geschäftsmodelle überdenken……Ansätze für neues Wachstum
Traditioneller Innovator
DiseaseManager
TraditionellerInnovator&EffizienterHersteller
Effizienter Hersteller
Fokus aufKernsegment und
PortfoliotiefeÜbernahme der Marktführerschaft;d.h. No. 1 oder No.2 imKern-Marktsegment
J&J
Fokus auf erweiterteDienstleistungslösungenAdressierung vonKundenbedarfen in einemausgewählten Geschäftssegment
Fokus aufumfassende Daten
Nutzung von Technologienund Data Analytics für „PatientOutcome“ und Kostenreduktion
Fokus aufWertbeitrag
Diversifiziertes Portfolio,das Niedrig- undHochpreissegmentumfasst
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Seite 28
… aber auch neue Modelle werden sichtbarBedrohung für die existierenden Unternehmen?
+ =
+ = GalvaniBioelectronics
+
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Seite 29
Weitere Informationen bei: Vital SignsEY’s new home for life sciences content: www.ey.com/vitalsigns
ey.com/vitalsigns
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Seite 30
Vielen Dank für Ihre Aufmerksamkeit
www.ey.com/lifescienceswww.lifesciencesblog.ey.comwww.ey.com/vitalsigns
Jürg ZürcherPartner, EY Medtech Leader GSA
Ernst & Young AG
Aeschengraben 9
CH-4002 Basel
Phone: +41 58 286 84 03
Mail: [email protected]