MEDTRONIC PLC

MEDTRONIC PLC Overview

Company Headquarters: Dublin, Ireland

Founded: 1949

Workforce: ~91,000

Company Working: Medtronic plc (Medtronic) is a global healthcare solutions company that focuses on improving the lives of people through medical technologies, solutions, and services. The company with Covidien has accelerated and advanced its abilities to create meaningful innovations for hospitals, health systems, and healthcare providers. The company’s businesses majorly fall into four groups: the Cardiac and Vascular Group (CVG), the Restorative Therapies Group (RTG), the Diabetes Group, and the Minimally Invasive Therapies Group (MITG). Medtronic operates from over 370 locations in almost 160 countries. The company has been at the forefront of the cardiac telemedicine industry with patented technologies such as ambulatory devices with unified analysis & reporting software and on-site diagnostic systems. The company is committed to advancing science in patient monitoring. The company is awarded more than 4,600 patents.

Strategy

Medtronic plc is a global medical technology company that focuses on developing and marketing innovative solutions in the areas of cardiology, diabetes, and minimally invasive therapies. Medtronic's mission is to contribute to human welfare by alleviating pain, restoring health, and extending life through the development of medical technologies and therapies. Medtronic's vision is to be recognized as the leading provider of medical technologies and solutions that improve the quality of life for people around the world. The company aims to achieve this by delivering innovative products and services that address the unmet needs of patients and healthcare providers, as well as by demonstrating a commitment to excellence, integrity, and social responsibility in all aspects of its business. Medtronic's vision is to help create a world where people can live healthier, more productive lives, and to be a trusted partner in the healthcare community.

SWOT Analysis

Strengths

Strong brand name
Strong supply chain
Fast industry growth
Global presence
Skilled workforce
Technological advantage
Diversified portfolio
Strong market position
Enhanced product portfolio
Worldwide presence
Medtronics has a tight cost control motivating the net profit growth
Diverse product portfolio
Strong financial performance and growth strategies
Constant improvement of existing products and introduction of new products
Successful launch of new surgical products
Renowned brand name
Robust distribution network, with a presence in over 150 countries
Strong R&D Investments
Extensive global reach with a presence in over 150 countries
Strong financial position with consistent revenue growth and profitability
Well established R&D facilities
Global presence in more than 160 countries

Weaknesses

Product recall
Lack of stability in performance
More than 60% revenue depends on the American region
Product recalls dulling company’s image
Product recalls dulling the brand image
Lack of performance stability
Low operating margin
High dependence on the US market
Major revenue dependence on the US market
Lack of stability in financial performance
Dependence on a few key products for a significant portion of revenue
High reliance on the US market, which may be impacted by changes in healthcare policies or reimbursement rates
Complex organizational structure due to mergers and acquisitions
Dependence on the domestic market
Weak product demand forecasting strategies

Opportunities

New products and new markets
Mergers and acquisitions to gain strategic advantage
New markets due to positive economic growth
New product launches
Strategic acquisitions and mergers
Product portfolio diversification
Acquisitions and mergers
Entering emerging markets
Expanding the innovation map beyond the established product portfolio
Focus on technology and on improving research capabilities
Investment in connected healthcare and remote monitoring business
Mergers & acquisitions to gain strategic advantage
Expansion into emerging markets with growing healthcare sectors
Expansion into new therapeutic areas or geographies through acquisitions or partnerships
Increasing focus on digital health and data-driven solutions
New products launches and expansion into untapped markets

Threats

Strong competition from prominent market players
Political risk
Fluctuation in currency
Increasing market competition
Fluctuating exchange rates
Reimbursement policies
Industry amalgamation intensify competition
Mature markets – Need for geographical expansion
Currency fluctuations
Intense rivalry with other key players in the market
Stringent policies by regulatory bodies
Government regulations on healthcare reimbursement programs
COVID-19 situation
Fluctuating world economy
Increasing regulatory scrutiny and compliance requirements
Increasing scrutiny on pricing and reimbursement of medical devices and technologies
Fluctuating economies

Key Developments

Date	Approach	Development
September 2018	Product Launch	Medtronic launched the Infinity (TM) Occipitocervical-Upper Thoracic (OCT) System. This product was designed to simplify the posterior cervical spine surgery.
–	Product Launch	The company launched Infinity OCT Spinal System.
–	Product Approval	The company received premarket approval for the Deep Brain Stimulation (DBS) therapy as the adjunctive treatment for Epilepsy.
–	Product Approval	The company received CE approvals for the Intellis platform for Spinal Cord Stimulation (SCS).
–	Product Approval	The company received FDA approvals and launched the Intellis platform, SCS for the management of chronic pain.
–	Product Approval	The company received CE approvals for SureTune3 software for deep brain stimulation (DBS) therapy.
–	Product Approval	The company received the Health Canada License for SureTune3 software for deep brain stimulation (DBS) therapy.
–	Product Approval	The company received CE approvals for the SureTune2 software for the deep brain stimulation therapy.
–	Expansion	The company opened Asia-Pacific regional headquarters in Singapore.
–	Product Approval	FDA approved Medtronic’s Deep Brain Stimulation therapy for Parkinson's disease.
–	Acquisition	The company acquired Sapiens SBS (Netherlands). This acquisition strengthens its deep brain stimulation therapy product portfolio.
December 2018	Acquisition	Medtronic PLC announced the acquisition of Israel-based Mazor Robotics. This will strengthen the company’s position as a global innovator in enabling technologies for spine surgery.
September 2017	Product Launch	Medtronic launched StealthStation ENT. This product was designed for surgeons treating conditions within the ear, nose, and throat (ENT) anatomy. This will improve the company’s ENT product portfolio.
April 2017	Product Launch	Medtronic PLC announced the launch of the StealthStation(TM) technology at the American Academy of Neurological Surgeons (AANS) annual conference in Los Angeles. The product was an advanced solution to neurosurgeons.
September 2016	FDA Approval	The company announced the US Food and Drug Administration (FDA) clearance of StealthStation Cranial Software as an aid for deep brain stimulation (DBS) lead placement. This will help the company to provide a complete procedural solution for the planning and placement of DBS leads.
May 2016	Expansion	The company announced the opening of its new Asia-Pacific headquarters in Singapore. This will help the company to strengthen and support Medtronic operations across 80 locations in Asia-Pacific
March 2017	Approval	Medtronic announced the US FDA approval for its “Reveal LINQ Insertable Cardiac Monitor” with TruRhythm Detection, an improved cardiac monitor. This device will help patients to monitor their heartbeat for up to three years wirelessly. This approval will increase the product portfolio of the company.
September 2016	Approval	Medtronic announced that the Ministry of Health, Labor, and Welfare (MHLW) approved the Reveal LINQ Insertable Cardiac Monitor system in Japan. This approval will aid a lot of Japanese patients experiencing syncope and strokes. The device detects and records abnormal heart rhythms for up to three years. This approval will help the company to penetrate the Japanese market.
–	Acquisition	Medtronic acquired Covidien plc, a public limited company which helped Medtronic to reach more customers and tap new market
–	Acquisition	Medtronic completed the acquisition of HeartWare International, Inc., a leading innovator of less-invasive, miniaturized, mechanical circulatory support technologies (MCS) for treating patients with advanced heart failure.
Sep-2019	Product Launch	Medtronic announced the launch of the AccuGuide Steerable Biopsy System, a new biopsy solution designed to provide physicians with enhanced access and control during breast biopsy procedures.
Oct-2019	Collaboration	Medtronic announced a collaboration with Mercy Health to develop new value-based care models for the treatment of several medical conditions, including breast cancer.
Jan-2020	Acquisition	Medtronic announced the acquisition of Stimgenics, a company that develops a novel spinal cord stimulation (SCS) therapy for treating chronic pain. While not directly related to breast biopsy, the acquisition demonstrates Medtronic's ongoing commitment to investing in new medical technologies.
May-2021	Product Launch	Medtronic announced the launch of the AccuPunch Robotic Biopsy System, a new robotic-assisted biopsy solution designed to provide physicians with greater accuracy and efficiency during breast biopsy procedures.
Sep-2021	Acquisition	Medtronic announced the acquisition of AKTORmed, a company that develops orthopedic surgical technologies. While not directly related to breast biopsy, the acquisition demonstrates Medtronic's ongoing focus on expanding its product offerings and entering new therapeutic areas.

Product Offering

Medtronic Plc
- Cardiac Monitoring
- Drug-Coated Balloon
- Balloon Angioplasty and Stenting
- Atherectomy of Peripheral Vasculature
- Vocal Cord
- Dermabrasion & Microneedling
- Deep Brain Stimulation
- Spinal Cord Stimulation
- Imaging Solutions
- Suture Needle
- Surgical Navigation System
- Hemorrhoid treatment devices
- Tumor Ablation
- Biopsy Device
- Breast Biopsy Products
- Portable Diagnoctic Devices
- Medtronic: Products Offered