Europe - Health Care Equipment & Supplies, May 2021

MarketLine Industry Profile
Health Care Equipment & Supplies in Europe

May 2021
Reference Code: 0201-2067
Publication Date: May 2021
Primary NAICS: 3391
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Industry Profiles
1. Executive Summary
1.1. Market value

The European health care equipment & supplies market shrank by 5% in 2020 to reach a value of $132.1
billion.
1.2. Market value forecast

In 2025, the European health care equipment & supplies market is forecast to have a value of $175 billion,
an increase of 32.5% since 2020.
1.3. Category segmentation

Disposable equipment & supplies is the largest segment of the health care equipment & supplies market in
Europe, accounting for 43.6% of the market's total value.
1.4. Geography segmentation

Germany accounts for 30.6% of the European health care equipment & supplies market value.
1.5. Market rivalry

The European health care equipment and supplies market is characterized by the presence of large,
international incumbents, which increases rivalry somewhat.
1.6. Competitive Landscape

The European health care equipment and supplies market grew at a moderate rate during the historic
period with an exception in 2020, primarily driven by healthy growth in the large German market. The
leading players in Europe have a strong presence in multiple markets in the region. The regions growing
population and an increase in elderly individuals, alongside a greater prevalence of chronic diseases, are
the major causes for the continued growth of the market. Disposable equipment generates the most
revenues in this market, being used rigorously in operations and hospitals to prevent harmful infections.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive Landscape ................................................................................................................................2
2. Market Overview 7
2.1. Market definition .........................................................................................................................................7
2.2. Market analysis ............................................................................................................................................7
3. Market Data 9
3.1. Market value ................................................................................................................................................9
4. Market Segmentation 10
4.1. Category segmentation..............................................................................................................................10
4.2. Geography segmentation...........................................................................................................................11
5. Market Outlook 12
5.1. Market value forecast ................................................................................................................................12
6. Five Forces Analysis 13
6.1. Summary ....................................................................................................................................................13
6.2. Buyer power...............................................................................................................................................14
6.3. Supplier power ...........................................................................................................................................15
6.4. New entrants .............................................................................................................................................16
6.5. Threat of substitutes ..................................................................................................................................17
6.6. Degree of rivalry.........................................................................................................................................18
7. Competitive Landscape 19
7.1. Who are the leading players? ....................................................................................................................19

Industry Profiles
7.2. What strategies do the leading players follow?.........................................................................................20
7.3. Have there been any significant mergers/acquisitions? ............................................................................20
7.4. How do challengers/disruptors strategies or products differ from the leading firms? .............................21
7.5. What impact is COVID-19 having on leading players? ...............................................................................21
8. Company Profiles 22
8.1. Johnson & Johnson ....................................................................................................................................22
8.2. Abbott Laboratories ...................................................................................................................................27
8.3. Mindray Medical International Limited .....................................................................................................32
8.4. Siemens Healthineers A.G..........................................................................................................................34
9. Macroeconomic Indicators 38
9.1. Country data ..............................................................................................................................................38
Appendix 40
Methodology ...........................................................................................................................................................40
9.2. Industry associations..................................................................................................................................41
9.3. Related MarketLine research .....................................................................................................................42
About MarketLine....................................................................................................................................................43

Industry Profiles
LIST OF TABLES
Table 1: Europe health care equipment & supplies market value: $ billion, 2016–20 9
Table 2: Europe health care equipment & supplies market category segmentation: $ billion, 2020 10
Table 3: Europe health care equipment & supplies market geography segmentation: $ billion, 2020 11
Table 4: Europe health care equipment & supplies market value forecast: $ billion, 2020–25 12
Table 5: Johnson & Johnson: key facts 22
Table 6: Johnson & Johnson: Annual Financial Ratios 24
Table 7: Johnson & Johnson: Key Employees 25
Table 8: Johnson & Johnson: Key Employees Continued 26
Table 9: Abbott Laboratories: key facts 27
Table 10: Abbott Laboratories: Annual Financial Ratios 29
Table 11: Abbott Laboratories: Key Employees 30
Table 12: Abbott Laboratories: Key Employees Continued 31
Table 13: Mindray Medical International Limited: key facts 32
Table 14: Mindray Medical International Limited: Key Employees 33
Table 15: Siemens Healthineers A.G.: key facts 34
Table 16: Siemens Healthineers A.G.: Annual Financial Ratios 36
Table 17: Siemens Healthineers A.G.: Key Employees 37
Table 18: Europe size of population (million), 2016–20 38
Table 19: Europe gdp (constant 2005 prices, $ billion), 2016–20 38
Table 20: Europe gdp (current prices, $ billion), 2016–20 38
Table 21: Europe inflation, 2016–20 38
Table 22: Europe consumer price index (absolute), 2016–20 39
Table 23: Europe exchange rate, 2016–20 39

Industry Profiles
LIST OF FIGURES
Figure 1: Europe health care equipment & supplies market value: $ billion, 2016–20 9
Figure 2: Europe health care equipment & supplies market category segmentation: % share, by value, 2020 10
Figure 3: Europe health care equipment & supplies market geography segmentation: % share, by value, 2020 11
Figure 4: Europe health care equipment & supplies market value forecast: $ billion, 2020–25 12
Figure 5: Forces driving competition in the health care equipment & supplies market in Europe, 2020 13
Figure 6: Drivers of buyer power in the health care equipment & supplies market in Europe, 2020 14
Figure 7: Drivers of supplier power in the health care equipment & supplies market in Europe, 2020 15
Figure 8: Factors influencing the likelihood of new entrants in the health care equipment & supplies market in Europe,
2020 16
Figure 9: Factors influencing the threat of substitutes in the health care equipment & supplies market in Europe, 202017
Figure 10: Drivers of degree of rivalry in the health care equipment & supplies market in Europe, 2020 18

Industry Profiles
2. Market Overview
2.1. Market definition

The health care equipment & supplies market analyzes manufacturers of health care equipment, medical devices
and supplies. The market profile covers disposable equipment and supplies such as syringes, catheters, electrodes,
sutures, bandages, implantable prostheses, orthotics and prosthetics; otologic & technical aids such as hearing
aids and wheelchairs; ophthalmic equipment such as eye glasses, contact lenses and ophthalmoscopes; in vitro
diagnostics such as devices for clinical chemistry, microbiology, immunology and genetic tests; and other
equipment such as imaging equipment and films and equipment for radiotherapy, dialysis, endoscopy, anesthetics,
etc.
Market value refers to the revenues generated through the sale of health care equipment and supplies. The
market is valued at manufacturers’ selling price.
All market data and forecasts are represented in nominal terms (i.e. without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2020 annual average
exchange rates.
Forecast figures presented in this report are calculated using crisis scenarios for the market. The length of the
pandemic and restrictions introduced by various countries are still difficult to predict. Many governments had
introduced the national lockdowns and temporarily banned sales of products that are deemed "non-essential". As
the length of the pandemic and its impact on this market is not certain, the data used in this report has been
modeled taking forecast impacts on national economics into consideration.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The European health care equipment & supplies market has experienced healthy growth during the historic
period, with an exception in 2020. The market is expected to recover over the forecast period and grow at a
healthy rate.
The market was affected greatly in 2020 by the COVID-19 outbreak. The coronavirus pandemic had a negative
impact on the consumption of the majority of products supplied by market players. This is because those products
were associated to surgical procedures or patients labeled as non-urgent, due to prioritizing coronavirus patients.
Some market players swapped their manufacturing to meet COVID-19 demand, focusing on surgical masks, gloves,
mechanical ventilators and hazmat suits. However, due to coronavirus measures and disruptions in the supply

Industry Profiles
chain, this alone wasn’t enough to offset the market players loses, decreasing the overall value of the market in
2020.
The European health care equipment & supplies market had total revenues of $132,066.4m in 2020, representing
a compound annual growth rate (CAGR) of 1.4% between 2016 and 2020. In comparison, the German and UK
markets grew with CAGRs of 1.4% and 2.5% respectively, over the same period, to reach respective values of
$40,468.0m and $15,607.9m in 2020.
Generally speaking, Europe has a strong health care system due to the well-developed infrastructure in terms of
hospital supplies, hospital beds, and equipment. These factors have helped the overall market to account for the
second highest market share behind the US. Therefore, the well-established infrastructure of hospitals helps in the
growth of the European hospital supplies market. Germany has a long history of producing high quality medical
equipment, with a focus on precision medical instruments, dental products and diagnostic imaging.
Budgetary pressures and escalating costs are moving Italy towards value-based health care, with buyers of
equipment and supplies needing to provide better health outcomes in cost-effective ways. Increasing healthcare
costs and budget cuts have forced the Italian government to prioritize price when making purchasing decisions,
inhibiting strong growth in the market.
The disposable equipment & supplies segment was the market's most successful in 2020, with total revenues of
$57,580.0m, equivalent to 43.6% of the market's overall value. The opthalmic equipment segment contributed
revenues of $20,167.7m in 2020, equating to 15.3% of the market's aggregate value.
Market players were focusing greatly on producing disposable surgical masks and gloves during 2020 due to the
ongoing COVID-19 pandemic. Production of disposable surgical masks rose greatly in 2020, increasing the value of
the disposable equipment & supplies segment, for the market players which were fast enough to change their
manufacturing process.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 5.8% for the five-year period
2020 - 2025, which is expected to drive the market to a value of $174,983.2m by the end of 2025. Comparatively,
the German and UK markets will grow with CAGRs of 5.7% and 6% respectively, over the same period, to reach
respective values of $53,334.6m and $20,839.3m in 2025.
The market is expected to recover over the forecast period, mainly due to the COVID-19 vaccine rollout. As long as
the coronavirus vaccine proves to be effective against not only COVID-19 but the new variants as well, then
everything is expected to return back to normal to some extent. This means that traditional operations and
patients will be able to return and be treated as usual, increasing the value of the market overall in the coming
years.

Industry Profiles
3. Market Data
3.1. Market value

The European health care equipment & supplies market shrank by 5% in 2020 to reach a value of $132.1 billion.
The compound annual growth rate of the market in the period 2016–20 was 1.4%.
Table 1: Europe health care equipment & supplies market value: $ billion, 2016–20
Year $ billion € billion % Growth

2016 125.0 109.6
2017 129.1 113.2 3.3%
2018 134.7 118.1 4.3%
2019 139.0 121.9 3.2%
2020 132.1 115.8 (5.0%)
CAGR: 2016–20 1.4%

SOURCE: MARKETLINE MARKETLINE
Figure 1: Europe health care equipment & supplies market value: $ billion, 2016–20

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Disposable equipment & supplies is the largest segment of the health care equipment & supplies market in
Europe, accounting for 43.6% of the market's total value.
The Opthalmic equipment segment accounts for a further 15.3% of the market.
Table 2: Europe health care equipment & supplies market category segmentation: $ billion, 2020
Category 2020 %
Disposable Equipment & Supplies 57.6 43.6%
Opthalmic Equipment 20.2 15.3%
Other Equipment 19.6 14.9%
Iv Diagnostics 16.2 12.3%
Dental Surgery Equipment & Supplies 10.6 8.0%
Technical Aids 7.9 6.0%
Total 132.1 100.1%

Figure 2: Europe health care equipment & supplies market category segmentation: % share, by value, 2020

Industry Profiles
4.2. Geography segmentation

Germany accounts for 30.6% of the European health care equipment & supplies market value.
France accounts for a further 15.4% of the European market.
Table 3: Europe health care equipment & supplies market geography segmentation: $ billion, 2020
Geography 2020 %
Germany 40.5 30.6
France 20.3 15.4
United Kingdom 15.6 11.8
Italy 13.3 10.1
Spain 6.8 5.1
Rest Of Europe 35.6 26.9
Total 132.1 99.9%

Figure 3: Europe health care equipment & supplies market geography segmentation: % share, by value, 2020

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2025, the European health care equipment & supplies market is forecast to have a value of $175 billion, an
increase of 32.5% since 2020.
The compound annual growth rate of the market in the period 2020–25 is predicted to be 5.8%.
Table 4: Europe health care equipment & supplies market value forecast: $ billion, 2020–25
Year $ billion € billion % Growth

2020 132.1 115.8 (5.0%)
2021 142.7 125.1 8.0%
2022 150.9 132.3 5.8%
2023 158.9 139.4 5.3%
2024 167.2 146.6 5.2%
2025 175.0 153.4 4.6%
CAGR: 2020–25 5.8%

Figure 4: Europe health care equipment & supplies market value forecast: $ billion, 2020–25

Industry Profiles
6. Five Forces Analysis

The health care equipment & supplies market will be analyzed taking manufacturers of health care equipment as
players. The key buyers will be taken as hospitals, clinics, outpatient facilities, and medical offices, and raw
material producers as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the health care equipment & supplies market in Europe, 2020
The European health care equipment and supplies market is characterized by the presence of large, international
incumbents, which increases rivalry somewhat.
The number of buyers present within the European health care equipment and supplies market is limited, which serves
to increase buyer power and the negotiating position.
Market players are heavily dependent upon suppliers of raw materials; suppliers are typically large scale companies
that can negotiate on price. Moreover, the quality of inputs is of paramount importance, which strengthens suppliers'
position.
There are high entry barriers in the market, often imposed by leading incumbents, but also due to the stringent hygiene
and quality demands of buyers. A proven track record is highly advantageous.
Rivalry is alleviated slightly as the majority of key players have diversified operations. However, to succeed within this
market, extensive research capabilities, as well as the ability to meet stringent government regulations, are essential.

Industry Profiles
6.2. Buyer power
Figure 6: Drivers of buyer power in the health care equipment & supplies market in Europe, 2020
The number of buyers within the European health care equipment and supplies market is limited, meaning that leading
incumbents are competing with each other to ensure purchases. As a result, buyers hold a certain degree of power
over market players.
Increased expenditure on healthcare in general usually means a greater demand for health care equipment and
supplies. According to MarketLine data, the European health care providers sector grew with a CAGR of 4.2% between
2016 and 2020. This suggests an increase in demand for products, increasing buyer power somewhat.
As buyers are typically small in size compared to the leading players, they can negotiate a better price using group
purchasing, which further enhances buyer power. Group Purchasing Organizations (GPOs) such as RESAH (France) and
Prospitalia (Germany) are therefore present, although their significance varies from country to country. This increases
buyer power.
The public sector can also serve as a major buyer. The UK’s National Health Service (NHS) is the largest single healthcare
delivery organization in the world and consequently constitutes major sales opportunities for medical device
companies. It does, however, increase buyer power due to the size of the organization and its centrality to the
country's healthcare sector.
Switching costs in this market are negligible due to the undifferentiated nature of the products, and that the majority of
key manufacturers provide services to all aspects of the healthcare industry. Furthermore, the advancement of e-
procurement systems means that buyers are more knowledgeable about products and therefore prices. This increases
competition between market players and serves to increase buyer power. Buyers, however, seek high quality and
reliability, which reduces their power somewhat as market players can increase their prices accordingly.
Economic difficulties have seen disposable incomes shrink, leading consumers to become more cost-consious, which
has resulted in a decreasing number of surgical procedures and pricing pressures. This is particularly true in countries
where the public sector accounts for a large amount of healthcare expenditure and austerity measures have been
implemented, which is the case in several European countries. Consumer habits have therefore been altered, with
many opting for cheaper over-the-counter products, further increasing the pressure on manufacturers.
Overall, buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power
Figure 7: Drivers of supplier power in the health care equipment & supplies market in Europe, 2020
For health care equipment and supplies, producers of raw materials act as the main suppliers. These include stainless
steel, silicone, latex rubber, plastic, aluminum, polymers and natural fabrics. Raw materials are subject to strong
fluctuations depending upon how easily they are sourced, which can impact the profitability of both suppliers and
market players.
However, players in the market could use a variety of contracts in order to protect themselves from price volatility of
raw materials, decreasing supplier power somewhat. More specifically, market players could use options, called “call
option contracts”, which enables them to buy a certain number of raw materials for a predefined price at a certain
period of time in the future. That enables players to set the price beforehand, meaning that they can buy raw materials
at their desirable price in the future, avoiding any effect of the stock market in the meantime as those kinds of
commodities are highly volatile.
Typically, market players will use a variety of suppliers to source inputs. However, in some cases, there will be a single
supplier upon which a market player is solely dependent for specific materials. Those suppliers are usually large in size
due to the inherent large-scale operation involved in production. As such, these suppliers can exercise their bargaining
power to negotiate a good price. However, this is offset by seemingly minor differentiation in supply materials, meaning
that market players are able to opt for cheaper prices from various companies. Although market players have options,
the importance of hygiene and safety in this market means that suppliers with a proven record possess more power.
The presence of contracts increases supplier power as market players suffer penalties for leaving a contract early,
which increases switching costs.
A company’s profitability is also impacted by price fluctuations in raw materials. This means that purchasing on an open
market will result in market players losing control over pricing, in turn increasing supplier power.
Overall, supplier power is assessed as moderate.

Industry Profiles
6.4. New entrants
Figure 8: Factors influencing the likelihood of new entrants in the health care equipment & supplies market in Europe, 2020
The market is dominated by large scale international players that benefit from scale economies, meaning they can
negotiate heavily on price. This lowers the threat of new entrants somewhat.
Research is highly important for players’ revenue, as buyers are increasingly cost aware, meaning they are unlikely to
invest in equipment or supplies that offer little improvement over previous models. Additionally, players must adapt to
constant technological and scientific advancements in order to maintain a competitive edge. Large scale operations and
strong research and development centers allow such players to easily expand into various geographical areas and tap
shares from emerging markets.
There is a large degree of regulation present within the market concerning product labeling requirements, promotion
and marketing schemes, quality system requirements, record keeping, and reporting on medical devices. New entrants
must gain approval for a new product and ensure the cost effectiveness of the product in question to third-party
sponsors. This will typically involve a time consuming and expensive clinical trial. Furthermore, increased government
regulation could increase compliance costs which will, in turn, reduce revenue. In the EU, medical devices are regulated
according to a number of EU directives, such as 90/385/EEC regarding active implantable medical devices, directive
93/42/EEC for medical devices, and directive 98/79/EC for in-vitro diagnostic medical devices. This list is far from
exhaustive and the need to comply with such regulations serves as a significant entry barrier.
Brand identity in this market is minimal as customers are more concerned about quality and price, although major
players are making efforts to change this via brand recognition and strengthening campaigns. Low switching costs and
easily accessible suppliers and distribution channels also prove enticing for new players.
Overall, there is a moderate likelihood of new entrants to the market.

Industry Profiles
6.5. Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the health care equipment & supplies market in Europe, 2020
There are no viable substitutes to health care equipment and supplies due to the specialized nature of the market. Such
equipment has proved highly important to societal health needs which, as quality is valued above all other factors,
means there are no substitutes for this sort of health equipment. However, technological advancements may produce
products that attend to these uses differently in the future. Government regulations and incentives relating to
environmental concerns could also have a big impact on the market. For example, medical products in the UK are
currently exempt from the Waste Electrical and Electrical Equipment (WEEE) Directive but if that were to change, the
cost of making any electrical medical devices disposable would increase.
The emergence of wearable devices, particularly the ‘smart watch’, has become a significant substitute for healthcare
supplies and equipment. For example, both Apple and Fitbit have shown a clear desire to expand into the healthcare
space, with the new Apple Watch Series 6 now being able to detect irregular heart rhythms. Meanwhile, Fitbit is
working on gaining regulatory approval to detect conditions such as sleep apnea and atrial fibrillation. As such, whilst
such products are yet to possess a serious threat, the rapid investment in healthcare technology looks likely to act as a
viable substitute in the future.
Consequently, the threat of substitutes in this market is very weak.

Industry Profiles
6.6. Degree of rivalry
Figure 10: Drivers of degree of rivalry in the health care equipment & supplies market in Europe, 2020
The health care equipment and supplies market is characterized by the presence of large scale international
incumbents, which increases the level of rivalry. Such companies are large in nature, and therefore benefit from scale
economies, meaning they can negotiate more intensely on price. Though players are able to differentiate themselves
through extensive research and development, reducing rivalry to an extent, the majority of key players manufacture
the same, wide range of equipment. Low switching costs exacerbate this as buyers are free to change their suppliers of
health care equipment and supplies if they are inclined to do so. In fact, they will typically use a range of suppliers
depending on the particular item. This means that there is no real loyalty in this market and companies have to
compete fiercely to be noticed.
Additionally, many players operate in various markets. Johnson & Johnson, for instance, is one of the most diverse
healthcare companies worldwide, both in terms of its pharmaceutical portfolio, and its large medical devices and
diagnostics and consumer health divisions. The company is further strengthened by its large, international sales force.
This diversification lessens its dependence on any one area of operations, subsequently reducing rivalry. This also
applies to GE, Samsung, Siemens, and Toshiba, among others. A strong product portfolio increases financial stability
and provides the necessary funds to complete more research and expand operations into other geographical regions.
The COVID-19 outbreak in late 2019 and 2020 had a big impact in the market, decreasing overall profits for all market
players and increasing rivalry. The coronavirus pandemic had a negative impact on the consumption of the majority of
products supplied by the market players. This is because those products were associated to surgical procedures or
patients labeled as non-urgent, due to prioritizing coronavirus patients.
Overall, rivalry within the market is moderate.

Industry Profiles
7. Competitive Landscape
The European health care equipment and supplies market grew at a moderate rate during the historic period with
an exception in 2020, primarily driven by healthy growth in the large German market. The leading players in
Europe have a strong presence in multiple markets in the region. The regions growing population and an increase
in elderly individuals, alongside a greater prevalence of chronic diseases, are the major causes for the continued
growth of the market. Disposable equipment generates the most revenues in this market, being used rigorously in
operations and hospitals to prevent harmful infections.
7.1. Who are the leading players?

Johnson & Johnson (J&J) is the largest provider of health care equipment & supplies in Europe with a $435.7bn
market capitalization. The company is based in Brunswick, New Jersey, the US and offers pharmaceuticals in the
therapeutic areas of immunology, oncology, neuroscience, infectious diseases and vaccines, pulmonary
hypertension, cardiovascular and metabolism. The company markets its products under Simponi, Remicade,
Stelara, Aveeno, Clean & Clear, Dabao, Johnson's Adult, Le Petite Marseillais, Neutrogena and Ogx brand names.
Its medical devices include general surgery, biosurgical, endomechanical and energy products; electrophysiology
products, vision products and phthalmic products. The company buys raw material from multiple sources. J&J
distributes its pharmaceutical products, medical devices and consumer products to retailers, wholesalers, health
care professionals and hospitals and through a network of retail outlets and distributors. It has business presence
across the Americas, Europe, Asia-Pacific and Africa.
Abbott Laboratories (Abbott) is the second largest provider of health care equipment & supplies in Europe with a
$218.4bn market capitalization. The company is based in Abbott Park, the US and offers diagnostic systems,
neuromodulation devices, medical devices, pediatric and adult nutritional products and generic pharmaceuticals.
Abbott sells its products under various brand names, including Similac, Oxepa, Alinity, Cell-Dyn, Heptral, Duspatal,
FlexAbility, HeartMate and FreeStyle. The company sells its products directly to consumers wholesalers, retailers,
health care facilities, government agencies, third-party distributors, blood banks, commercial laboratories, clinics,
physicians' offices, government agencies and ambulatory surgery centers. The company has research and
development facilities in the US, China, Colombia, India, Singapore, Spain, and the UK; and operates manufacturing
facilities across the world. The company markets products in North America, Latin America, the Middle East,
Europe, Asia-Pacific and Africa.
Siemens Healthineers A.G. (Siemens) is the third largest provider of health care equipment & supplies in Europe
with a $65.7bn market capitalization. The company is based in Bayern, Germany and is a medical technology
company that manufactures and markets clinical diagnostics and therapeutic systems. The company’s major
products include medical imaging, ultrasound, point of care testing, healthcare IT, clinical specialties and
consulting, and laboratory diagnostics systems and devices. It also provides consulting, design, maintenance,
operational management, training and education services. The company serves universities, clinics and
laboratories, healthcare providers, including hospitals and hospital systems, public health agencies, private health
insurers, clinical research institutes and pharmaceutical companies. It has business presence in the Americas,
Europe, Commonwealth of Independent States (C.I.S.), Africa, the Middle East, Asia and Australia. It operates as a
subsidiary of Siemens AG.
Mindray Medical International Limited (Mindray) is the fourth largest provider of health care equipment &
supplies in Europe. The company is based in Shenzhen, China and is mainly involved in the manufacturing and
marketing of anesthesia machines, patient monitoring systems, surgical lights, ventilators and infusion pumps, for
a few. It also offers other accessories such as reusable sensors, tubing adapter, temp probes, dryline water trap,
injection liquid temperature sensor and electrode gel. These are used in emergency care, peri-operative care,
critical care, IT solutions, cardiology, obstetrics, gynecology, and cardiovascular applications and serves medical
institutions, and healthcare facilities. Mindray operates in various geographical regions including Europe, North
America, Africa, Latin America and Asia regions.

Industry Profiles
7.2. What strategies do the leading players follow?

Abbott provides its products to a diverse customer base. The company sells its pediatric and adult nutritional
products to consumers and to institutions, wholesalers, retailers, health care facilities, government agencies, and
third-party distributors. It sells diagnostics systems to blood banks, hospitals, commercial laboratories, clinics,
physicians' offices, government agencies, alternate care testing sites, and plasma protein therapeutic companies.
Abbott provides generic pharmaceuticals to distributors, government, wholesalers, agencies, health care facilities,
pharmacies, and independent retailers. The company sells neuromodulation devices to ambulatory surgery
centers, hospitals, and physicians' offices. Moreover, the company sells blood glucose monitoring systems, such as
test strips, sensors, data management decision software, and accessories to government agencies, wholesalers,
health care facilities, private health care organizations, independent retailers and mail order pharmacies. Providing
products to diverse segments limits the company's exposure to the risks associated with the dependence on a
particular customer segment.
J&J’s research and development (R&D) activities focus on developing new products in the areas of immunology,
infectious, cardiovascular, metabolism, neuroscience and cancer therapy. The company operates R&D facilities in
the US, Brazil, Belgium, China, Germany, Switzerland Singapore, the UK, France, Israel, Poland, Sweden, India,
Japan, and the Netherlands with additional R&D support in more than 30 other countries worldwide. In FY2019,
the company spent $11,355m on R&D, which accounted for 13.8% of the company’s revenue. The company's
continued investments in R&D yielded many new pharmaceutical products in the past. Hence, the company's
commitment to technological innovation as reflected in its R&D investments and a focus on new product
development not only strengthens its market position but also helps it to maintain a robust product pipeline. J&J
conducts its business through over 260 operating companies in more than 60 countries worldwide. The company
manufactures and markets pharmaceutical products in six therapeutic areas, including immunology, infectious
diseases and vaccines, pulmonary hypertension, neuroscience, oncology, and cardiovascular and metabolism. It
offers medical devices, which are used by physicians, nurses, hospitals, eye care professionals and clinics
worldwide. The company also develops, manufactures and markets products for baby care, oral care, beauty,
women's health care and wound care. A strong market position enhances J&J's brand image and enables it to
penetrate new markets as new product launches become easier.
Mindray Medical has a strong product portfolio which in turn offers a range of medical devices worldwide. It
primarily categorizes these products into three categories: Patient Monitoring and Life Support products, In-vitro
Diagnostic products, and Medical Imaging Systems. In the patient monitoring product line, the company offers a
range of single- and multiple parameter monitors, mobile and portable multifunction monitors, central stations
that can collect and display multiple patient data on a single screen, and electro-cardiograph monitoring device.
These products help in tracking physiological parameters of patients such as heart rate, blood pressure, respiration
and temperature and are used in used in peri-operating care, emergency care, and critical care rooms. The life
support products sold by the company include anesthesia machines, defibrillators, surgical equipment (including
surgical beds and surgical lights), medical supply units, infusion pumps and ventilators. Furthermore, in the in-vitro
diagnostics product line, the company's product portfolio includes hematology analyzers and reagents, chemistry
analyzer and reagents, chemiluminescence immunoassay analysis, hemoglobin system, flow cytometers, micro
plate readers and washers. These products offer data and analysis on blood, urine and other body fluid samples for
clinical diagnosis and treatment and are used in laboratories, clinics and hospitals. The company's medical imaging
systems provides ultrasound devices, digital radiography systems, crystal transducers, and hand-carried color
Dopplers.
7.3. Have there been any significant mergers/acquisitions?

Strong business partnerships can help companies to benefit from synergy, support the sharing of best practice,
reduce expenses and increase the product reach. In October 2020, Abbott entered into a royalty-bearing license
agreement with Quanterix Corp to access a portfolio of bead-based technology patents which are used in In Vitro
diagnostics. In June 2020, Abbott entered into an agreement with Tandem Diabetes Care to develop an integrated
diabetes solution to simplify and tailor diabetes management. In February 2020, it entered into a partnership
agreement with Insulet Corporation, to offer personalized automated insulin delivery for people with diabetes.

Industry Profiles
Siemens Healthineers supports growth in its diversified portfolio through the acquisition and integration of firms
as part of an inorganic growth strategy. In December 2020, Siemens Healthineers and CorVent Medical entered
into an agreement for the US distribution of the RESPOND-19 ventilator. The company can offer a comprehensive
respiratory care solution by combining RESPOND-19 ventilator with its point of care blood gas solutions and
portable x-ray technology. In November 2020, Siemens Healthineers entered into a partnership with University of
Iowa Health Care to advance cutting-edge imaging technology for Iowans to improve performance and efficiency.
This partnership will improve the college’s education and training program to help grow and retain professional
and technical best-in-class talent in the state. In October 2020, Siemens Healthineers and Imbio entered into a
partnership to expand access to Imbio AI algorithms worldwide. Through this partnership, both the companies
could provide physicians an easily accessible and cost-effective way of testing and using its imaging AI applications
without investments or adding complexity into existing hospital infrastructure.
7.4. How do challengers/disruptors strategies or products differ from the

leading firms?
BioTime, Inc has successfully entered into a research agreement with Orbit Biomedical Limited, which will allow
the firm to contribute towards Orbit Biomedical’s proprietary injection technology to help deliver OpRegen for the
treatment of dry age-related macular degeneration (dry-AMD). The agreement is expected to last for 12 months,
with a focus upon analysing the safety and utility of Orbit Biomedical’s surgical delivery technology.
Rigaku Corporation has agreed a joint venture with Merck KGaA which is largely focused upon producing lab
consumables through crystalline sponge technology, which helps to determine the absolute chemical structure of
organic molecules. The partnership will combine Rigaku’s success in the crystalline sponge area as a manufacturer
and distributor of X-ray systems with the knowledge of innovative life science products and the analytical
consumable market of Merck. As such, both companies are developing a strategic opportunity to provide the
leading product for chemical laboratories in this market sector.
7.5. What impact is COVID-19 having on leading players?

On January 27, 2021 Abbott Laboratories reported its Q4 2020 financial earnings. Abbott delivered more than 400
million COVID-19 tests since the beginning of the pandemic, with more than 300 million tests in Q4 2020 alone.
Abbott also discussed the sustainability of the COVID-19 testing market, as the pandemic is not expected to last
forever. Before the pandemic, Abbott had a large installed base of its Alinity analyzers, which were leveraged to
rapidly roll out COVID-19 tests at the beginning of the pandemic. Abbott expects that it will continue to retain its
existing business and capture share at strong rates as it continues to build on its test menus for the Alinity
instruments. With new COVID-19 variants emerging, concerns have been raised about whether the currently
marketed COVID-19 tests will still be able to accurately diagnose the new strains. Mutations have been reported
on the spike or S-protein. Two of Abbott’s COVID-19 tests, the rapid antigen test and the point-of-care nucleic acid
amplification test, target the nucleocapsid and RdrP proteins, respectively, and are reported to be able to still
correctly identify COVID-19 infections, regardless of variant.
The impact of COVID-19 was pronounced on the orthopedic market in 2020, affected by lower levels of elective
procedures. Orthopedics’ revenue from Johnson & Johnson decreased 12.2% to nearly $7.8bn in 2020. As Q1 2021
saw continued pressure from COVID-19 and its impact on the recovery of elective procedures, it is expected that it
will take the remainder of 2021 to return to pre-COVID-19 levels for elective orthopedic surgeries globally. Despite
the unprecedented challenges of the pandemic, most orthopedic manufacturers have continued to invest heavily
in robotic systems. Johnson & Johnson recently received FDA 510(k) clearance for its VELYS roboticassisted
solution. MarketLine expects to see strong growth both in the robotic systems and disposable market, driven by
the increase of robotic-assisted orthopedic procedures.

Industry Profiles
8. Company Profiles
8.1. Johnson & Johnson
8.1.1. Company Overview
Johnson & Johnson (J&J or 'the company') is a health care company that develops, manufactures and markets
consumer health care products, pharmaceuticals and medical devices. It offers pharmaceuticals in the
therapeutic areas of immunology, oncology, neuroscience, infectious diseases and vaccines, pulmonary
hypertension, cardiovascular and metabolism. The company markets its products under Simponi, Remicade,
Stelara, Aveeno, Clean & Clear, Dabao, Johnson's Adult, Le Petite Marseillais, Neutrogena and Ogx brand
names. Its medical devices include general surgery, biosurgical, endomechanical and energy products;
electrophysiology products, vision products and phthalmic products. The company buy raw material from
multiple sources. J&J distributes its pharmaceutical products, medical devices and consumer products to
retailers, wholesalers, health care professionals and hospitals and through a network of retail outlets and
distributors. It has business presence across the Americas, Europe, Asia-Pacific and Africa. The company is
headquartered in New Brunswick, New Jersey, the US.
The company reported revenues of (US Dollars) US$82,584 million for the fiscal year ended January 2020
(FY2020), an increase of 0.6% over FY2019. In FY2020, the company’s operating margin was 20%, compared to
an operating margin of 21.1% in FY2019. In FY2020, the company recorded a net margin of 17.8%, compared to
a net margin of 18.4% in FY2019. The company reported revenues of US$22,321 million for the first quarter
ended April 2021, a decrease of 0.7% over the previous quarter.
8.1.2. Key Facts
Table 5: Johnson & Johnson: key facts
Head office: 1 Johnson And Johnson Plz , NEW BRUNSWICK, New Jersey, United States
Telephone: 17325242455
Fax: 17322140332
Number of Employees: 134500
Website: www.jnj.com/
Financial year-end: January
Ticker: JNJ
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Johnson & Johnson ( J&J or "the company") is a manufacturer and marketer of healthcare products. The company
offers a range of medical devices, consumer healthcare and pharmaceutical products. J&J operates through 260
operating companies in more than 60 countries across the globe. The company sells its products through retailers,
wholesalers, hospitals and health care professionals. It has business operations in the Americas, Europe, Asia-
Pacific and Africa.
The company operates through three reportable business segments: Pharmaceutical, Medical Devices and
Consumer.
The company’s Pharmaceutical segment produces and markets products in six therapeutic areas, including
immunology (rheumatoid arthritis, inflammatory bowel disease and psoriasis), infectious diseases and vaccines

Industry Profiles
(HIV/ AIDS), neuroscience (neurodegenerative disorders, mood disorders and schizophrenia), oncology (prostate
cancer and hematologic malignancies), pulmonary hypertension (pulmonary arterial hypertension) and
cardiovascular and metabolism (thrombosis and diabetes). The segment’s major products in include Simponi,
Remicade, Stelara, Simponi Aria, Edurant, Tremfya, Prezista, Intelence, Symtuza, Prezcobix/Rezolsta, Invega
Trinza/Trevicta, Concerta, Risperdal Consta, Invega Sustenna/Xeplion and Zytiga. It also offers Darzalex,
Procrit/Eprex, Velcade, Imbruvica, Xareltoe, Opsumit, Invokana, Invokamet/Vokanamet and Uptravi. The company
distributes these products directly to retailers, wholesalers, hospitals and health care professionals for prescription
use. In FY2019, the Pharmaceutical segment reported revenue of US$42,198 million, which accounted for 51.5% of
the company’s total revenue.
J&J's Medical Devices segment manufactures and markets products used by physicians, nurses, hospitals, eye care
professionals and clinics. These products include orthopaedic products, general surgery, biosurgical,
endomechanical and energy products; electrophysiology products for the treatment of cardiovascular disease;
sterilization and disinfection products to reduce surgical infection; and vision products, including disposable
contact lenses and ophthalmic products related to cataract and laser refractive surgery. The segment distributes
its products to wholesalers, hospitals and retailers. In FY2019, the Medical Devices segment reported revenue of
US$25,963 million, which accounted for 31.6% of the company’s total revenue.
The company's Consumer segment develops, manufactures and markets products for baby care, oral care, beauty,
women's health care and wound care. It also offers over-the-counter (OTC) pharmaceutical products. The
company markets baby care products under Johnson's brand, Oral care products under Listerine brand, beauty
products under Aveeno, Clean & Clear, Dabao, Johnson's Adult, Le Petite Marseillais, Neutrogena and Ogx brand
names. It sells women's health care products under Stayfree and Carefree sanitary pads and O.B. tampon brands
outside of North America. The company’s major wound Care brands include Band-Aid and Neosporin. The
company's OTC pharmaceutical products include cold, flu, allergy and heartburn products, which are marketed
under Tylenol, Sudafed, Benadryl, Zyrtec, Motrin IB ibuprofen and Pepcid brand names. J&J sells its consumer
products to both retail outlets and distributors globally. In FY2019, the Consumer segment reported revenue of
US$13,898 million, which accounted for 16.9% of the company’s total revenue.
Geographically, the company classifies its business operations into four regions: US; Europe; Asia-Pacific, Africa;
and Western Hemisphere excluding US. In FY2019, the US accounted for 51.3% of the company's total revenue,
followed by Europe (22.5%), Asia-Pacific, Africa (18.9%), and Western Hemisphere excluding US (7.3%).

Industry Profiles
Table 6: Johnson & Johnson: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 2.59 6.34 6.71 0.59
Operating Income Growth % 3.16 -10.76 1.84 -3.73
EBITDA Growth % 2.68 -1.03 6.92 -2.37
Net Income Growth % 7.34 -92.14 1076.69 -1.16
EPS Growth % 25.85 -2.47 11.11 13.70
Working Capital Growth % 19.35 -67.61 17.94 -37.11
Equity Ratios
EPS (Earnings per Share) USD 5.48 5.93 5.21 5.61 5.63
Dividend per Share USD 2.95 3.15 3.32 3.54 3.75
Dividend Cover Absolute 1.86 1.88 1.57 1.58 1.50
Book Value per Share USD 25.82 26.02 22.43 22.44 22.59
Profitability Ratios
Gross Margin % 69.38 69.90 66.84 66.92 66.54
Operating Margin % 27.39 27.55 23.12 22.06 21.12
Net Profit Margin % 21.99 23.01 1.70 18.75 18.42
Profit Markup % 226.61 232.21 201.57 202.31 198.87
PBT Margin (Profit Before Tax) % 27.39 27.55 23.12 22.06 21.12
Return on Equity % 21.66 23.49 2.16 25.60 25.42
Return on Capital Employed % 18.17 17.23 13.94 14.79 14.23
Return on Assets % 23.10 12.05 0.87 9.86 9.73
Return on Working Capital % 59.13 51.11 140.81 121.59 186.12
Operating Costs (% of Sales) % 72.61 72.45 76.88 77.94 78.88
Administration Costs (% of Sales) % 30.26 27.74 28.15 27.63 27.03
Liquidity Ratios
Current Ratio Absolute 2.17 2.47 1.41 1.47 1.26
Quick Ratio Absolute 1.88 2.16 1.12 1.20 1.01
Cash Ratio Absolute 1.38 1.59 0.60 0.63 0.54
Leverage Ratios
Debt to Equity Ratio Absolute 0.28 0.39 0.57 0.50 0.47
Net Debt to Equity Absolute -0.26 -0.21 0.27 0.17 0.14
Debt to Capital Ratio Absolute 0.22 0.28 0.37 0.33 0.32
Efficiency Ratios
Asset Turnover Absolute 1.05 0.52 0.51 0.53 0.53
Fixed Asset Turnover Absolute 8.81 4.52 4.65 4.79 4.60
Inventory Turnover Absolute 5.33 2.67 3.00 3.11 3.12
Current Asset Turnover Absolute 2.33 1.15 1.41 1.83 1.80
Capital Employed Turnover Absolute 0.66 0.63 0.60 0.67 0.67
Working Capital Turnover Absolute 2.16 1.86 6.09 5.51 8.81
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 7: Johnson & Johnson: Key Employees
Name Job Title Board

A. Eugene Washington Director Non Executive Board
Alex Gorsky Chairman Executive Board
Alex Gorsky Chief Executive Officer Executive Board
Anne M. Mulcahy Director Non Executive Board
Ashley McEvoy Chairman Medical Devices Executive Board
Company Group Chairman, Consumer
Ashley McEvoy Senior Management
Medical Devices
Ashley McEvoy Executive Vice President Executive Board
Charles Prince Director Non Executive Board
D. Scott Davis Director Non Executive Board
Hubert Joly Director Non Executive Board
Ian E. L. Davis Director Non Executive Board
Jennifer A. Doudna Director Non Executive Board
Jennifer Taubert Chairman Pharmaceuticals Executive Board
Company Group Chairman, Pharmaceuticals,
Jennifer Taubert Senior Management
The Americas
Jennifer Taubert Executive Vice President Executive Board
Joaquin Duato Executive Vice President Senior Management
Joaquin Duato Vice Chairman Executive Committee Executive Board
Joaquin Duato Worldwide Chairman, Pharmaceuticals Senior Management
Joseph Wolk Chief Financial Officer Senior Management
Joseph Wolk Executive Vice President Senior Management
Kathryn E. Wengel Chief Global Supply Chain Officer Senior Management
Kathryn E. Wengel Executive Vice President Senior Management
Worldwide Vice President, Johnson &
Kathryn E. Wengel Senior Management
Johnson Supply Chain
Marillyn A. Hewson Director Non Executive Board
Mark A. Weinberger Director Non Executive Board
Mark B. McClellan Director Non Executive Board
Mary C. Beckerle Director Non Executive Board
Michael H. Ullmann Executive Vice President Senior Management
Michael H. Ullmann General Counsel Senior Management
Michael Sneed Chief Communications Officer Senior Management

Industry Profiles
Table 8: Johnson & Johnson: Key Employees Continued

Michael Sneed Executive Vice President Senior Management
Global Corporate Affairs and Chief
Michael Sneed Senior Management
Communication Officer
Worldwide Vice President, Global Corporate
Michael Sneed Senior Management
Affairs
Nadja West Director Non Executive Board
Paulus Stoffels Chief Scientific Officer Executive Board
Paulus Stoffels Chief Scientific Officer Senior Management
Paulus Stoffels Executive Vice President Senior Management
Paulus Stoffels Vice Chairman Executive Board
Peter M. Fasolo Chief Human Resources Officer Senior Management
Peter M. Fasolo Executive Vice President Senior Management
Ronald A. Williams Director Non Executive Board
Thibaut Mongon Chairman Consumer Executive Board
Thibaut Mongon Executive Vice President Executive Board

Industry Profiles
8.2. Abbott Laboratories
Abbott Laboratories (Abbott or 'the company') is a pharmaceutical company that develops manufactures and
markets a broad line of health care products. The company offers diagnostic systems, neuromodulation
devices, medical devices, pediatric and adult nutritional products and generic pharmaceuticals. Abbott sells its
products under various brand names, including Similac, Oxepa, Alinity, Cell-Dyn, Heptral, Duspatal, FlexAbility,
HeartMate and FreeStyle. The company sells its products directly to consumers wholesalers, retailers, health
care facilities, government agencies, third-party distributors, blood banks, commercial laboratories, clinics,
physicians' offices, government agencies and ambulatory surgery centers, It has research and development
facilities in the US, China, Colombia, India, Singapore, Spain, and the UK; and operates manufacturing facilities
across the world. The company markets products in North America, Latin America, the Middle East, Europe,
Asia-Pacific and Africa.. The company is headquartered in Abbott Park, Illinois, the US.
The company reported revenues of (US Dollars) US$34,608 million for the fiscal year ended December 2020
(FY2020), an increase of 8.5% over FY2019. In FY2020, the company’s operating margin was 15.8%, compared
to an operating margin of 14% in FY2019. In FY2020, the company recorded a net margin of 13%, compared to
a net margin of 11.6% in FY2019. The company reported revenues of US$10,456 million for the first quarter
ended March 2021, a decrease of 2.3% over the previous quarter.
8.2.2. Key Facts
Table 9: Abbott Laboratories: key facts
Head office: 100 Abbott Park Rd , ABBOTT PARK, Illinois, United States
Telephone: 12246676100
Website: www.abbott.com/
Financial year-end: December
Ticker: ABT
Stock exchange: New York Stock Exchange
Abbott Laboratories (Abbott or 'the company') is a health care company that discovers, develops, manufactures
and markets generic pharmaceuticals, nutritional products, medical devices, and diagnostics.
As of December 31, 2019, the company operated 92 manufacturing facilities globally.
The company operates through four reportable segments: Nutritional Products, Diagnostic Products, Established
Pharmaceutical Products and Medical Devices.
The Nutritional Products segment manufactures pediatric and adult nutritional products and sells them directly to
consumers and to institutions, wholesalers, retailers, health care facilities, government agencies, and third-party
distributors. The company markets these products under Similac, Similac Advance, Similac Sensitive, Ensure,
Ensure Plus, Ensure Max Protein, Ensure Enlive, Jevity, Glucerna 1.2 Cal, Glucerna 1.5 Cal, Osmolite, Vital, Freego
and Oxepa brand names. As of December 31, 2019, the segment operated 14 manufacturing facilities globally. In
FY2019, the Nutritionals segment reported revenue of US$7,409 million, which accounted for 23.2% of the
company's revenue.
The Diagnostic Product segment manufactures and markets diagnostic systems and tests, including molecular
diagnostics systems, core laboratory systems, rapid diagnostics systems, informatics and automation solutions and

Industry Profiles
point of care systems. The company markets its products under ARCHITECT, ABBOTT PRISM, Alinity, Cell-Dyn,i-
STAT, AlinIQ, Cholestech and Afinion brand names. It sells them to blood banks, hospitals, commercial
laboratories, clinics, physicians' offices, government agencies, alternate care testing sites, and plasma protein
therapeutic companies. As of December 31, 2019, the segment operated 23 manufacturing facilities globally. In
FY2019, the Diagnostics segment reported revenue of US$7,713 million, which accounted for 24.2% of the
company's revenue.
The Established Pharmaceutical Product segment offers generic pharmaceuticals, including gastroenterology
products, pain and central nervous system products, respiratory drugs and vaccines, cardiovascular and metabolic
products, and women's health products. It markets these products under Creon, Heptral, Duspatal, Duphaston,
Femoston, Lipanthyl, TriCor, Serc, Biaxin, Klacid and Influvac brand names. The company sells these products
directly to wholesalers, distributors, government agencies, health care facilities, pharmacies, and independent
retailers. As of December 31, 2019, the segment operated 28 manufacturing facilities globally. In FY2019, the
Established Pharmaceutical segment reported revenue of US$4,486 million, which accounted for 14.1% of the
company's revenue.
The Medical Devices segment offers neuromodulation devices, rhythm management products, electrophysiology
products, heart failure related products, vascular products and structural heart products for the management of
movement disorders and chronic pain, and electrophysiology, rhythm management, structural heart, vascular and
heart failure devices for the treatment of cardiovascular diseases. It markets these products under Assurity MRI,
Endurity MRI, Ellipse, Fortify Assura, TactiCath, FlexAbility, HeartMate, TREK, ProGlide, OPTIS, MitraClip and
PressureWire brand names. The company sells these products directly to ambulatory surgery centers, hospitals,
and physicians' offices in the US and directly to customers or through distributors outside the US. As of December
31, 2019, the segment operated 27 manufacturing facilities globally. In FY2019, the Cardiovascular and
Neuromodulation segment reported revenue of US$12.239 million, which accounted for 38.5% of the company's
revenue.
Geographically, the company classifies its business operations in eight regions: the US, China, Germany, Japan,
India, the Netherlands, Switzerland and All Other Countries. In FY2019, the US accounted for 35.7% of the
company’s revenue, followed by China (7.4%), Germany (5.4 %), India (4.4%), Japan (4.5%), Switzerland (3.3%), the
Netherlands (3.1%) and All Other Countries (36.2%).

Industry Profiles
Table 10: Abbott Laboratories: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 2.20 31.35 11.64 4.34
Operating Income Growth % 5.55 -48.31 122.70 28.31
EBITDA Growth % 0.92 4.70 47.46 10.68
Net Income Growth % -68.35 -65.93 396.44 55.70
EPS Growth % -58.87 60.87 28.20 40.34
Working Capital Growth % 304.83 -44.15 -49.98 -14.52
Equity Ratios
EPS (Earnings per Share) USD 1.73 0.72 1.04 1.39 2.02
Dividend per Share USD 0.96 1.04 1.06 1.12 1.28
Dividend Cover Absolute 1.80 0.69 0.98 1.24 1.58
Book Value per Share USD 14.40 13.94 17.72 17.39 17.64
Gross Margin % 57.22 56.43 54.74 58.50 58.64
Profit Markup % 133.76 129.53 120.94 140.94 141.77
Return on Equity % 20.85 6.82 1.54 7.76 11.86
Return on Assets % 21.45 2.98 0.74 3.30 5.46
Return on Working Capital % 57.70 15.04 13.92 61.98 93.03
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute 0.11 0.14 0.59 0.51 0.43
Debt to Capital Ratio Absolute 0.22 0.50 0.47 0.39 0.36
Efficiency Ratios
Asset Turnover Absolute 0.99 0.44 0.42 0.43 0.47
Fixed Asset Turnover Absolute 7.12 3.65 4.12 4.03 3.86
Inventory Turnover Absolute 6.72 3.61 4.11 3.43 3.25
Current Asset Turnover Absolute 2.88 1.02 1.17 1.76 2.11
Working Capital Turnover Absolute 4.11 1.04 2.44 5.44 6.64

Industry Profiles
Table 11: Abbott Laboratories: Key Employees

Senior Vice President Established
Alejandro D. Wellisch Senior Management
Pharmaceuticals, Latin America
Executive Vice President Rapid and Molecular
Andrea Wainer Senior Management
Diagnostics
Executive Vice President Established
Andrew H. Lane Senior Management
Pharmaceuticals
Charles R. Brynelsen Senior Vice President Abbott Vascular Senior Management
Christopher J. Scoggins Senior Vice President Rapid Diagnostics Senior Management
Daniel J. Starks Director Non Executive Board
Daniel Salvadori Executive Vice President Nutritional Products Senior Management
Darren W. McDew Director Non Executive Board
Edward M. Liddy Director Non Executive Board
Glenn F. Tilton Director Non Executive Board
Hubert L. Allen Executive Vice President Senior Management
Hubert L. Allen General Counsel Senior Management
Hubert L. Allen Secretary Senior Management
Senior Vice President Core Laboratory
Jaime Contreras Senior Management
Diagnostics and Commercial Operations
Jared L. Watkin Senior Vice President Diabetes Care Senior Management
John F. Ginascol Executive Vice President Core Diagnostics Senior Management
John G. Stratton Director Non Executive Board
John M. Capek Executive Vice President Ventures Senior Management
Joseph Manning Senior Vice President International Nutrition Senior Management
Lisa D. Earnhard Executive Vice President Medical Devices Senior Management
Mary K. Moreland Executive Vice President Human Resources Senior Management
Michael Dale Senior Vice President Structural Heart Senior Management
Senior Vice President Cardiac Arrhythmias
Michael J. Pederson Senior Management
and Heart Failure
Michelle A. Kumbier Director Non Executive Board
Miles D. White Chairman Executive Board
Nancy McKinstry Director Non Executive Board
Phebe N. Novakovic Director Non Executive Board
Philip P. Boudreau Controller Senior Management
Philip P. Boudreau Vice President Finance Senior Management
Senior Vice President Cardiac Rhythm
Randel Woodgrift Senior Management
Management

Industry Profiles
Table 12: Abbott Laboratories: Key Employees Continued

Robert B. Ford Chief Executive Officer Executive Board
Robert B. Ford Director Executive Board
Robert B. Ford President Executive Board
Robert E. Funck Chief Financial Officer Senior Management
Robert E. Funck Executive Vice President Finance Senior Management
Robert J. Alpern Director Non Executive Board
Roger M. Bird Senior Vice President US Nutrition Senior Management
Roxanne S. Austin Director Non Executive Board
Sally E. Blount Director Non Executive Board
Senior Vice President Emerging Markets
Sammy G. Karam Senior Management
Established Pharmaceuticals
Samuel C. Scott III Director Non Executive Board
Senior Vice President Quality Assurance,
Scott House Senior Management
Regulatory and Engineering Services
William A. Osborn Director Non Executive Board

Industry Profiles
8.3. Mindray Medical International Limited
Mindray Medical International Limited (Mindray or 'the company') is a manufacturer of medical devices. The
company mainly involves in the manufacturing and marketing of anesthesia machines, patient monitoring
systems, surgical lights, ventilators and infusion pumps, for a few. It also offers other accessories such as
reusable sensors, tubing adapter, temp probes, dryline water trap, injection liquid temperature sensor and
electrode gel. These are used in emergency care, peri-operative care, critical care, IT solutions, cardiology,
obstetrics, gynecology, and cardiovascular applications and serves medical institutions, and healthcare facilities.
Mindray operates in various geographical regions including Europe, North America, Africa, Latin America and
Asia regions. The company is headquartered in Shenzhen, China.
8.3.2. Key Facts
Table 13: Mindray Medical International Limited: key facts
Head office: Mindray Building Keji 12th Road South, High-tech Industrial Park, Nanshan,
Shenzhen, Guangdong, China
Website: www.mindray.com
Financial year-end: April
Mindray Medical International Limited (Mindray or 'the company') is a developer, manufacturer and marketer of
medical devices. The company’s products are sold in several countries and regions globally. It has its presence
across Asia, Europe, North America, Latin America, and Africa. It manages and operates six R&D centers in the US
and China and offers its products in about 190 countries worldwide. It serves healthcare facilities, hospitals and
110,000 medical institutions in China.
The company classifies its offerings into four product categories: In-Vitro Diagnostics, Patient Monitoring and Life
Support, Veterinary and Medical Imaging System.
Under the Patient Monitoring Devices and Life Support, it provides monitoring equipments that finds application in
emergency care, peri-operating care, and critical care units. It also tracks blood pressure, heart rate, temperature
and respiration related functionalities of its users. These include mobile and portable multifunction monitors,
single and multi-parameter monitors, electro cardiogram (ECG) monitoring devices and central stations.
The company's Life Support offers ventilators, anesthesia machines, surgical beds, defibrillators, operating tables,
surgical lights, infusion pumps and medical supply units. It also offers various IT products including BeneLink
interfacing module and eGateway integration manager.
Under the In Vitro Diagnostic (IVD), Mindray sells chemistry analyzers and reagents, hematology analyzers and
reagents, hemoglobin systems, chemiluminescence immunoassay products, micro plate readers and flow
cytometry systems. It also provides various fully-automated and semi-automated IVD analyzers to clinics,
laboratories, hospitals that detects and identifies the issues through patient samples.
Under the Medical Imaging systems, the company offers digital radiography systems, ultrasound devices, hand-
carried color Dopplers and crystal transducers and under Veterinary products it develops veterinary pulse
oximeters, portable veterinary monitors, veterinary infusion pumps, hematology analyzers and veterinary
ultrasound systems.

Industry Profiles
Table 14: Mindray Medical International Limited: Key Employees

General Manager International Sales and
David Yin Senior Management
Marketing
Glen W. McLaughlin Ph.D. Chief Product Officer - Ultrasound Senior Management
Executive Vice President Ultrasound, Mindray
Glen W. McLaughlin Ph.D. Senior Management
North America
Haitao Huang Vice President Senior Management
Willy Luiten Marketing Director - Mindray Europe Senior Management
Yan Yongsheng Director Ventilators and Anesthesia Products Senior Management
Zhaoyang Li General Manager In Vitro Diagnostics Senior Management

Industry Profiles
8.4. Siemens Healthineers A.G.
Siemens Healthineers A.G. (Siemens or ‘the company’) is a medical technology company that manufactures and
markets clinical diagnostics and therapeutic systems. The company’s major products includes medical imaging,
ultrasound, point of care testing, healthcare IT, clinical specialties and consulting, and laboratory diagnostics
systems and devices. It also provides consulting, design, maintenance, operational management, training and
education services. The company serves universities, clinics and laboratories, healthcare providers, including
hospitals and hospital systems, public health agencies, private health insurers, clinical research institutes and
pharmaceutical companies. It has business presence in the Americas, Europe, Commonwealth of Independent
States (C.I.S.), Africa, the Middle East, Asia and Australia. It operates as a subsidiary of Siemens AG. The
company is headquartered in Erlangen, Bayern, Germany
The company reported revenues of (Euro) EUR14,460 million for the fiscal year ended September 2020
(FY2020), a decrease of 0.4% over FY2019. In FY2020, the company’s operating margin was 13.7%, compared to
an operating margin of 15.8% in FY2019. In FY2020, the company recorded a net margin of 9.8%, compared to a
net margin of 10.8% in FY2019. The company reported revenues of EUR3,965 million for the second quarter
ended March 2021, an increase of 2.5% over the previous quarter.
8.4.2. Key Facts
Table 15: Siemens Healthineers A.G.: key facts
Head office: Henkestr. 127 , ERLANGEN, Germany

Telephone: 496966826602
Website: www.siemens-healthineers.com/
Financial year-end: September
Siemens Healthineers A.G. (Siemens Healthineers or ‘the company’) is a provider of healthcare solutions and
services. The company develops, manufactures and markets medical imaging and laboratory diagnostic systems
and devices. It offers consulting, design, maintenance, operational management, training and education services.
Its services also include clinical education and e-learning, digital ecosystem and population health management,
equipment performance management, managed departmental services and asset management. The company
serves universities, public and private clinics and laboratories, public and private healthcare providers, including
hospitals and hospital systems, public health agencies, physicians/physician groups, state-run and private health
insurers, clinical research institutes and pharmaceutical companies in over 70 countries. The company installed
over 600,000 devices worldwide.
The company operates through three reportable segments: Imaging, Diagnostics, and Advanced Therapies. The
Imaging segment offers diagnostic imaging products, services and solutions, including advanced imaging and
ultrasound systems and solutions. Its major products include modalities such as, computed tomography, X-ray
systems, magnetic resonance, ultrasound, and molecular imaging. It also provides a range of software applications
to facilitate multi-modality reading and structured reporting. In FY2020, the Imaging segment reported revenue of
EUR9,090 million, which accounted for 62.1% of the company’s revenue.
The Diagnostics segment offers diagnostics products and services to healthcare providers in laboratory, point-of-
care and molecular diagnostics. In FY2020, the Diagnostics segment reported revenue of EUR3,924 million, which
accounted for 26.8% of the company’s revenue.

Industry Profiles
The Advanced Therapies segment offers highly integrated products, services and solutions to therapy departments
of healthcare providers. Its major products include angiography systems and mobile C-arms. In FY2020, the
Advanced Therapies segment reported revenue of EUR1,628 million, which accounted for 11.1% of the company’s
revenue.
Geographically, the company classifies its operations into three regions: Europe, C. I. S., Africa, EMEA, the
Americas and Asia, Australia. In FY2020, the Americas accounted for 39.4% of the company’s revenue, followed by
Europe, C.I.S., Africa, Middle (32.8%) and Asia, Australia (27.8%).
The company also focuses on expanding its existing products and solutions. It also aims at expanding its product-
related services by expanding enterprise transformation services and digital services, to support customers in their
digital transition. As of September 30, 2020, the company had over 13,500 granted patents, utility models and
patent applications.

Industry Profiles
Table 16: Siemens Healthineers A.G.: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 4.72 0.96 -1.81 8.11
Operating Income Growth % 7.85 5.01 -11.79 17.08
EBITDA Growth % 7.21 3.21 -10.88 17.06
Net Income Growth % 2.66 5.19 -8.27 23.95
EPS Growth % 2.66 8.26 -1.82 15.40
Working Capital Growth % -76.10 59.07 -181.87 14.66
Equity Ratios
EPS (Earnings per Share) EUR 1.28 1.31 1.38 1.26 1.57
Dividend per Share EUR 0.40 0.80
Dividend Cover Absolute 3.17 1.96
Book Value per Share EUR 3.69 2.47 3.28 8.66 9.78
Gross Margin % 39.19 40.36 41.64 40.72 39.92
Profit Markup % 64.43 67.66 71.35 68.68 66.45
Return on Equity % 34.62 53.03 42.03 14.62 16.05
Return on Assets % 6.47 6.54 6.19 7.61
Return on Working Capital % 103.43 105.61
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute -0.02 -0.09 -0.05 -0.06 -0.09
Debt to Capital Ratio Absolute 0.01 0.02 0.02 0.01
Efficiency Ratios
Asset Turnover Absolute 0.67 0.65 0.66 0.70
Fixed Asset Turnover Absolute 9.58 8.85 7.71 6.85
Inventory Turnover Absolute 5.73 5.02 4.67 4.54
Current Asset Turnover Absolute 1.67 1.66 1.79 1.94
Working Capital Turnover Absolute 7.08 6.68

Industry Profiles
Table 17: Siemens Healthineers A.G.: Key Employees

Andre Hartung Head Computed Tomography Senior Management
Andreas Bermann Head Enhanced Offerings Senior Management
Andreas C. Hoffmann Director Non Executive Board
Bernd Montag Chief Executive Officer Senior Management
Christoph Zindel Director Non Executive Board
Darleen Caron Chief Human Resources Officer Senior Management
Darleen Caron Director Labor, Siemens Healthcare GmbH Senior Management
Deepak Nath President Laboratory Diagnostics Senior Management
Gregory Sorensen Director Non Executive Board
Hwang Tong Chan President North East Asia Region Senior Management
Jochen Schmitz Chief Financial Officer Senior Management
Karl-Heinz Streibich Director Non Executive Board
Marion Helmes Director Non Executive Board
Michael Sen Chairman Executive Board
Nathalie von Siemens Director Non Executive Board
Norbert Gaus Deputy Chairman Executive Board
Philipp Roesler Director Non Executive Board
Ralf P. Thomas Director Non Executive Board
Sevket On General Manager Canada Senior Management
Sevket On Vice President Canada Senior Management
Head Enterprise services and solutions,
Sjaan Vand Der Pouw Senior Management
Netherlands
Stefano Garbin dall Alba Head Pacific Zone Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 18: Europe size of population (million), 2016–20
Year Population (million) % Growth

2016 323.8 0.8%
2017 326.3 0.8%
2018 328.9 0.8%
2019 331.4 0.8%
2020 333.9 0.8%
Table 19: Europe gdp (constant 2005 prices, $ billion), 2016–20
Year Constant 2005 Prices, $ billion % Growth

2016 15,739.0 3.0%
2017 16,161.3 2.7%
2018 16,559.0 2.5%
2019 16,929.6 2.2%
2020 17,270.7 2.0%
Table 20: Europe gdp (current prices, $ billion), 2016–20
Year Current Prices, $ billion % Growth

2016 19,223.8 5.0%
2017 20,145.1 4.8%
2018 21,077.3 4.6%
2019 21,993.9 4.3%
2020 22,953.1 4.4%
Table 21: Europe inflation, 2016–20

Industry Profiles
Year Inflation Rate (%)

2016 2.1%
2017 2.3%
2018 2.3%
2019 2.2%
2020 2.4%
Table 22: Europe consumer price index (absolute), 2016–20
Year Consumer Price Index (2005 = 100)

2016 126.4
2017 129.3
2018 132.2
2019 135.1
2020 138.3
Table 23: Europe exchange rate, 2016–20
Year Exchange rate ($/€)

2016 0.9040
2017 0.8855
2018 0.8475
2019 0.8929
2020 0.8768

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Eucomed
Place des Maieurs 2, 1150 Brussels, BEL

Tel.: 32 2 772 2212
Fax: 32 2 771 39 09
www.eucomed.be
9.2.2. French National Association for Medical Technology Industries (SNITEM)
Maison de la Mécanique / SNITEM, 39/41 rue Louis-Blanc, 92400 Courbevoie, FRA

Tel.: 33 1 4717 6388
Fax: 33 1 4717 6389
www.snitem.fr
9.2.3. BVMed e.V.
Reinhardtstrasse 29b, D - 10117 Berlin, DEU

Tel.: 49 30 246 255 0
Fax: 49 30 246 255 99
www.bvmed.de
9.2.4. Association of British Healthcare Industries
111 Westminster Bridge Road, London, SE1 7HR, GBR

Tel.: 444 20 7960 4360
Fax: 44 20 7960 4361
www.abhi.org.uk
9.2.5. Assobiomedica
Viale Pasteur, 10 - 00144 Roma, ITA

Tel.: 39 6 5903962
Fax: 39 6 5903969
www.assobiomedica.it

Industry Profiles
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Health Care Equipment & Supplies

Health Care Equipment & Supplies in Asia-Pacific
Health Care Equipment & Supplies in the United States
Health Care Equipment & Supplies in France
Health Care Equipment & Supplies in Germany

Industry Profiles
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MarketLine Industry Profile

Health Care Equipment & Supplies in Europe

Reference Code: 0201-2067

Publication Date: May 2021

Primary NAICS: 3391

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1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive Landscape ................................................................................................................................2

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3.1. Market value ................................................................................................................................................9

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................11

5.1. Market value forecast ................................................................................................................................12

6. Five Forces Analysis 13

6.1. Summary ....................................................................................................................................................13

6.2. Buyer power...............................................................................................................................................14

6.3. Supplier power ...........................................................................................................................................15

6.4. New entrants .............................................................................................................................................16

6.5. Threat of substitutes ..................................................................................................................................17

6.6. Degree of rivalry.........................................................................................................................................18

7.1. Who are the leading players? ....................................................................................................................19

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7.2. What strategies do the leading players follow?.........................................................................................20

7.3. Have there been any significant mergers/acquisitions? ............................................................................20

7.5. What impact is COVID-19 having on leading players? ...............................................................................21

8.1. Johnson & Johnson ....................................................................................................................................22

8.2. Abbott Laboratories ...................................................................................................................................27

8.3. Mindray Medical International Limited .....................................................................................................32

8.4. Siemens Healthineers A.G..........................................................................................................................34

9.1. Country data ..............................................................................................................................................38

9.2. Industry associations..................................................................................................................................41

9.3. Related MarketLine research .....................................................................................................................42

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Table 5: Johnson & Johnson: key facts 22

Table 6: Johnson & Johnson: Annual Financial Ratios 24

Table 7: Johnson & Johnson: Key Employees 25

Table 8: Johnson & Johnson: Key Employees Continued 26

Table 9: Abbott Laboratories: key facts 27

Table 10: Abbott Laboratories: Annual Financial Ratios 29

Table 11: Abbott Laboratories: Key Employees 30

Table 12: Abbott Laboratories: Key Employees Continued 31

Table 13: Mindray Medical International Limited: key facts 32

Table 14: Mindray Medical International Limited: Key Employees 33