Publication Date: February 2013 SAMPLE · SAMPLE Table of Contents Sorin S.p.A. Market Share...

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Sorin S.p.A. Market Share Analysis GDME0581CDB / Published February 2013

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Sorin S.p.A. Market Share Analysis Reference Code: GDME0581CDB Publication Date: February 2013

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1 Table of Contents

1 Table of Contents ................................................................................................................ 2

1.1 List of Tables .............................................................................................................................................................. 11

1.2 List of Figures ............................................................................................................................................................ 13

2 Introduction ....................................................................................................................... 15

2.1 What Is This Report About?.................................................................................................................................... 15

3 Definitions of Markets/Categories Covered .................................................................... 16

3.1 Cardiovascular Devices ........................................................................................................................................... 16

3.1.1 Cardiac Rhythm Management ........................................................................................................................... 16

3.1.2 Cardiovascular Prosthetic Devices ................................................................................................................... 16

3.1.3 Cardiovascular Surgery ...................................................................................................................................... 16

3.1.4 Prosthetic Heart Valves ...................................................................................................................................... 16

4 Company Snapshot .......................................................................................................... 17

4.1 Key Facts ..................................................................................................................................................................... 17

4.2 Company Overview ................................................................................................................................................... 17

4.3 Financial Performance ............................................................................................................................................. 17

4.4 SWOT Snapshot ......................................................................................................................................................... 17

5 Business Description ....................................................................................................... 18

5.1 Business Overview ................................................................................................................................................... 18

5.2 Cardiovascular ........................................................................................................................................................... 18

5.2.1 Overview ............................................................................................................................................................... 18

5.2.2 Financials .............................................................................................................................................................. 18

5.2.3 Market View .......................................................................................................................................................... 18

5.3 Major Products and Services ................................................................................................................................. 18

5.3.1 Overview ............................................................................................................................................................... 18

6 History ............................................................................................................................... 19

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7 SWOT Analysis ................................................................................................................. 24

7.1 Overview ...................................................................................................................................................................... 24

7.2 Sorin S.p.A. Strengths .............................................................................................................................................. 24

7.3 Sorin S.p.A. Weaknesses ........................................................................................................................................ 25

7.4 Sorin S.p.A. Opportunities ...................................................................................................................................... 25

7.5 Sorin S.p.A. Threats .................................................................................................................................................. 25

8 Competitors ....................................................................................................................... 26

9 Competitive Landscape .................................................................................................... 27

9.1 Cardiovascular Devices (Cardiac Rhythm Management), Global, Market Share (%), 2011.................... 27

9.2 Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Market Share

(2011) 29

9.3 Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Market Share

(2011) 30

9.4 Cardiovascular Devices (Cardiovascular Prosthetic Devices), Global, Market Share (%), 2011 .......... 32

9.5 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Market Share

(2011) 34

9.6 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Market Share

(2011) 35

9.7 Cardiovascular Devices (Cardiovascular Surgery), Global, Market Share (%), 2011............................... 37

9.8 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Market Share (2011) ..... 38

9.9 Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Market Share (2011) ... 39

9.10 Cardiovascular Devices (Prosthetic Heart Valves), Global, Market Share (%), 2011 ............................... 41

9.11 Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Market Share (2011) ..... 42

9.12 Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Market Share (2011) ... 43

10 Sorin S.p.A. Medical Equipment Market Share Analysis by Category ...................... 45

10.1 Sorin S.p.A., Cardiovascular Devices, Global, Category Revenue Share (2011) ...................................... 45

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10.2 Sorin S.p.A., Asia-Pacific, Category Revenue Share (2011) ........................................................................... 47

10.2.1 Sorin S.p.A., Australia, Category Revenue Share (2011) ............................................................................. 49

10.2.2 Sorin S.p.A., China, Category Revenue Share (2011) ................................................................................... 51

10.2.3 Sorin S.p.A., India, Category Revenue Share (2011) .................................................................................... 53

10.2.4 Sorin S.p.A., Japan, Category Revenue Share (2011) .................................................................................. 55

10.2.5 Sorin S.p.A., Other Asia-Pacific, Category Revenue Share (2011) ............................................................. 57

10.3 Sorin S.p.A., Europe, Category Revenue Share (2011) .................................................................................... 59

10.3.1 Sorin S.p.A., France, Category Revenue Share (2011) ................................................................................. 61

10.3.2 Sorin S.p.A., Germany, Category Revenue Share (2011) ............................................................................. 63

10.3.3 Sorin S.p.A., Italy, Category Revenue Share (2011) ...................................................................................... 65

10.3.4 Sorin S.p.A., Spain, Category Revenue Share (2011) ................................................................................... 67

10.3.5 Sorin S.p.A., United Kingdom, Category Revenue Share (2011) ................................................................. 69

10.3.6 Sorin S.p.A., Other Europe, Category Revenue Share (2011) ..................................................................... 71

10.4 Sorin S.p.A., Middle East and Africa, Category Revenue Share (2011) ....................................................... 73

10.5 Sorin S.p.A., North America, Category Revenue Share (2011) ...................................................................... 75

10.5.1 Sorin S.p.A., Canada, Category Revenue Share (2011) ............................................................................... 77

10.5.2 Sorin S.p.A., United States, Category Revenue Share (2011) ..................................................................... 79

10.6 Sorin S.p.A., South and Central America, Category Revenue Share (2011) .............................................. 81

10.6.1 Sorin S.p.A., Brazil, Category Revenue Share (2011) ................................................................................... 83

10.6.2 Sorin S.p.A., Other South and Central America, Category Revenue Share (2011) .................................. 85

11 Key Employees .............................................................................................................. 87

12 Key Employee Biographies ........................................................................................... 88

13 Company Statement ...................................................................................................... 89

14 Locations And Subsidiaries .......................................................................................... 92

14.1 Head Office .................................................................................................................................................................. 92

14.2 Other Locations & Subsidiaries ............................................................................................................................. 92

15 Financial Deals Landscape ........................................................................................... 94

15.1 Sorin S.p.A., Deals Volume Summary, 2007 to 2012 ........................................................................................ 94

16 Sorin S.p.A. Detailed Deal Summary ............................................................................ 96

16.1 Asset Purchase .......................................................................................................................................................... 96

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16.1.1 Sorin Acquires Cannulae Product Line From ESTECH ................................................................................. 96

16.1.2 Sorin Group Acquires EVH Business From Datascope ................................................................................. 97

16.2 Venture Financing ..................................................................................................................................................... 98

16.2.1 HighLife Raises $6 Million In Venture Financing ............................................................................................ 98

16.2.2 Cardiosolutions Raises $8 Million In Venture Financing ................................................................................ 99

16.3 Private Equity ........................................................................................................................................................... 100

16.3.1 Argos Soditic And MPS Venture SGR Acquire Bellco From Sorin ............................................................. 100

16.3.2 Sorin Group Sells Its Vascular Therapy Business To IP Investimenti e Partecipazioni .......................... 101

16.4 Partnerships .............................................................................................................................................................. 102

16.4.1 LETI Forms Partnership With Sorin, TIMA, Cedrat Technologies, Tronics And EASII IC ...................... 102

16.4.2 Sorin Enters Into Distribution Agreement With CardioMedical ................................................................... 103

16.4.3 Sorin Signs Distribution Agreement With Japan Lifeline ............................................................................. 104

16.4.4 Sorin Enters Into Co-Development Agreement With Orange Business Services .................................... 105

16.4.5 Sorin Signs An Agreement With Sphere Medical ......................................................................................... 106

16.4.6 Sorin Enters Into An Agreement With Japan Lifeline ................................................................................... 107

16.4.7 Sorin Signs Research Agreement With Mayo Clinic .................................................................................... 108

16.5 Asset Transactions ................................................................................................................................................. 109

16.5.1 Cytomedix Acquires Angel Whole Blood Separation System And activAT Autologous Thrombin

Processing Kit From Sorin Group.................................................................................................................................... 109

16.5.2 Datascope Acquires Peripheral Vascular Stent Business From Sorin ...................................................... 111

16.6 Acquisition ................................................................................................................................................................ 112

16.6.1 Sorin Group Acquires Alcard Industria Mecanica, Cardiac Surgery Devices Maker ............................... 112

16.6.2 Sorin Group Acquires Neurotech, Developer Of Neurostimulation Devices ............................................. 113

16.6.3 Sorin Acquires California Medical Labs, Maker Of Cardiovascular Cannulae, For $14 Million ............. 115

16.6.4 Sorin Group Invests $7 Million In Enopace Biomedical ............................................................................... 116

16.6.5 Sorin Group Acquires GISH Biomedical From VENTIZZ Capital Partners ............................................... 117

16.6.6 Sorin Group Acquires Austria-Based Distributor For $4.8 Million .............................................................. 118

16.6.7 Sorin Acquires Minority Stake In Sphere Medical Holding .......................................................................... 119

16.6.8 Japan Lifeline Acquires Sorin Group Japan From Sorin .............................................................................. 120

17 Recent Developments ................................................................................................. 121

17.1 Financial Announcements .................................................................................................................................... 121

17.1.1 Oct 31, 2012: Sorin Reports Revenue Of Of €160.4m In Q3 2012 ............................................................ 121

17.1.2 Jul 30, 2012: Sorin Reports Revenue Of €188.2m In Q2 2012 .................................................................. 122

17.1.3 Apr 23, 2012: Sorin Reports Revenue Of €191.7m In Q1 2012 ................................................................. 123

17.1.4 Mar 15, 2012: Sorin Reports Revenue Of €743.4m In 2011 ....................................................................... 124

17.1.5 Oct 28, 2011: Sorin Reports Revenue Of €171.4m In Q3 2011 ................................................................. 125

17.1.6 Jul 29, 2011: Sorin Reports Total Revenues Of €191.9m For Q2 2011 .................................................... 127

17.1.7 Apr 29, 2011: Sorin Reports Net Revenues Of €182.3m In Q1 2011 ........................................................ 127

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17.1.8 Mar 17, 2011: Sorin Reports Net Profit of €39.1m In 2010 ......................................................................... 129

17.1.9 Oct 26, 2010: Sorin Reports Net Income Of $8.2 Million For Q3 2010 ..................................................... 129

17.1.10 Oct 26, 2010: Sorin Reports Net Income Of EUR8.2 Million For Q3 2010 ........................................... 130

17.1.11 Oct 26, 2010: Sorin Reports Net Revenues Of EUR180.3 Million In Q3 2010 ..................................... 130

17.1.12 Jul 29, 2010: Sorin Reports Net Revenues Of EUR197.5 Million In Q2 2010 ...................................... 130

17.1.13 Apr 30, 2010: Sorin Reports Net Revenues Of EUR172.4 million In Q1 2010 ..................................... 131

17.1.14 Mar 19, 2010: Sorin Reports Revenues Of EUR689 Million In 2009 ..................................................... 132

17.1.15 Oct 29, 2009: Sorin Reports Net Earnings Of EUR3.9 Million In Q3 2009 ........................................... 133

17.1.16 Jul 30, 2009: Sorin Reports Net Result Of EUR12.8 Million In Q2 2009 ............................................... 134

17.1.17 Apr 30, 2009: Sorin Posts Net Profit Of EUR2.8 Million For Q1 2009 ................................................... 136

17.1.18 Mar 19, 2009: Sorin Reports 2008 Results ................................................................................................ 137

17.1.19 Feb 10, 2009: Sorin Reports Preliminary Results For 2008 .................................................................... 139

17.1.20 Nov 12, 2008: Sorin Reports 3Q 2008 Results ......................................................................................... 141

17.1.21 Aug 26, 2008: Sorin Reports 1H 2008 Results ......................................................................................... 143

17.1.22 Jul 25, 2008: Sorin Reports Preliminary 2Q 2008 Results ...................................................................... 144

17.1.23 May 07, 2008: Sorin Declares Q1 2008 Results ....................................................................................... 146

17.1.24 Mar 28, 2008: Sorin Declares 2007 Results .............................................................................................. 148

17.1.25 Nov 08, 2007: Sorin Declares Q3 2007 Results ....................................................................................... 150

17.1.26 Sep 11, 2007: Sorin Declares H1 2007 Results ........................................................................................ 151

17.1.27 May 07, 2007: Sorin Declares Q1 2007 Results ....................................................................................... 152

17.1.28 Feb 13, 2007: Sorin Declares Q4 2006 Results ........................................................................................ 154

17.2 Corporate Communications .................................................................................................................................. 155

17.2.1 Jun 15, 2010: Sorin Co-opts Massimo Tononi As Member Of Board ........................................................ 155

17.2.2 May 17, 2010: Sorin Announces Resignation Of Giovanni Gorno Tempini As Board Member ............. 155

17.2.3 May 14, 2010: Sorin's Board Member Giovanni Gorno Tempini Resigns ................................................. 155

17.2.4 Jun 26, 2009: Sorin Announces Board Resignations ................................................................................... 155

17.2.5 Mar 19, 2009: Sorin Announces Board Changes ......................................................................................... 156

17.2.6 Jan 08, 2009: Sorin Announces Board And Management Changes ......................................................... 156

17.2.7 Nov 25, 2008: Sorin Announces Board Resignations .................................................................................. 156

17.2.8 Oct 11, 2007: Sorin Appoints President, CRM Business Unit ..................................................................... 157

17.2.9 Sep 21, 2007: Sorin Appoints New CEO........................................................................................................ 157

17.3 Legal and Regulatory ............................................................................................................................................. 158

17.3.1 Mar 12, 2010: Sorin Announces Tentative Settlement Of Investigation By Department Of Justice...... 158

17.3.2 Dec 24, 2008: Sorin Settles Litigation With ATS Medical ............................................................................ 158

17.4 Product News ........................................................................................................................................................... 159

17.4.1 Dec 04, 2012: Sorin Receives PMDA Approval And Announces Commercial Launch Of Mitroflow Aortic

Pericardial Heart Valve In Japan ..................................................................................................................................... 159

17.4.2 Sep 18, 2012: Sorin Group Announces CE Mark Approval Of Extended Indications And Second

Generation Accessories For Perceval S ........................................................................................................................ 159

17.4.3 Jun 13, 2012: Sorin Group And Orange Business Services Launch SMARTVIEW ................................ 160

17.4.4 Jun 12, 2012: Sorin Announces First Enrollment In Dream Clinical Study ............................................... 160

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17.4.5 May 16, 2012: Sorin Group Receives Regulatory Approval To Market Memo 3D Annuloplasty Ring In

Japan 161

17.4.6 May 09, 2012: Sorin Announces Publication Of Full Clear Study Results In Peer Reviewed Cardiology

Journal 161

17.4.7 Feb 21, 2012: Sorin Announces Initiation Of US IDE Study Of Freedom Solo Stentless Pericardial

Aortic Valve ......................................................................................................................................................................... 162

17.4.8 Dec 05, 2011: Sorin Receives CE Mark For INSPIRE6 ............................................................................... 163

17.4.9 Oct 12, 2011: Sorin Launches SonR CRT Optimization System At Venice Arrhythmias 2011 Congress

163

17.4.10 Jul 28, 2011: Sorin Group Receives CE Mark Approval For Mitroflow Aortic Pericardial Heart Valve

With PRT 164

17.4.11 May 24, 2011: Sorin Announces First North American Implant Of Freedom Solo Pericardial Aortic

Valve 165

17.4.12 May 02, 2011: Sorin Launches VascuClear Endoscopic Vessel Harvesting System ......................... 165

17.4.13 Apr 29, 2011: Sorin Announces US Launch Of XTRA Autotransfusion System .................................. 166

17.4.14 Feb 21, 2011: Sorin Group Achieves Milestone In Mitroflow Aortic Pericardial Heart Valve ............. 166

17.4.15 Jan 31, 2011: Sorin Group Receives CE Mark Approval For Perceval S Self-Anchoring Aortic Heart

Valve 167

17.4.16 Sep 15, 2010: Sorin Announces Presentation Of Clinical Results Of Perceval S Self-Anchoring Aortic

Heart Valve ......................................................................................................................................................................... 168

17.4.17 Jun 17, 2010: Sorin Announces CLEAR Study For SonR Technology Met Its Primary Endpoint ..... 168

17.4.18 Feb 18, 2010: Sorin Announces FDA Approval For New Generation C5 Heart-Lung Machine ........ 169

17.4.19 Feb 05, 2010: Sorin Group Announces FDA Approval And First Implantation Of Paradym CRT Model

8750 170

17.4.20 Aug 15, 2009: Sorin Group To Complete Trial For FREEDOM SOLO In The Second Quarter Of 2014

170

17.4.21 Jul 07, 2009: Sorin Group Receives Health Canada TPD Approval To Market REPLY Pacemaker 171

17.4.22 Jul 03, 2009: Sorin Group Announces Japanese Regulatory Approval And First Implant Of REPLY

And FACIL Pacemakers ................................................................................................................................................... 171

17.4.23 Jun 25, 2009: Sorin Group Delivers Its 1000TH S5 Heart-Lung Machine ............................................ 172

17.4.24 Feb 24, 2009: Sorin Group Kick Starts Patient Enrolment In European Trial For Perceval S

Sutureless Aortic Valve ..................................................................................................................................................... 172

17.4.25 Dec 11, 2008: Sorin Group Announces The Japanese Approval And Market Release Of Defibrillation

Lead-Isoline ........................................................................................................................................................................ 173

17.4.26 Nov 26, 2008: Sorin Group Announces European Market Release And First Implant Of New-

Generation Cardiac Resynchronization Therapy Defibrillator ..................................................................................... 173

17.4.27 Sep 16, 2008: Sorin Group Publishes 21 Year Durability Data Of It's Mitroflow Aortic Pericardial

Heart Valve ......................................................................................................................................................................... 174

17.4.28 Sep 12, 2008: Sorin Group Announces First Successful Use Of New Pediatric Oxygenator At

Children's Medical Center Dallas .................................................................................................................................... 174

17.4.29 Sep 12, 2008: Sorin Group Announces Successful Use Of New Pediatric Arterial Filter At Children's

Medical Center Dallas ....................................................................................................................................................... 175

17.4.30 Aug 07, 2008: Sorin Group Announces FDA Approval And First US Implant Of The Dual Chamber

Pacemaker .......................................................................................................................................................................... 175

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17.4.31 May 21, 2008: Sorin Group Reports FDA Approval Of Ovatio CRT ...................................................... 175

17.4.32 May 16, 2008: Sorin Group Announces FDA Approval Of The World's Smallest Cardiac

Resynchronization Implantable Cardioverter Defibrillator OVATIO CRT .................................................................. 176

17.4.33 Apr 28, 2008: Sorin Group Cardiac Rhythm Management Announces First Implant Of A New-

Generation CRT-D Device Designed To Provide Hemodynamic Management Of Heart Failure ......................... 176

17.4.34 Mar 07, 2008: Sorin Group Announces FDA Approval Of New Defibrillation Leads Range: ISOLINE

177

17.4.35 Feb 14, 2008: Sorin Group Announces US Clinical Trial Of Memo 3D Semirigid Annuloplasty Ring

177

17.4.36 Dec 31, 2007: Mitroflow Aortic Pericardial Heart Valve Gets US FDA Approval In United states ..... 178

17.4.37 Dec 05, 2007: Sorin Group Announces First US Implant Of Mitroflow Aortic Pericardial Heart Valve

178

17.4.38 Dec 03, 2007: Sorin Group Cardiac Rhythm Management Announces The First US Enrollment In

The Option Study ............................................................................................................................................................... 178

17.4.39 Oct 22, 2007: Sorin Group Announces The First US Clinical Implant Of The World‟s Smallest Cardiac

Resynchronization Implantable Cardioverter Defibrillator – Ovatio CRT .................................................................. 179

17.4.40 Sep 25, 2007: Sorin Group Announces US FDA‟s Authorization To Market Its Memo 3D Annuloplasty

Ring In the United States .................................................................................................................................................. 180

17.4.41 May 09, 2007: The Sorin Group Announces European Market Release Of REPLY, The World‟s

Smallest Pacemaker ......................................................................................................................................................... 180

17.4.42 Mar 08, 2007: First Implants And EU Approval For Sorin REPLY Pacemakers .................................. 180

17.5 Product Approvals .................................................................................................................................................. 181

17.5.1 Sep 18, 2012: Sorin Group Announces CE Mark Approval Of Extended Indications And Second

Generation Accessories For Perceval S ........................................................................................................................ 181

17.5.2 May 16, 2012: Sorin Group Receives Regulatory Approval To Market Memo 3D Annuloplasty Ring In

Japan 181

17.5.3 Dec 05, 2011: Sorin Receives CE Mark For INSPIRE6 ............................................................................... 182

17.5.4 Jul 28, 2011: Sorin Group Receives CE Mark Approval For Mitroflow Aortic Pericardial Heart Valve

With PRT ............................................................................................................................................................................. 182

17.5.5 Jan 31, 2011: Sorin Group Receives CE Mark Approval For Perceval S Self-Anchoring Aortic Heart

Valve 183

17.5.6 Feb 05, 2010: Sorin Group Announces FDA Approval And First Implantation Of Paradym CRT Model

8750 183

17.5.7 Jul 07, 2009: Sorin Group Receives Health Canada TPD Approval To Market REPLY Pacemaker .... 184

17.5.8 Jul 03, 2009: Sorin Group Announces Japanese Regulatory Approval And First Implant Of REPLY And

FACIL Pacemakers ........................................................................................................................................................... 185

17.5.9 Dec 11, 2008: Sorin Group Announces The Japanese Approval And Market Release Of Defibrillation

Lead-Isoline ........................................................................................................................................................................ 185

17.5.10 Aug 07, 2008: Sorin Group Announces FDA Approval And First US Implant Of The Dual Chamber

Pacemaker .......................................................................................................................................................................... 186

17.5.11 May 21, 2008: Sorin Group Reports FDA Approval Of Ovatio CRT ...................................................... 186

17.5.12 May 16, 2008: Sorin Group Announces FDA Approval Of The World's Smallest Cardiac

Resynchronization Implantable Cardioverter Defibrillator OVATIO CRT .................................................................. 187

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17.5.13 Mar 07, 2008: Sorin Group Announces FDA Approval Of New Defibrillation Leads Range: ISOLINE

187

17.5.14 Dec 31, 2007: Mitroflow Aortic Pericardial Heart Valve Gets US FDA Approval In United states ..... 188

17.5.15 Sep 25, 2007: Sorin Group Announces US FDA‟s Authorization To Market Its Memo 3D Annuloplasty

Ring In the United States .................................................................................................................................................. 188

17.5.16 Mar 08, 2007: First Implants And EU Approval For Sorin REPLY Pacemakers .................................. 188

17.6 Clinical Trials ............................................................................................................................................................ 189

17.6.1 Jun 12, 2012: Sorin Announces First Enrollment In Dream Clinical Study ............................................... 189

17.6.2 Feb 21, 2012: Sorin Announces Initiation Of US IDE Study Of Freedom Solo Stentless Pericardial

Aortic Valve ......................................................................................................................................................................... 189

17.6.3 Sep 15, 2010: Sorin Announces Presentation Of Clinical Results Of Perceval S Self-Anchoring Aortic

Heart Valve ......................................................................................................................................................................... 190

17.6.4 Jun 17, 2010: Sorin Announces CLEAR Study For SonR Technology Met Its Primary Endpoint ......... 191

17.6.5 Aug 15, 2009: Sorin Group To Complete Trial For FREEDOM SOLO In The Second Quarter Of 2014

191

17.6.6 Feb 24, 2009: Sorin Group Kick Starts Patient Enrolment In European Trial For Perceval S Sutureless

Aortic Valve ......................................................................................................................................................................... 192

17.6.7 Sep 16, 2008: Sorin Group Publishes 21 Year Durability Data Of It's Mitroflow Aortic Pericardial Heart

Valve 192

17.6.8 Apr 28, 2008: Sorin Group Cardiac Rhythm Management Announces First Implant Of A New-

Generation CRT-D Device Designed To Provide Hemodynamic Management Of Heart Failure ......................... 193

17.6.9 Feb 14, 2008: Sorin Group Announces US Clinical Trial Of Memo 3D Semirigid Annuloplasty Ring .. 194

17.6.10 Dec 05, 2007: Sorin Group Announces First US Implant Of Mitroflow Aortic Pericardial Heart Valve

194

17.6.11 Dec 03, 2007: Sorin Group Cardiac Rhythm Management Announces The First US Enrollment In

The Option Study ............................................................................................................................................................... 194

17.6.12 Oct 22, 2007: Sorin Group Announces The First US Clinical Implant Of The World‟s Smallest Cardiac

Resynchronization Implantable Cardioverter Defibrillator – Ovatio CRT .................................................................. 195

17.7 Other Significant Developments .......................................................................................................................... 196

17.7.1 Dec 08, 2010: SORIN Group Uses KIKA Advanced EDC Platform For Clinical Asset Management On

Heart Valve Studies ........................................................................................................................................................... 196

17.7.2 Apr 16, 2009: Sorin Enters Ten-Year Distribution Agreement With JLL For Its Heart Valves Portfolio 196

18 Appendix ...................................................................................................................... 197

18.1 Research Methodology .......................................................................................................................................... 198

18.2 Secondary Research............................................................................................................................................... 198

18.3 Primary Research .................................................................................................................................................... 198

18.4 Models ........................................................................................................................................................................ 199

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18.5 Forecasts ................................................................................................................................................................... 199

18.6 Expert Panels ............................................................................................................................................................ 199

18.7 GlobalData Consulting ........................................................................................................................................... 199

18.8 Currency Conversion ............................................................................................................................................. 200

18.9 Disclaimer .................................................................................................................................................................. 201

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1.1 List of Tables

Table 1: Sorin S.p.A., Key Facts, 2011 17

Table 2: Sorin S.p.A., SWOT Analysis, 2011 24

Table 3: Cardiovascular Devices (Cardiac Rhythm Management), Global, Company Share by Revenue ($m), 2011 28

Table 4: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Revenue ($m) and Market Share (%), 2011 29

Table 5: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Revenue ($m) and Market Share (%), 2011 31

Table 6: Cardiovascular Devices (Cardiovascular Prosthetic Devices), Global, Company Share by Revenue ($m), 2011 33

Table 7: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Revenue ($m) and Market Share (%), 2011 34

Table 8: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Revenue ($m) and Market Share (%), 2011 36

Table 9: Cardiovascular Devices (Cardiovascular Surgery), Global, Company Share by Revenue ($m), 2011 37

Table 10: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Revenue ($m) and Market Share (%), 2011 38

Table 11: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Revenue ($m) and Market Share (%), 2011 40

Table 12: Cardiovascular Devices (Prosthetic Heart Valves), Global, Company Share by Revenue ($m), 2011 41

Table 13: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Revenue ($m) and Market Share (%), 2011 42

Table 14: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Revenue ($m) and Market Share (%), 2011 44

Table 15: Sorin S.p.A., Cardiovascular Devices, Global, Revenue ($m) and Market Share (%) by Category, 2011 46

Table 16: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Revenue ($m) and Market Share (%) by Category, 2011 48

Table 17: Sorin S.p.A., Cardiovascular Devices, Australia, Revenue ($m) and Market Share (%) by Category, 2011 50

Table 18: Sorin S.p.A., Cardiovascular Devices, China, Revenue ($m) and Market Share (%) by Category, 2011 52

Table 19: Sorin S.p.A., Cardiovascular Devices, India, Revenue ($m) and Market Share (%) by Category, 2011 54

Table 20: Sorin S.p.A., Cardiovascular Devices, Japan, Revenue ($m) and Market Share (%) by Category, 2011 56

Table 21: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Revenue ($m) and Market Share (%) by Category, 2011 58

Table 22: Sorin S.p.A., Cardiovascular Devices, Europe, Revenue ($m) and Market Share (%) by Category, 2011 60

Table 23: Sorin S.p.A., Cardiovascular Devices, France, Revenue ($m) and Market Share (%) by Category, 2011 62

Table 24: Sorin S.p.A., Cardiovascular Devices, Germany, Revenue ($m) and Market Share (%) by Category, 2011 64

Table 25: Sorin S.p.A., Cardiovascular Devices, Italy, Revenue ($m) and Market Share (%) by Category, 2011 66

Table 26: Sorin S.p.A., Cardiovascular Devices, Spain, Revenue ($m) and Market Share (%) by Category, 2011 68

Table 27: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Revenue ($m) and Market Share (%) by Category, 201170

Table 28: Sorin S.p.A., Cardiovascular Devices, Other Europe, Revenue ($m) and Market Share (%) by Category, 2011 72

Table 29: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Revenue ($m) and Market Share (%) by Category, 2011 74

Table 30: Sorin S.p.A., Cardiovascular Devices, North America, Revenue ($m) and Market Share (%) by Category, 2011 76

Table 31: Sorin S.p.A., Cardiovascular Devices, Canada, Revenue ($m) and Market Share (%) by Category, 2011 78

Table 32: Sorin S.p.A., Cardiovascular Devices, United States, Revenue ($m) and Market Share (%) by Category, 2011 80

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Table 33: Sorin S.p.A., Cardiovascular Devices, South and Central America, Revenue ($m) and Market Share (%) by Category, 2011 82

Table 34: Sorin S.p.A., Cardiovascular Devices, Brazil, Revenue ($m) and Market Share (%) by Category, 2011 84

Table 35: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Revenue ($m) and Market Share (%) by Category, 2011 86

Table 36: Sorin S.p.A., Key Employees 87

Table 37: Sorin S.p.A., Subsidiaries 92

Table 38: Sorin S.p.A., Deals Volume Summary, 2007 to 2012 94

Table 39: Sorin S.p.A., Deals Summary, 2007 to 2012 95

Table 40: Sorin Acquires Cannulae Product Line From ESTECH 96

Table 41: Sorin Group Acquires EVH Business From Datascope 97

Table 42: HighLife Raises $6 Million In Venture Financing 98

Table 43: Cardiosolutions Raises $8 Million In Venture Financing 99

Table 44: Argos Soditic And MPS Venture SGR Acquire Bellco From Sorin 100

Table 45: Sorin Group Sells Its Vascular Therapy Business To IP Investimenti e Partecipazioni 101

Table 46: LETI Forms Partnership With Sorin, TIMA, Cedrat Technologies, Tronics And EASII IC 102

Table 47: Sorin Enters Into Distribution Agreement With CardioMedical 103

Table 48: Sorin Signs Distribution Agreement With Japan Lifeline 104

Table 49: Sorin Enters Into Co-Development Agreement With Orange Business Services 105

Table 50: Sorin Signs An Agreement With Sphere Medical 106

Table 51: Sorin Enters Into An Agreement With Japan Lifeline 107

Table 52: Sorin Signs Research Agreement With Mayo Clinic 108

Table 53: Cytomedix Acquires Angel Whole Blood Separation System And activAT Autologous Thrombin Processing Kit From Sorin Group 109

Table 54: Datascope Acquires Peripheral Vascular Stent Business From Sorin 111

Table 55: Sorin Group Acquires Alcard Industria Mecanica, Cardiac Surgery Devices Maker 112

Table 56: Sorin Group Acquires Neurotech, Developer Of Neurostimulation Devices 113

Table 57: Sorin Acquires California Medical Labs, Maker Of Cardiovascular Cannulae, For $14 Million 115

Table 58: Sorin Group Invests $7 Million In Enopace Biomedical 116

Table 59: Sorin Group Acquires GISH Biomedical From VENTIZZ Capital Partners 117

Table 60: Sorin Group Acquires Austria-Based Distributor For $4.8 Million 118

Table 61: Sorin Acquires Minority Stake In Sphere Medical Holding 119

Table 62: Japan Lifeline Acquires Sorin Group Japan From Sorin 120

Table 63: USD to Local Currency, Average Exchange Rate, 2011 200

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1.2 List of Figures

Figure 1: Cardiovascular Devices(Cardiac Rhythm Management), Global, Market Share (%), 2011 ......................................... 27

Figure 2: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Region, Market Share (%), 2011 .......... 29

Figure 3: Sorin S.p.A., Cardiovascular Devices (Cardiac Rhythm Management), by Country, Market Share (%), 2011 ......... 30

Figure 4: Cardiovascular Devices(Cardiovascular Prosthetic Devices), Global, Market Share (%), 2011 ................................. 32

Figure 5: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Region, Market Share (%), 2011 .. 34

Figure 6: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Prosthetic Devices), by Country, Market Share (%), 2011 . 35

Figure 7: Cardiovascular Devices(Cardiovascular Surgery), Global, Market Share (%), 2011 .................................................... 37

Figure 8: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Region, Market Share (%), 2011 ..................... 38

Figure 9: Sorin S.p.A., Cardiovascular Devices (Cardiovascular Surgery), by Country, Market Share (%), 2011 .................... 39

Figure 10: Cardiovascular Devices(Prosthetic Heart Valves), Global, Market Share (%), 2011 .................................................. 41

Figure 11: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Region, Market Share (%), 2011 ................... 42

Figure 12: Sorin S.p.A., Cardiovascular Devices (Prosthetic Heart Valves), by Country, Market Share (%), 2011 .................. 43

Figure 13: Sorin S.p.A., Cardiovascular Devices, Global, Category Revenue Share (%), 2011.................................................. 45

Figure 14: Sorin S.p.A., Cardiovascular Devices, Global, Market Share (%) by Category, 2011 ................................................ 46

Figure 15: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Category Revenue Share (%), 2011 ........................................ 47

Figure 16: Sorin S.p.A., Cardiovascular Devices, Asia-Pacific, Market Share (%) by Category, 2011 ....................................... 48

Figure 17: Sorin S.p.A., Cardiovascular Devices, Australia, Category Revenue Share (%), 2011 .............................................. 49

Figure 18: Sorin S.p.A., Cardiovascular Devices, Australia, Market Share (%) by Category, 2011 ............................................ 50

Figure 19: Sorin S.p.A., Cardiovascular Devices, China, Category Revenue Share (%), 2011 ................................................... 51

Figure 20: Sorin S.p.A., Cardiovascular Devices, China, Market Share (%) by Category, 2011 ................................................. 52

Figure 21: Sorin S.p.A., Cardiovascular Devices, India, Category Revenue Share (%), 2011 .................................................... 53

Figure 22: Sorin S.p.A., Cardiovascular Devices, India, Market Share (%) by Category, 2011 ................................................... 54

Figure 23: Sorin S.p.A., Cardiovascular Devices, Japan, Category Revenue Share (%), 2011 .................................................. 55

Figure 24: Sorin S.p.A., Cardiovascular Devices, Japan, Market Share (%) by Category, 2011 ................................................. 56

Figure 25: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Category Revenue Share (%), 2011 ............................. 57

Figure 26: Sorin S.p.A., Cardiovascular Devices, Other Asia-Pacific, Market Share (%) by Category, 2011 ............................ 58

Figure 27: Sorin S.p.A., Cardiovascular Devices, Europe, Category Revenue Share (%), 2011 ................................................ 59

Figure 28: Sorin S.p.A., Cardiovascular Devices, Europe, Market Share (%) by Category, 2011 ............................................... 60

Figure 29: Sorin S.p.A., Cardiovascular Devices, France, Category Revenue Share (%), 2011 ................................................. 61

Figure 30: Sorin S.p.A., Cardiovascular Devices, France, Market Share (%) by Category, 2011 ............................................... 62

Figure 31: Sorin S.p.A., Cardiovascular Devices, Germany, Category Revenue Share (%), 2011 ............................................. 63

Figure 32: Sorin S.p.A., Cardiovascular Devices, Germany, Market Share (%) by Category, 2011 ........................................... 64

Figure 33: Sorin S.p.A., Cardiovascular Devices, Italy, Category Revenue Share (%), 2011 ...................................................... 65

Figure 34: Sorin S.p.A., Cardiovascular Devices, Italy, Market Share (%) by Category, 2011 .................................................... 66

Figure 35: Sorin S.p.A., Cardiovascular Devices, Spain, Category Revenue Share (%), 2011 ................................................... 67

Figure 36: Sorin S.p.A., Cardiovascular Devices, Spain, Market Share (%) by Category, 2011 ................................................. 68

Figure 37: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Category Revenue Share (%), 2011 ................................. 69

Figure 38: Sorin S.p.A., Cardiovascular Devices, United Kingdom, Market Share (%) by Category, 2011 ............................... 70

Figure 39: Sorin S.p.A., Cardiovascular Devices, Other Europe, Category Revenue Share (%), 2011 ..................................... 71

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Figure 40: Sorin S.p.A., Cardiovascular Devices, Other Europe, Market Share (%) by Category, 2011 .................................... 72

Figure 41: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Category Revenue Share (%), 2011 ..................... 73

Figure 42: Sorin S.p.A., Cardiovascular Devices, Middle East and Africa, Market Share (%) by Category, 2011 .................... 74

Figure 43: Sorin S.p.A., Cardiovascular Devices, North America, Category Revenue Share (%), 2011 .................................... 75

Figure 44: Sorin S.p.A., Cardiovascular Devices, North America, Market Share (%) by Category, 2011 .................................. 76

Figure 45: Sorin S.p.A., Cardiovascular Devices, Canada, Category Revenue Share (%), 2011 ............................................... 77

Figure 46: Sorin S.p.A., Cardiovascular Devices, Canada, Market Share (%) by Category, 2011 .............................................. 78

Figure 47: Sorin S.p.A., Cardiovascular Devices, United States, Category Revenue Share (%), 2011 ..................................... 79

Figure 48: Sorin S.p.A., Cardiovascular Devices, United States, Market Share (%) by Category, 2011 .................................... 80

Figure 49: Sorin S.p.A., Cardiovascular Devices, South and Central America, Category Revenue Share (%), 2011 .............. 81

Figure 50: Sorin S.p.A., Cardiovascular Devices, South and Central America, Market Share (%) by Category, 2011 ............ 82

Figure 51: Sorin S.p.A., Cardiovascular Devices, Brazil, Category Revenue Share (%), 2011 ................................................... 83

Figure 52: Sorin S.p.A., Cardiovascular Devices, Brazil, Market Share (%) by Category, 2011.................................................. 84

Figure 53: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Category Revenue Share (%), 2011 ... 85

Figure 54: Sorin S.p.A., Cardiovascular Devices, Other South and Central America, Market Share (%) by Category, 2011 . 86

Figure 55: Sorin S.p.A., Deals Volume Summary, 2007 to 2012 ...................................................................................................... 94

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© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page15

2 Introduction

GlobalData Medical Equipment Company Reports are ideal guide for anyone wishing to understand the

market better in terms of revenues and competitive landscape.

2.1 What Is This Report About?

This report is an essential source for data, analysis and strategic insights into the company. The report

provides key information relating to market share by sector and country. The report examines

company‟s business structure and operations, history and products and provides an analysis of its key

revenue lines.

The country coverage for the purpose of this report includes:

North America – United States and Canada.

Asia Pacific – Australia, China, India, Japan, Republic of Korea, Taiwan and New Zealand,

Europe – France, Germany, Italy, Spain, United Kingdom, Austria, Belgium, Czech Republic,

Finland, Greece, Hungary, Ireland, Netherlands, Norway, Poland, Portugal, Russian Federation,

Sweden, Switzerland and Turkey.

South and Central America – Brazil, Argentina, Chile and Mexico.

Middle East and Africa - Egypt, Israel, South Africa and United Arab Emirates.

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4 Company Snapshot

4.1 Key Facts

Table 1: Sorin S.p.A., Key Facts, 2011

Web Address

Turnover (in USD Million)

Financial year-end

Number of Employees

BIT

Source: GlobalData Company Website

4.2 Company Overview

4.3 Financial Performance

4.4 SWOT Snapshot

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5 Business Description

5.1 Business Overview

5.2 Cardiovascular

5.2.1 Overview

5.2.2 Financials

5.2.3 Market View

5.3 Major Products and Services

5.3.1 Overview

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7 SWOT Analysis

7.1 Overview

Table 2: Sorin S.p.A., SWOT Analysis, 2011

Strengths Weaknesses

Opportunities Threats

Source: GlobalData Company Website

7.2 Sorin S.p.A. Strengths

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7.3 Sorin S.p.A. Weaknesses

7.4 Sorin S.p.A. Opportunities .

7.5 Sorin S.p.A. Threats

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16 Sorin S.p.A. Detailed Deal Summary

16.1 Asset Purchase

16.1.1 Sorin Acquires Cannulae Product Line From ESTECH

Table 40: Sorin Acquires Cannulae Product Line From ESTECH

Deal Type

Deal in Brief

Deal Rationale

Deal Information

Deal Status

Completed Date

Acquirer Company Information

Company Name

Business Description

Vendor Company Information

Company Name


Advisor Information

Company Being Advised Financial Advisor

Target Asset Information

Asset Name

Asset Description

Source: GlobalData

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Sorin S.p.A.



16.1.2 Sorin Group Acquires EVH Business From Datascope

Table 41: Sorin Group Acquires EVH Business From Datascope

Deal Type

Deal in Brief

Deal Information

Deal Status

Announced Date

Completed Date

Companies Information

Acquirer Company Information

Company Name


Vendor Company Information

Company Name


Advisor Information

Company Being Advised Legal Advisor

Target Asset Information

Asset Name

Asset Description

Source: GlobalData

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Appendix


© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page197

18 Appendix

The data and analysis within this report is driven by Medical eTrack

Medical eTrack gives you the key information to drive sales, investment and deal making activity in your

business. It includes the following information:

15,000+ Market size data tables across 740 medical equipment segments and 39 countries with historic

data from 2004 forecast to 2018

6,000+ Primary expert interviews conducted per annum for ensuring data and report quality

1,100+ Conferences on medical equipment covered

1,000+ Industry leading reports per annum covering growing sectors, market trends, investment

opportunities and competitive landscape

600+ Analysis reports covering market and pipeline product analysis reports by indication, medical

equipment trends and issue reports and investment and M&A trend reports worth over $3 Million

43,000+ Medical equipment companies profiled

1,500+ Private, emerging and technology start-up company profiles

1,500+ Medical equipment manufacturers in China and India

1,500+ Medical equipment companies in Japan

700+ Companies with revenue splits and market shares by category

1,500+ Quarterly and annual medical equipment company financials

700+ Medical equipment company SWOT‟s

9,000+ Pipeline product profiles

8,000+ Marketed product profiles

14,000+ Clinical trials

15,000+ Trial investigators

13,000+ New product patents

3,300+ Companies with products in development

17,000+ Deals in the medical equipment industry

1,100+ Surgical and diagnostic procedures by therapy area

40+ Key healthcare indicators by country

o For more information or to receive a free demo of the service visit

http://www.medicaletrack.com/contactus.aspx?RD=Demo=

http://www.medicaletrack.com/contactus.aspx?RD=Demo

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18.1 Research Methodology

GlobalData‟s dedicated research and analysis teams consists of qualified professionals with experience

in marketing, market research, consulting background in the medical devices industry and advanced

statistical expertise.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and the

Strategic and Competitive Intelligence Professionals (www.scip.org).

All GlobalData databases are continuously updated and revised. The following research methodology is

followed for all databases and reports.

18.2 Secondary Research

The research process begins with exhaustive secondary research on internal and external sources

being carried out to source qualitative and quantitative information relating to each market.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and

SEC filings;

Industry trade journals, scientific journals and other technical literature;

Internal and external proprietary databases;

Relevant patent and regulatory databases;

National government documents, statistical databases and market reports;

Procedure registries; and

News articles, press releases and web-casts specific to the companies operating in the market.

18.3 Primary Research

GlobalData conducts thousands of interviews a year with industry participants and commentators in

order to validate its data and analysis. A typical research interview fulfills the following functions:

It provides first-hand information on market size, market trends, growth trends, competitive

landscape and future outlook;

Helps in validating and strengthening the secondary research findings; and

Further develops the analysis team‟s expertise and market understanding.

Primary research involves e-mail interactions and telephonic interviews for each market, category,

segment and sub-segment across geographies.

The participants who typically take part in such a process include, but are not limited to:

Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and

national sales managers;

Hospital stores, laboratories, pharmacies, distributors and paramedics;

http://www.mrs.org.uk/

http://www.scip.org/

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Outside experts: investment bankers, valuation experts, research analysts specializing in specific

medical equipment markets; and

Key opinion leaders: physicians and surgeons specializing in different therapeutic areas

corresponding to different kinds of medical equipment.

18.4 Models

Where no hard data is available, GlobalData uses modeling and estimates in order to produce

comprehensive data sets. The following rigorous methodology is adopted:

Available hard data is cross-referenced with the following data types to produce estimates:

Demographic data on population segments;

Macro-economic indicators such as GDP, inflation rate;

Healthcare indicators such as health expenditure, physician base, healthcare infrastructure and

facilities; and

Selected epidemiological and procedure statistics.

18.5 Forecasts

GlobalData uses proprietary forecast models. The following four factors are utilized in the forecast

models:

Historic growth rates;

Macro-indicators such as population trends and healthcare spending;

Forecast epidemiological data; and

Qualitative trend information and assumptions.

The data is then cross-checked by the expert panel.

18.6 Expert Panels

GlobalData uses a panel of experts to cross-verify its databases and forecasts.

GlobalData‟s expert panel comprises marketing managers, product specialists, international sales

managers from medical device companies; academics from research universities, KOLs from hospitals,

consultants from venture capital funds and distributors/suppliers of medical equipment and supplies etc.

Historic data and forecasts are relayed to GlobalData‟s expert panel for feedback and adjusted in

accordance with their feedback.

18.7 GlobalData Consulting

We hope that the data and analysis in this brief will help you make informed and imaginative business

decisions. If you have further requirements, GlobalData‟s consulting team may be able to help you.

GlobalData offers tailor-made analytical and advisory services to drive your key strategic decisions. For

more information about GlobalData‟s consulting capabilities, please contact us directly at

[email protected]

mailto:[email protected]

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18.8 Currency Conversion

Revenues are calculated in constant currency (USD) in the report.

Table 63: USD to Local Currency, Average Exchange Rate, 2011

Country Currency Code Conversion Factor

United States USD 1.000

Canada CAD 0.989

Austria EUR 0.719

Belgium EUR 0.719

Czech Republic CZK 17.678

Denmark DKK 5.356

Finland EUR 0.719

France EUR 0.719

Germany EUR 0.719

Greece EUR 0.719

Hungary HUF 200.982

Ireland EUR 0.719

Italy EUR 0.719

Netherlands EUR 0.719

Norway NOK 5.606

Poland PLN 2.962

Portugal EUR 0.719

Russian Federation RUB 29.389

Spain EUR 0.719

Sweden SEK 6.491

Switzerland CHF 0.887

Turkey TRY 1.679

United Kingdom GBP 0.624

Australia AUD 0.969

China CNY 6.464

India INR 47.041

Japan JPY 79.722

New Zealand NZD 1.265

Republic of Korea KRW 1,107.542

Taiwan TWD 29.388

Argentina ARS 4.127

Brazil BRL 1.673

Chile CLP 483.417

Mexico MXN 12.432

Egypt EGP 5.944

Israel ILS 3.577

Saudi Arabia SAR 3.750

South Africa ZAR 7.251

United Arab Emirates AED 3.673

Source: GlobalData

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18.9 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by

any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of

the publisher, GlobalData.

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