Holter Monitoring Services
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TABLE OF CONTENTS
- Title page ……………………………………………………………………………… 1
- Table of Contents ……………………………………………………………………… 2
- Executive Summary ……………………………………………………………………. 3
- Introduction ……………………………………………………………………………. 3
- Marketing Strategy …………………………………………………………………….. 4
- Governance and CSR ………………………………………………………………….. 5
- Financial Projections …………………………………………………………………… 6
- Strategy Implementation ………………………………………………………………. 6
- Conclusion ……………………………………………………………………………… 7
- References ……………………………………………………………………………… 9
Executive Summary
Holter Monitoring Technologies Co. is a company registered in Germany. The business plan for Holter Monitoring Technologies Co. to enter Germany which has a market size of approximately USD 1.0 billion, for Holter monitoring devices through the acquisition of majority shares with Schuller Medical Technologies which already has a sizable market share. Holter Technologies have entered the market with three products that are diverse in segmentation, product and end-user. The market projects are the growth over the next CAGR. The Company has projected to increase the use of technology to improve the software and to develop products that are compatible with different disease prevalence.
Introduction
Holter Monitoring Technologies Co. is a company registered in the United States with relevant company laws and other legal regulations. The board of the Company, which is very diverse and multinational decided that there is a need for research into the European market. The report addressed here seeks to provide an analysis of market entry of the Company into Germany. The story will undertake a market analysis of the Holter monitoring devices, in particular, the patch, both the wired and the wireless Holter monitoring devices and the Holter monitoring software.
The Holter monitoring devices monitor and track heart activity through a process known as an electrocardiogram. The machines are essential, especially for people with irregular heartbeats or those with other heart conditions. The industry in Germany is fast rising predicted to grow to about USD 1.5 billion by 2025.
Marketing Strategy
The global market value in 2018 estimated at USD 5.4 billion provides an ideal time for entry. The market will grow by approximately 6.5 -8.0 % CAGR between 2018 and 2025. This projected growth is in large part attributed to rising cases of Cardiac Arrhythmia. This condition affects the heart and is characterized by an irregular heartbeat, which may be a sign of a more serious heart condition. Holter monitoring devices have also become prevalent in the relatively younger generation and is primarily used to monitor the heart, especially if engaging in physical activity. These factors have attributed to the growing,market value for these monitoring devices.
The biggest clients for these products shall be the hospital around Germany that consists of the largest consumers due to all the regular monitoring on patients. Another client the Company is targeting is the care homes around the country that usually require them for regular monitoring. Due to the unique work carried out by the ECG monitors, and the fact that most heart diseases are lifestyle diseases, and therefore, are on an upwards trajectory, there has been a sustained consumer base for these devices. As indicated, the largest consumers of the ECG Holter monitoring devices are the hospitals. The consumer base projects a considerable flow of people going to hospitals for regular check-ups and both short-term and long-term treatment. The consumers in hospitals are usually people of different ages and heart diseases, and other conditions affect people of all ages. Another consumer base is the care homes. Care homes are places expressly set up for the care of the elderly. Heart diseases are more common in older people, as they are prone to irregular heartbeats and cardiac arrests. The uncertainty of the illness makes care homes vital to the market analysis.
Technology has played an essential role in the development and manufacturing of ECG monitoring devices. In the same vein, technology has also helped in increasing the trade of these devices due to the use of web-based companies and strategies, and the use of social media to market the various products made. The advent of the internet in the late 20th century and its growth has created an environment where there can be sale without physical contact. The Company will put measures to facilitate web-based transactions such as the creation of a platform that offers consumers al the knowledge and advice on all the products. The Company also has an online presence with pages on most of the social networks, which also ensures customer support and timely feedback.
Governance and Corporate Social Responsibility
It is crucial to undertake a study of the corporate governance regulations and other company laws of a particular country. Sincelaws and regulations in different countries will not have the same corporate rules and regulations,it is essential that a company wishing to carry on business in another country undertake this section of the business plan. This section helps in identifying the specific conditions required to gain approval and permits to operate in that particular country. Besides, countries often adopt different structures of governance, and this extends to company laws.
Germany has adopted a structure of governance, often referred to as the ‘Rhenish Capitalism’ (Fifka, 2013). An emphasis on stockholder oriented companies characterizes this form of management. This form of governance is different as it emphasizes the interests of the stockholders over the shareholders’. The CSR means that for Holter Monitoring Technologies Co., models used in the United States will require a change to align itself with Germany’s corporate governance structure. The principal legislation for German stock companies is the Stock Corporation Law that provides the regulations relating to both stock companies and SEs, family or Dual-structure companies.
Financial Projections
The market estimates for the next five years project growth of about 6.5% -8.5% CAGR 2018-2025. The projected growth of the industry in Germany is estimated to grow by approximately USD 20 million every year. The market capitalization has continued to create an opportunity for growth into new markets. The financial projections undertaken by segment and product type, the ECG devices that offered are in three segments. They include 1-channel, 2-channel and 3-channel segments. The financial estimates are also made based on the product type. Holter Monitoring Technologies will have three products that shall form the basis of product development in Germany.
The most widely used product by segmentation is the 2-channel and 3-channel forms of ECG monitoring machines. By product, the 3-channel segment estimates to cover the most significant market value share due to the allocation of prominent reimbursement and increase in several cases of cardiovascular diseases. This market projects to bear at least a third of the Company’s revenues based on these specific products. The projected growth of this segment is prominent due to the increase in the use of ECG monitoring devices and systems. Additionally, the financial projections have been made based on the end-user. Based on the section on the consumers. Large parts of the revenue to earned shall be b on the use by the hospitals and care homes and other sport and leisure facilities. The results of these projections have, therefore, placed the Holter monitors and patches that are the most used, especially the wired and the wireless devices.
Strategy Implementation
Holter Monitoring Technologies shall adopt a strategy proven to increased growth of the business. SWOT analysis is an examination of an organization’s internal strengths and weaknesses and opportunities for growth and external threats that may hurt the organization. Strengths are those things that add value to the organization and make it have the edge over other similar organizations. Organizational strengths provide for a situation where an organization is more effective and efficient to have an advantage over its competitors (Gurel, 2017). The market share in this industry is projected to grow, which is a strength for the Company. Also, the funding can be a strength when a company has enough funding, and the Company has enough funding and knowledge of the market.
Organizational weaknesses are those factors that consist of a disadvantage to the organization. Weaknesses present structural gaps within the Company and may harm the overall business. Weaknesses may include negative publicity. In this age where a company must ensure that it is socially aware of its consumers’ and the wider society’s interests, a company should always strive to uphold a positive image. Outside or external factors may also present opportunities or threats. Opportunities may include the projected growth of a particular industry seen as an opportunity to expand. Similarly, a company may face external threats such as competitors and legal frameworks that are unfavourable to business.
Conclusion
Holter Monitoring Technologies is a Company that seeks to expand its business into Germany. The Company is involved in the development and manufacture of medical equipment, in particular ECG monitoring devices. The Company has three products that are the wired Holter monitor, the wireless ECG monitor and the Holter monitoring software. These products are projected to serve a wide-ranging of preferences and consumer end-users. The prevalence informs the increased market value of these devices of heart disease. The report expects that the business will grow as the market rises over the next five years.
References
Fifka, M. S. (2013) The Irony Of Stakeholder Management In Germany: The Difficulty of Implementing an Essential Concept for CSR.Springer-Verlag Berlin Heidelberg, uwf UmweltWirtschaftsForum 21(1-2), 442-451.
Gurel, E. (2017). SWOT Analysis. The Journal of International Social Research, 10(51), August 2017, 994-1008.