Philips continues emerging markets expansion
This article was originally published in Clinica
Executive Summary
Philips has sealed its second Indian acquisition deal in as many months, after agreeing to buy X-ray systems manufacturer Meditronics for an undisclosed sum. Mumbai-based Meditronics develops general X-ray systems for the budget end of the market and has a strong focus on mobile C-arms (for surgery) and radiography. The company has around 150 employees and has four industrial sites across India. The deal comes two months after Philips agreed to buy Alpha X-Ray Technologies, another Indian company focusing on budget-end cardiovascular X-ray systems. Philips said it will leverage its global distribution network to expand its offering of economy X-ray products in other emerging and mature markets. Analysts estimate that the general X-ray segment of the Indian market will grow 10% or more each year, while the cardiovascular X-ray segment will grow by 10-15%.