Boston Scientific is a biomedical, biotechnology, and medical device manufacturing American multinational company. The company started its biomedical and biotechnology business in 1979. Today, we’ll discuss the SWOT analysis of Boston Scientific; it outlines strengths and weaknesses; opportunities and threats that the company has to face; a business strategy analysis example company.
Products and services portfolio of Boston Scientific
- Medical devices
- Taxus stent
- Drug-eluting stent
- Biotechnology
- Biomedical
Subsidiaries of Boston Scientific
- Apama Medical
- Augmenix
- Biocompatibles
- BSC International Medical Trading
- BTG Europe
- Electron Acquisition Corporation
- EndoChoice Holding
- Galil Medical
- Guidant Europe
- Provensis Limited
Statistical facts and figures of Boston Scientific
- Annual revenue: 14.24 billion USD (2023)
- Net income: 1.592 billion USD (2023)
- Employees: 48000
- Asset net worth: 35.14 billion USD (2023)
Competitors of Boston Scientific
- Merit Medical Systems
- Abbott
- Biosense Webster
- Cook Medical
- Johnson & Johnson
- Edward Lifesciences
- Baxter
- Medtronic
The SWOT analysis of Boston Scientific would analyze the internal strengths and weaknesses of the company; and external opportunities and threats that the brand has to face. Here’s Boston Scientific SWOT analysis as a business strategy analysis example company as follows;
Strengths of Boston Scientific
Some of the main internal strengths in the Boston Scientific SWOT analysis example company as business strategy analysis are as follows;
Large Portfolio
Boston Scientific has established a very large and diversified product portfolio comprising of various medical devices. They help medical specialists and doctors in performing various types of medical surgeries and operations; some of which are as follows;
- Interventional radiology
- Cardiology intervention
- Peripheral intervention
- Neuromodulation
- Neurovascular intervention
Recognized Brand
Boston Scientific has established a strong brand position in the medical industry for manufacturing highly sophisticated types of medical devices to perform complex operations. For instance, the company is renowned for the drug-eluting stent and taxus stent for opening up clogged arteries; they help the company strengthen its brand position in the market.
Acquisitions & Subsidiaries
Boston Scientific has a very long list of acquisitions and subsidiaries in various research biotechnology and biomedical fields. The large network of subsidiaries shows the company’s strong commitment to the biomedical and medical device manufacturing business; finding the solution for various types of medical complexities.
Large Network
Boston Scientific has established a very large medical device retail customer market. According to an estimate, the company is offering its medical device and medical products in more than 100 countries across the world. The large customer market helps the company to increase its customer market share, influence, and sales.
Brand Loyalty
Boston Scientific has established a very large database of loyal customers in various countries, regions, and markets worldwide. It is because the company’s medical devices and equipment are saving the lives of hundreds of patients and sick people daily.
Weaknesses of Boston Scientific
Some of the main internal weaknesses in the Boston Scientific SWOT analysis example company as business strategy analysis are as follows;
Research Expense
In order to maintain its customer’s market share; Boston Scientific needs to invest a significant amount of capital resources in research and development. Heavy research expense is good for creativity and innovation, but it negatively impacts the company’s revenue and profitability.
Controversy
Boston Scientific has been found guilty of giving bribery and illegal payments to the medical doctors of the US Army for using their medical devices and equipment. These types of controversies and negative media talks are jeopardizing the company’s reputation in the global market.
Opportunities for Boston Scientific
Some of the main available opportunities in the Boston Scientific SWOT analysis example company as business strategy analysis are as follows;
Market Expansion
Boston Scientific should consider expanding its medical devices and biotechnology business in the global market. The Asian, Indian, European, Australian, Middle Eastern and African markets hold great growth potential. Expanding its business in those markets would help the company increase its market share, revenue, and profitability.
Research & Innovation
Boston Scientific should keep investing capital resources in research and development. It may seem like a heavy expense, but it allows the company to keep developing the latest medical devices and efficient medical tools and equipment. The unique and innovative medical products would give the brand a competitive edge.
Strategic Alliance
Boston Scientific should develop strategic alliances and partnerships with other medical device manufacturing and pharmaceutical companies. The joint venture and sharing of knowledge and expertise would help the biotech company to develop new medical devices and gain a competitive edge.
Threats to Boston Scientific
Some of the main potential threats in the Boston Scientific SWOT analysis example company as business strategy analysis are as follows;
Competition
The pharmaceutical and medical device manufacturing market has become highly competitive over the years. They pose a significant threat and challenge to the company Boston Scientific in terms of research and innovative products. It has become highly difficult for the brand to maintain its market share.
Legal Compliances
Boston Scientific has faced various types of lawsuits over the years. They are not only good for the company’s reputation, but they’re also jeopardizing the company’s revenue and profitability with heavy legal fees and costs.
Conclusion: Boston Scientific SWOT Analysis Example Company |Pharmaceutical and Biomedical SWOT Analysis of Boston Scientific |Business Strategy Analysis
After an in-depth study of the swot analysis of Boston Scientific; we have realized that Boston Scientific is the world’s leading biomedical and Biotech Company. If you are learning about Boston Scientific SWOT analysis Example Company; then you should keep in mind the abovementioned internal strengths and weaknesses; external opportunities and threats as brand strategy analysis.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.
