Medtronic is the world's leading medical technology company, specializing in implantable and invasive therapies. Primary products include implantable pacemaker systems used for the treatment of bradycardia, implantable tachyarrhythmia management devices, and mechanical and tissue heart valves. Other products include balloon and guiding catheters used in angioplasty, stents, implantable neurostimulation and drug delivery systems, and perfusion systems including blood oxygenators, centrifugal blood pumps, cannula products, and autotransfusion and blood monitoring systems.

Product diversity "was not always (Medtronic's) mantra." In 1985, 85% of Medtronic's sales came from pacemakers. By 1994, that figure had been reduced to an estimated 57% of sales and a proportionate amount of earnings. This was due primarily to "19 acquisitions in the intervening years, coupled with relentless R&D spending, which have brought the firm into new, higher-growth areas such as neurological devices and blood pumps".

Different markets

The 1996 Medtronic annual report states "our vision for Medtronic is to be the world's leading medical technology company specializing in implantable and invasive therapies." The global medical community comprises the primary, if not sole, market for Medtronic's products. This market clearly contains many segments or niches and differs markedly by country and region but this is not the same as multiple distinct markets.

Different countries

Medtronic does business in more than 120 countries with operations organized into three global areas: Americas, Europe/Middle East/Africa, and Asia/Pacific. One of the sources state "The activity level abroad is over 25%." The United States is Medtronic's largest market, accounting for about 56 percent of total revenues. Western Europe is Medtronic's second largest market. Company officials believe that Western Europe, together with the Middle East and Africa, could eventually become the world's largest market for medical devices.

These figures seem to indicate that more than 25 % of the sales occur in overseas markets. But this is not the same as "activity" which would also include activities such as production, research & development, distribution, marketing, etc. Given the trajectory defined by its globalization strategy, it is certain that, if Medtronic is not yet conducting 25% of its activity overseas, it is very near this level and will soon exceed it.

Different products in the foreign market

Medtronic makes different products as well as different versions of "domestic" products for its foreign markets. Furthermore, the company carries out R&D and customer education in each of its major markets.