Medtronic, the Dublin-based medical device giant, is looking for takeover targets in the Chinese market.
CEO Omar Ishrak told investors Friday that he believes the developing world will represent a $7 billion market opportunity by 2019. China’s growing middle class and aging population makes it a target for the healthcare industry. Ishrak said medical device makers increasingly need to demonstrate the economic value of their products. Medtronic isn’t the only one looking east. On first quarter earnings calls, a number of medical device companies reported rapid growth in China, which outperformed the U.S. and Europe.