Smith & Nephew (S&N) is a global medical devices business which operates in Orthopaedics (55% of total sales), Endoscopy (22%) and Advanced Wound Management (AWM) (23%) with market share of 11%, 22% and 18% respectively. Growth in S&N’s markets is driven by demographic changes such as an ageing population, increasing obesity rates in mature economies. S&N believes that the estimated potential market in AWM is much larger and might be a strong growth factor for the company. Because of spiralling healthcare costs and government austerity measures, the industry is facing strong price pressures which is hurting growth. The new CEO is focussing on BRIC countries, innovation and possible acquisitions to bolster the company’s growth. The change in CEO should have a large impact on S&N, as the company has been focusing on conservative fiscal management and cautious emerging market growth. The low debt load should make the company’s growth strategy achievable.