(top) Medtronic CEO Bill Hawkins
(bottom) Boston Scientific CEO Jim Tobin

Recent reports about Medtronic and Boston Scientific may be a strong indicator of the economic strength of the medical-device market.

During the recent World Economic Forum in Davos Switzerland, Medtronic CEO Bill Hawkins told a Reuters reporter that his company, reportedly the largest stand-alone device maker of medical devices, is well positioned for the recession, given its focus on chronic healthcare treatments.

Hawkins went on to say he expects Medtronic to continue making acquisitions in 2009, though they will be small. He said Medtronic is not considering any large acquisitions.

At rival Boston Scientific, CEO Jim Tobin was also cautiously optimistic during an analysts’ call. Tobin said his company is stronger, leaner, more diversified, and more focused. Excluding a $2.7 billion fourth quarter write-down for its purchase of Guidant, maker of cardiovascular devices, Tobin said Boston Scientific made a profit of 21 cents a share for the quarter.