There are a number of dominating players operating in the global arrhythmia monitoring devices market and these players generate maximum market share. Moreover, there are other small and medium scale players present in the market. Moreover, the launch of new products has assisted some major players in gaining a competitive advantage in the market.
Medtronic plc is one of the leading players in arrhythmia monitoring devices. The company accounted for 14.6% market share in 2018. The major reason for its growth is the high adoption of its arrhythmia monitoring devices. The company is involved in partnerships and product launches to sustain its market share. Moreover, the company is engaged in strategic acquisitions to increase its market penetration in the field of medical devices.
GE Company (US) is a prominent player in the field of imaging devices. The firm accounted for 14.4% share in 2018. The key reason for its growth is its wide range of products and wide application areas. The company has a decent portfolio of cardiac monitoring devices. Additionally, the company is engaged in strategic collaborations to increase its product portfolio. For instance, in February 2019, the company entered into a strategic partnership with Preventice Solutions to give clinician tools to patients with atrial fibrillation.
Abbott Laboratories accounted for a market share of 10.0% in 2018. The company is one of the prominent players in the global arrhythmia monitoring devices market. It focuses on the development of innovative products in the field of medical devices. Moreover, the strong brand name of the company is assisting it in increasing the consumer base in developing regions.
Nihon Kohden Corporation accounted for a market share of 4.8% in 2018. The company has a strong market presence in Japan. Its presence is growing in the US which is likely to support its growth in the coming years.
Additionally, BioTelemetry, Inc. accounted for a market share of 4.2% in 2018. Likewise, Fukada Denshi Co., Ltd a company headquartered in Japan accounted for a market share of 1.3% in 2018.
Furthermore, other firms accounted for a 50.7% market share in 2018, that include companies such as Spacelabs Healthcare, among others.
Bargaining Power of Suppliers
Bargaining power of suppliers in the arrhythmia monitoring devices market is medium. There are a number of suppliers present in the market owing to the high demand, increasing government support, and the availability of huge opportunities for the development of the market. Switching cost of these suppliers is high because suppliers tend to enter into long-term associations, partnership, and deals with the other device manufacturing companies. Also, the key companies thrive to survive in the market with their brand identity and the quality of the product. Therefore, the overall bargaining power of suppliers in the global arrhythmia monitoring devices market is medium.
Bargaining Power of Buyers
The bargaining power of buyers is medium in the global arrhythmia monitoring devices market. This is increasing due to a rise in the number of choices of the products and high switching cost. Thus, several manufacturers are trying to come up with innovative techniques to withstand the competition. However, the buyers tend to use the products that have been provided by the top players irrespective of the pricing, which affects the power of a buyer in the industry.
Threat of New Entrants
The threat of new entrants in the global arrhythmia monitoring devices market ranges from low to medium. Any company trying to enter the market is required to accept the mandatory regulatory standards issued by government authorities. The market is also characterized by a high degree of brand loyalty where establishing a brand name is difficult for newcomers. Also, there is a rise in the incidence and prevalence rates of cardiovascular diseases, which attracts the currently established manufacturers and the new monitoring device manufacturers. Furthermore, the cost involved in research and development (R&D) is comparatively high which does not comfort the new entrants to enter the market easily.
Threat of Substitutes
The threat of substitutes in the global arrhythmia monitoring devices market is medium. There are very less substitutes available in the market, and buyer propensity to substitute is low. So, quality and trust issue and excellent service provided by the existing players restrict the threat by the substitutes.
Intense Rivalry
The degree of competition in the global arrhythmia monitoring devices market is high. Companies involved in this market are trying to introduce more advanced equipment, for differentiating their product from their rivals. Moreover, manufacturers also focus on the enhanced safety and quality of the devices to increase the demand for these products in developed countries and developing regions. To overcome the competition, players are engaged in partnering with established organizations and welcoming tie-ups.
