The global myasthenia gravis market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, quality, and reliability. It is decisive for the vendors to provide cost-efficient and high-quality products, to survive and succeed in an intensely competitive and growing market environment.
The growth of market vendors is dependent on market conditions, government support, and industry development. Thus, vendors should focus on expanding geographically and improving their products. They primarily focus on the development of novel products. Although international players are dominating the market, regional and foreign players with small market shares also have a presence. The international players may strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecast that improvement of the global economic scenario combined with efforts to enhance infrastructure in emerging nations, is fueling the market growth, thereby making it an ideal time for new products and to increase the global market share.
Vendors with better technical and financial resources can develop innovative products. Therefore, vendors must develop new technologies and stay abreast of emerging technologies that could affect the continuing competitiveness of their treatment lines in the market.
Alexion Pharmaceuticals, Inc., is a major player in the global myasthenia gravis market. The company is focused on serving patients and families affected by rare diseases through the discovery, development, and commercialization of life-changing therapies. Alexion Pharmaceuticals, Inc., is best known for its development of Soliris, a drug used to treat rare disorders, atypical hemolytic uremic syndrome, and paroxysmal nocturnal hemoglobinuria.
F. Hoffmann-La Roche Ltd (Roche) is one of the leading companies in the field of diagnostics and pharmaceuticals. It develops, manufactures, and distributes a wide range of branded, generic pharmaceutical, over-the-counter products, and other medical products.The company offers Neostigmine (Prostigmin) and Pyridostigmine (Mestinon), which are used for the treatment of myasthenia gravis.
Bausch Health Companies Inc. is a multinational specialty pharmaceutical company based in Laval, Canada. It develops, manufactures, and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health, and neurology. Mestinon is a key product of the company which is used for the treatment of myasthenia gravis.
Threat of New Entrants
The threat of new entrants in the global myasthenia gravis market is 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. The rise in the demand for myasthenia gravis disease treatment owing to its potential growth in the coming future is expected to attract the currently established and other manufacturers to focus more on this segment. 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.
Bargaining Power of Suppliers
The bargaining power of suppliers in the myasthenia gravis market is medium to high. MG is an autoimmune neuromuscular disorder. There is only one FDA approved drug available for the treatment of myasthenia gravis. But various multinational and local companies are participating actively in launching effective drugs in the market to meet the proposed FDA guidelines. Another factor affecting the bargaining power of suppliers is the switching cost for buyers owing to the presence of local companies. Furthermore, many companies are focusing on the development of new treatment options which increases the competition in the market.
Threat of Substitutes
The threat of substitutes in the myasthenia gravis market is low. There are very few substitutes available in the market, and buyer propensity to substitute is low as most of the medical professionals prescribe a limited number of drugs. Moreover, there is only one FDA approved drug available in the market and other drugs are in the clinical phase. The substitute drugs available in the market are for symptomatic treatment.
Bargaining Power of Buyers
The bargaining power of buyers is low to medium in the myasthenia gravis market. Patients are the major buyers for the market. The presence of buyers in the market is low to medium. Myasthenia gravis is a rare disorder that had a prevalence rate of 15 to 179 per million individuals in 2017. In addition, buyers are price-sensitive, which moderately affects their bargaining power in the market. The market is characterized by a low to medium availability of substitute products which reduces the buying power in the industry.
Intensity of Rivalry
The degree of competition in the myasthenia gravis market is medium. The moderate degree of product differentiation among existing players increases the intensity of rivalry in the market. Companies involved in myasthenia gravis market are trying to develop better and cost-effective products to make product differentiation more affordable in developing regions. To overcome the competition, players are engaged in developing a process to lower their manufacturing costs. Moreover, the players are also developing advanced techniques for differentiating their product from their rivals.
