The global peripheral artery diseases market is a very attractive and profitable market, both for existing players as well as new entrants. At the same time, intense rivalry among existing competitors has been observed. Our analysis revealed that market players have adopted different strategies to increase their business and position in the global peripheral artery disease market. In recent years, strategic movements made by major players were product launches, acquisitions, and strategic agreements, which have been used as market penetration strategies and to reduce competition.
Companies are now entering into acquisitions, collaborations, product approvals, product launches and expansions to neutralize growing competition from customers, competitors, and to tackle the changing market dynamics. For instance, in October 2019, Koninklijke Philips N.V announced the launch of 200 mm and 150 mm balloons to its Stellarex 0.035” low-dose drug-coated balloon (DCB) portfolio for the treatment of peripheral artery disease patients. Likewise, on September 2019, Terumo Medical Corporation announced the introduction of new R2P MISAGO RX self-expanding peripheral stent. The introduction of this product helps physicians to bring the benefits associated with a radial access approach to patients with PAD.
There are numerous players operating in this market all over the globe. Most of these players exist in the Americas and Europe. There are several large and small market players present in the market which provide a wide range of products for various applications. Medtronic, Koninklijke Philips N.V., Becton, Dickinson and Company, Boston Scientific, Cardinal Health, B. Braun Melsungen AG and Terumo Medical Corporation are the major players in the global peripheral artery disease market, contributing a major share of the total global market.
Threat of New Entrants
There are some mandatory regulatory standards to enter into the drugs and devices market. The threat of new entrants is medium in the peripheral artery disease market. The brand loyalty is medium in the peripheral artery disease market and there many established players in the market, which creates difficulties for newcomers to enter this market.
Bargaining Power of Suppliers
In the global peripheral artery disease market, suppliers are raw materials manufacturers for drug manufacturing companies. The bargaining power of suppliers is low as there is a high number of suppliers in the peripheral artery disease market. Additionally, the switching cost is low as no supplier can influence the prices and exercise control in the industry, which makes the bargaining power low.
Threat of Substitutes
The threat of substitutes in the global peripheral artery disease market is low because of the advantages that peripheral artery disease devices offer. Additionally, quality and trust issues and excellent service provided by the existing players restrict the threat by the substitutes. Also, the low-medium degree of switching costs may minimize the threat of substitutes.
Bargaining Power of Buyers
The bargaining power of buyers is moderate in the global peripheral artery disease market. The presence of buyers in the market is growing due to the increasing awareness about the different products, along with the rising prevalence of peripheral artery diseases. Additionally, the presence of providers is also increasing, which makes the bargaining power of buyers moderate due to the low switching costs.
Intensity of Rivalry
The degree of competition in the global peripheral artery disease market is considered to be medium to high. Differentiation among existing players and the introduction of the newer products is increasing the intensity of rivalry in the market. Peripheral artery disease drugs and device manufacturing companies are trying to develop products with high quality, services, and enhanced safety to increase the demand for these products in developed countries and developing regions. Players are engaged in partnering with established organizations and welcoming tie-ups to overcome the competition. Moreover, the players are also developing advanced products for differentiating their brand from competitors.
