The global vaginal slings market is dominated by several market players such as Boston Scientific Corporation, Ethicon Inc., Coloplast Corp, and others. The major players in the vaginal slings market are opting for strategic collaborations and partnerships to brace their position in the market. Moreover, the launch of new products has assisted some major players in gaining a competitive advantage in the market
Boston Scientific Corporation is a leading medical device company. The firm accounted for 23.8% share in 2017. The company has successfully integrated small companies by mergers and acquisitions to build a strong supply chain network. For instance, in April 2018, the company acquired NxThera. With this, the company aims to expand its urology and pelvic health business. High customer satisfaction level, exceptional performance in new markets and strong brand portfolio adds to the company’s competitive advantage.
Ethicon Inc. accounted for approximately 19.8% of the vaginal slings market in 2017. Ethicon Inc. is a healthcare company that produces surgical equipment, specializing in wound closure. The company employs a strategy of maintaining the quality of the products by maximum automation and rising investment in research and development which helps the company in maintaining its market position. Additionally, the company is engaged in strategic collaborations which facilitates it to strengthen its position and expand its market presence globally.
Coloplast Corp. contributed to approximately 8.8% of the vaginal slings market in 2017. The company provides ostomy care products, continence care products, wound care products, and the products for the surgical treatment of urological and gynecological disorders. The strategy of the company is to expand its urogynecology business geographically, thus bracing its position in the market.
Other key companies in the vaginal slings market are CL Medical, Betatech Medical, Herniamesh S.r.l., Promedon, and A.M.I. GmbH, among others.
Bargaining Power of Suppliers
The bargaining power of suppliers in the vaginal slings market is low to medium. In this market, the suppliers are manufacturers of surgical devices, medical implant, and consumable & accessories. There are many major and small manufacturers are providing vaginal slings. The number of suppliers serving the vaginal slings market is equal in the number of buyer’s in the sector. The supplier concentration is low to moderate in the vaginal slings market.
On the other hand, since the high and specific quality of the material is used for manufacturing urinary incontinence device, only a moderate number of viable raw material substitutes are available, which further boosts the bargaining power of suppliers in the market. In addition, low chances of forwarding integration decrease the bargaining power of suppliers
Most of the key players are divesting enormous money from this product category as there are many lawsuits filed by the customers. Strong brands have been discontinued their products decreasing the brand value in the market while many medium and small players are also providing the same products at different pricing. The ancient market of products is affecting the bargaining power of suppliers.
Bargaining Power of Buyers
The bargaining power of the buyer in vaginal slings is low. Bargaining power of the buyer can define by how easily the buyer can get the products. Currently, the market has a low number of buyers due to the various complications exhibited by the sling surgery. The buyers comprise of clinics, hospitals, urology clinics, and individual healthcare professionals. The presence of buyers in the market is low due to lack of interest by the population, and a high rate of complications in the treatment of urology diseases.
Also, buyers are price sensitive, which moderately affects their bargaining power in the market. There is a presence of a high number of device manufacturers in the world, which provides products at low cost. Also, switching cost is low for buyers as many alternative devices are available in the market which is cost-effective and available.
Threat of New Entrants
The threat of new entrants in the vaginal slings market is considered to have a low impact on the market. The vaginal slings market is a specialized market with high potential and requiring high technological knowledge. The vaginal slings market is also very sensitive to technological advancements and disruptive innovations. Advancement of any novel vaginal sling device with even a small benefit over existing products will have a terrible effect on the existing players.
Moreover, the numerous allegations on the key players have led to losing market share. Large capital requires for the development of product may decrease the threat of new entrants in the global vaginal slings market. Thus, the above factors affect the entry of new players moderately.
Threat of Substitutes
The threat of substitutes in the global vaginal slings market is high. Any threat from a close substitute product is measured to have a high impact on the market. The threat from the substitutes arises when the buyers or the customers in the market can accomplish the end-result using other similar product. Vaginal slings procedure have alternatives in the form of a transvaginal mesh, injectable bulking agents, and retropubic colposuspension. Substitutes are the various types of treatment devices itself, which completely depends on the type of surgery. In addition, the low degree of switching cost and safety maximize the threat of substitutes.
Intensity of Rivalry
The intensity of rivalry in the global vaginal slings market is low. The strength of competitive rivalry evaluates the ability and the level of rivalry among competitors in the market. Many leading and minor companies are competing with each other and putting pressure which eventually leads to minimize the profit. Vaginal slings device manufacturing companies are discontinuing their product line due to several lawsuits being filed in developed regions due to increased complications and side effects in women. Also, brand loyalty has been affected that led to the loss of market share for the key players. The competitors are withdrawing and selling their product category for liquidation and lowering their losses.
