Globally there are few dominating players operating in this market. With well-established market in the Americas major companies have their home in the region and generate maximum market share. These companies have expanded their operating units in various other regions as well. Moreover, there are other small and medium scale players that generate revenue from local markets.
The above diagram displays the market share generated by companies in the global brain implants market in the year 2017. The major part of the market share is accounted by top three companies with 83.7% share for the global brain implants market. The global brain implants market is led by Medtronic Plc (US) with 38.4% of the global market share followed by Abbott Laboratories (US) with 25.3%, and Boston Scientific Corporation (US) for the third largest with 19.9% of the market share.
Medtronic Plc (US) is one of the leading players in the field of brain implants. The firm accounted for over 38.4% share in 2017. The major reason for its growth is its wide range of products and wide application areas. The company provides spinal cord stimulation and deep brain stimulation products in the market. Moreover, the company focuses on organic growth strategies to increase its market share for its innovative products. Recently, in September 2018, the company launched the Infinity OCT Spinal System. Similarly, in May 2018, the company received the premarket approval for deep brain stimulation therapy as the adjunctive treatment for Epilepsy. This increase in product approvals and launches would support the company growth in the brain implants market.
Abbott Laboratories (US) contributes to approximately 25.4% of the global brain implants market. Abbott offers a wide range of products for neuromodulation. The company offers innovative brain implants in the market. The firm concentrates on organic and inorganic growth strategies to increase its presence and market share in the brain implants market. Recently, in January 2017, the company acquired St Jude Medical Inc. (US). This acquisition helps the company to widen its vast neuromodulation product portfolio and become the second largest leading player in the brain implants market.
Boston Scientific Corporation (US) accounted for the third largest spot with 19.9% of the market share. The firm has a huge geographic presence due to its wide range of neuromodulation products portfolio. The company offers deep brain stimulation and spinal cord stimulation products in the market. The company focuses on product approval and product launches to maximize its share in the brain implants market. The company offers Vercise DBS for deep brain stimulation. Moreover, the company offers precision montage MRI spinal cord stimulator system, spectra wavewriter spinal cord stimulator system, precision plus spinal cord stimulator system, and precision spectra spinal cord stimulator system products for spinal cord stimulation. Recently, in December 2017, the company received the FDA approval for Vercise deep brain stimulation system.
Bargaining Power of Suppliers There are many suppliers of brain implants, and this gives the edge to manufacturers for sourcing their products in the market. Bargaining power of suppliers in the brain implants market is medium to high. Their buyers also have plenty of option to purchase the goods that factor also affecting the bargaining power of the suppliers. However, quality product supplier has a strong presence and bargaining power in the brain implants market.
Bargaining Power of Buyers
There is a huge number of buyers which includes hospitals and clinics, research centers, educational institution, etc. The bargaining power of buyers is high in the brain implants market. Increasing population, high demand and price consciousness of buyer affects their bargaining power in the market.
Threat of New Entrants
There are some mandatory regulatory standards to enter in brain implants manufacturing. The threat of new entrants is medium in the brain implants market. The brand loyalty is moderate in brain implants market and there so many established players in the market which create difficulties for newcomers to enter this market.
Threat of Substitutes
The threat of substitutes in the global brain implants market is moderate. For instance, neurological professional uses implants as per treatment type or surgery type. Additionally, the moderate degree of switching cost minimizes the threat of substitutes.
Intensity of Rivalry
Most of the brain implants manufacturers are providing almost the same type of products which makes brain implants market highly competitive. Brain implants manufacturing companies are trying to develop less expensive products to make procedures more affordable in developing regions. Brand loyalty also plays an important role in brain implants market. Players are trying to maintain to keep the cost low to gain maximum market share. Companies are also developing more advanced and innovative products to differentiate them from competitors.
