The global surgical navigation systems market is characterized by the presence of many 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 vendors to provide cost-efficient and high-quality services to survive and succeed in an intensely competitive 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. Although international players are dominating the market, regional, and foreign players with small market shares also have a presence. The international players are likely to strengthen their presence through acquisitions during the forecast period.
There are numerous players operating in this market all over the world. The market is consolidated with the presence of many small and big players. Most of these players have a strong presence in the North American and European regions. The major players in the global surgical navigation systems market are Medtronic PLC, Brainlab, and Stryker Corporation.
Major players in the global surgical navigation systems market
Ranking
Company
Medtronic PLC
Brainlab
Stryker Corporation
Medtronic, Inc. is an American medical device company that operates worldwide, with the largest markets in Western Europe, the US, and Japan. The company has a strong brand image and a large portfolio, which increases the chances that customers have come across Medtronic’s devices before. The company is focused on an organic growth strategy to maintain its leading position in the surgical navigation systems market. For instance, in September 2017, Medtronic launched StealthStation ENT. This product was designed for surgeons treating conditions within the ear, nose, and throat (ENT) anatomy. This will improve the company’s ENT product portfolio.
Brainlab is a German medical device company that develops, manufactures, and markets software-driven medical technology. Brainlab offers a wide range of surgical navigation systems including cranial/neuro/spinal surgical navigation systems, Ear, Nose and Throat (ENT) surgical navigation systems and orthopedic/trauma surgical navigation systems, among others. The company is a significant player in the market due to global reach and strong brand presence.
Stryker Corporation develops, manufactures, and markets specialty surgical and medical products. The company has a presence in over 100 countries through local distributors and direct sales forces. The company is engaged in acquisitions to strengthen its position in the market. For instance, in November 2017, Stryker acquired Berlin-based Scopis Medical company. This acquisition will strengthen Stryker’s presence in the surgical navigation systems market.
Threat Of New Entrants
The threat of new entrants is medium in the surgical navigation systems market. Any medical device company trying to enter the market is required to abide by mandatory regulatory standards. In the surgical navigation systems market, many small players are trying to launch technologically advanced products to gain a lucrative share and grab the attention of the customers. Furthermore, there has been an increasing number of regulatory approvals each year for surgical navigation systems. Thus, the above factors affect the entry of new players medium.
Bargaining Power of Suppliers
The suppliers in the global surgical navigation systems industry are the raw material suppliers for the surgical navigation systems. The suppliers are providing hardware and software to manufacture surgical navigation systems. There is a small number of suppliers in the global surgical navigation systems market, which leads to their high bargaining power in the market. In developing regions such as Asia-Pacific, the suppliers are providing their products at low prices. In the surgical navigation systems market, the manufacturers are under pressure to offer their products at low cost and are at risk of low profits as the cost of raw material and bargaining power of suppliers is high.
Threat Of Substitutes
The threat of substitutes in the global surgical navigation systems market is low. There are a very small number of substitutes present for the surgical navigation systems that pose a low threat to the global surgical navigation systems market. The possible substitutes are iMR and iCT. Currently, the threat of hospitals introducing iMR as a standard when performing tumor resection is relatively low, since MR is very expensive and would prolong operation times. Furthermore, buyers’ inclination towards substitutes is low due to their less availability. Additionally, the high degree of switching cost minimizes the threat of substitutes.
Bargaining Power Of Buyers
The bargaining power of buyers is low in the global surgical navigation systems market. The major buyers for the market are hospitals & clinics, and surgical centers. There is a large number of buyers in the market. The buyers can exert low pressure on the surgical navigation systems manufacturing companies as some of the companies sell their products at a very high cost due to the use of advanced technology.
Intensity Of Rivalry
The degree of competition in the surgical navigation systems market is high. The modest degree of product differentiation among existing players increases the intensity of rivalry in the market. Surgical navigation systems manufacturing companies are trying to develop less expensive products to make the treatment more affordable in developing regions. To overcome the competition, players are engaged in improving their processes to lower their manufacturing costs. Moreover, the players are also developing more technologically advanced devices for differentiating their products.
