This section of the report identifies significant developments and activities in the global concussion market. It provides an overview of key market developments via prominent industry players. The strategies to gain a significant market share in this growing industry vary from mergers to business partnerships to expansions and acquisitions. Established companies are busy acquiring companies and entering into partnerships with other players.
The global concussion market is a niche market, and a number of companies are working towards the development of numerous technologies associated with the treatment of neurological diseases such as concussion, diffuse axonal injury, contusion, second impact syndrome, coup-contrecoup injury, penetrating injury, hypoxic brain injury, anoxic brain injury (ABI), locked in syndrome, and others.
The top three major players, namely, Teva Pharmaceutical, Medtronic, and Sun Pharma Global, cumulatively account for more than half of the share of the global concussion market. Other key players contributing to the market growth include Zydus Healthcare, Lupin, Integra Lifesciences Corporation, and others. The academic research and the pharmaceutical industry have turned into a critical and element power in the global concussion market. Through extensive research, it is found that market players have adopted the strategy of collaborating with various academic institutes and pharmaceutical companies.
1.1 Prominent Players in the Concussion Therapeutics Industry
Companies adopt acquisitions as their key development strategy in the concussion therapeutics industry to increase their market share. A comprehensive competitive analysis and profiles of major market players, such as Teva Pharmaceuticals, Lupin, GlaxoSmithKline PLC, Pfizer Inc., Sanofi, Eli Lilly and Company, Bayer AG Johnson & Johnson, and Bristol-Myers Squibb are outlined in the report.
Teva Pharmaceuticals accounted for the largest share of the concussion market in 2017. The company offers its products by utilizing its arrangement of more than 1,800 molecules to create an extensive variety of generic products in almost every therapeutic area. The company is specialized in generic medicines, CNS, brand and specialty medicines, oncology, active pharmaceutical ingredients, respiratory, women's health, and biologics. Geographically, the company operates in regions such as North America, Latin America, Europe, Japan, and South Korea.Lupin held the second largest share of the concussion market in 2017. Moreover, the company holds a 20% market share in the US for a concussion. The company manufactures and sells a wide range of branded and generic formulations, active pharmaceutical ingredients (API), advanced drug delivery systems (ADDS), and biotechnology products in over 100 countries. Its major markets include the US, India, Japan, Europe, South Africa, Philippines, and Australia.
Moreover, companies such as Grace Laboratories, NeuroScience Pharmaceutical, Tenax Therapeutics, Neuren Pharmaceuticals Ltd, SFC Fluidics LLC, Banayan Biomarkers Inc., BHR Pharma LLC, Cerora Inc., ElMindA Ltd, Grace Laboratories LLC, KeyNeurotek Pharmaceuticals AG, Luoxis Diagnostics, and Neuro Assessment Systems have their products in the development phase of clinical trials.
1.2 Prominent Players in the Concussion Diagnostic Industry
Major players in the concussion market are opting for strategic collaborations and partnerships to brace their position in the market. These include Canon Medical Systems Corporation, Siemens Healthineers Fujifilm Holdings Corporation, GE Healthcare, Hitachi Healthcare Systems, Koninklijke Philips NV, NeuroLogica Corporation, Koning Corporation, Shenzhen Anke High-Tech Co., and Neusoft Medical Systems Co. Ltd
The launch of new products has assisted some major players in gaining a competitive advantage in the market. Moreover, many large companies also tend to enter into agreements and acquisitions with local or small-scale companies which will enhance the company’s presence in the local market. The companies are relying on different strategic initiatives including mergers, acquisitions, regional expansions, new product developments, and strategic collaborations to strengthen their position in the market.
Bargaining Power of Suppliers
In the global concussions industry, suppliers are raw materials’ manufacturers such as chemical suppliers for pharmaceuticals and intermediate Original Equipment Manufacturers (OEMs) for medical devices like magnetic resonance imaging (MRI). There is a huge number of suppliers in the global concussions market, thus, leading to a moderate amount of bargaining power in the market. The switching cost of these suppliers is moderate as the suppliers tend to enter long-term associations with the manufacturers. Thus, the bargaining power of suppliers is moderate. Bargaining Power of Buyers
The bargaining power of buyers is low to moderate in the global concussions market. The market has a moderate number of buyers which includes providers such as hospitals and clinics, research centers, educational institutions, and payers. The buyers in the global concussions market hold only a certain degree of power over the market players because of the moderate concentration of the buyers. Threat of New Entrants
The threat of new entrants in the global concussions market is moderate. The global concussions market is growing at a steady pace due to the increasing number of sports injuries worldwide, rising R&D funding for the development of new diagnostic devices. Companies involved in the mergers and acquisitions and rapid product launches are generating a huge amount of profit and influencing the potential companies to enter into this market. The specialist knowledge or expertise related to product development and the huge capital required for the development of diagnostic products acts as an entry barrier for the new players. Further, several small and medium-size companies are creating their space and trying to capture the market share which mostly untouched by major players. Threat of Substitutes
The threat of substitutes in the global concussions market is medium. The innovation and launch of new imaging diagnostics systems for the diagnosis of brain injuries are increasing the threat of substitution for existing products. The customers tend to select the product according to their need and which provide the best results. The other factors that increase the threat of substitutes are low brand loyalty in the case of pharmaceutical drugs. So, the companies are focusing on developing high-quality, and cost-effective products as per the market need to decrease the threat of substitute. Intensity of Rivalry
The intensity of rivalry in the global concussions market is moderate to high. The rising demand for imaging techniques and diagnostic products by the end user such as hospitals and research academies are contributing to the increase in rivalry among the companies to capture a large market. Also, the increase in similar types of product offered by different companies increases the competition among the companies. The rise in the number of players decreases the profit share for each company and results to increase the intensity of competition in the respective market. Moreover, companies involved in manufacturing drugs such as analgesics and anticonvulsant are facing intense rivalry owing to the presence of many small and medium scale companies.
