The embolization particle market is profitable, both for existing players as well as new entrants. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players have adopted different strategies and innovative research and development techniques to expand their business and secure their position in the global embolization particle market. In recent years, strategic movements by major players included approvals, acquisitions, and collaborations, which have been used as market penetration strategies and a means to reduce competition.
The growth of market vendors is dependent on market conditions, government support, and industry development. Thus, vendors should focus on geographical expansion and product improvement. It has also been predicted that improvement of the global economic scenario, combined with efforts to enhance infrastructure, can fuel market growth, making it an ideal time to launch new products and increase the market presence.
Vendors with better technical and financial resources could develop innovative products. Therefore, vendors must develop new technologies to stay abreast of emerging techniques that could affect the continuing competitiveness of their product lines in the market.
Boston Scientific Corporation is a long-standing player in the global embolization particle market and held a share of 22.24% in 2019. Adding to it, the company holds a significant position as it constitutes a strong distribution network and aims to capture maximum space in the market in the coming years. The company continuously focuses on research and development to increase its product portfolio. It has also successfully integrated prominent companies through mergers and acquisitions to build a strong supply chain network.
Sirtex Medical has a robust industry experience. The company held the second-largest position in the embolization particle market with a share of 16.55% in 2019. High customer satisfaction level, exceptional performance in new markets, and a strong brand portfolio add to the company’s competitive advantage.
Terumo Medical Corporation is a prominent player with a widespread distribution channel throughout the world. The company employs a strategy of maintaining the quality of the products by rising investments in research and development, which helps the company in maintaining its market position.
Other players operating in the embolization particle market are Cook, Merit Medical Systems, Guerbet, and several other embolization particle manufacturers.
Threat of New Entrants
The threat of new entrants is high in the global embolization particle market. There is continuous improvement and innovation in the interventional procedure industry. Also, many players in the existing market are focusing on developing more advanced products using embolization particles.
Any new player trying to enter in embolization particle market is required to meet the mandatory regulatory standards made by the regulatory bodies like quality system, safety & performance standards, and others. The new entrant faces huge competition with key players, establishing a brand name in the market, and creating consumer awareness about the product is relatively difficult for the new entrants. All the above factors are responsible for the high threat of new entrants into the market.
Bargaining Power of Suppliers
The bargaining power of suppliers in the embolization particle market is moderate. The number of buyers in the market and their knowledge about the product also influence the bargaining power of suppliers. There is a reasonable number of small and large raw material suppliers in the embolization particle market. The switching cost of these suppliers is also medium as the suppliers tend to enter into long term associations with the manufacturers. However, the Asia Pacific countries consist of a large number of suppliers that offer these components at a relatively less price. Moreover, the presence of a significant number of suppliers would cater to the needs of the manufacturers which will lead to intense competition between the existing suppliers which thereby keep the bargaining power of suppliers moderate.
Bargaining Power of Buyers
The bargaining power of buyers is low in the global embolization particle market, owing to the growing awareness initiatives in the market. The buyers of the embolization particles are hospitals and clinics, ambulatory centers, and other various organizations. These buyers have a low number of choices due to the low presence of embolization particle manufacturers in the market. Therefore, a low concentration of buyers and the low availability of embolization particles in the market. Also, the market is characterized by a higher availability of substitutes as the buying power is becoming more and more consolidated in the industry.
Threat of Substitutes
The threat of substitutes in the global embolization particle market is moderate. Any threat from a close substitute product is measured to have a high impact on the market. The threat of substitutes arises when the buyers or the customers in the market can accomplish the end-result using other similar products. Since many players who are already present in the market are focusing on new product development in the coming years.
Intensity of Rivalry
The degree of competition in the global embolization particle market is high. A wide range of specific products with product differentiation among existing players increases the intensity of rivalry in the market. Embolization particle manufacturing companies are trying to develop advanced products in cost-effective ways for various applications like oncology, peripheral cardiovascular disease, neurology, and others to compete in the market. Also, the players are engaged in developing process to lower their manufacturing cost. Moreover, the players are also developing advanced techniques for differentiating their product from their rivals. Hence, these factors encourage competition to gain maximum market share.
