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Medical Disposable Devices Sensors Market Witness High Competition
The global medical disposable devices sensors market is a technology driven market. In this market, technologies as well as their adoption by medical device manufacturing companies, patients, and clinicians changes rapidly. The market demands significant investments in R&D, in order to constantly come up with new innovative products and technologies. Through the development of new and innovative products, the players in the global disposable devices sensors market compete against each other in order to enhance their share in the market.
Acquisitions, followed by collaborations, partnerships, and agreements were the main growth strategies adopted by key players, in order to ensure their growth and expand their presence in the market. The strategy of acquisitions was mainly adopted by companies such as Covidien Plc. (Ireland), Measurement Specialties, Inc. (U.S.), and Given Imaging Ltd. (Israel). Companies adopted this strategy in order to expand their product portfolio and extend their geographic reach.
The overall disposable devices sensors market is very fragmented, with numerous small and mid-sized emerging players and a few major players. The degree of competiveness amongst these players is high. There are a limited number of big and strong companies and several small players in the market. Many new entrants are coming into the market, which is increasing the competition. At the same time, the existing players are focusing on increasing their product differentiation, to reduce the competition and maintain their market share.
The disposable devices sensors market has no clear market leader, as various segments have different leaders depending on their expertise and product offerings. Given Imaging (Israel) is the market leader in the capsule endoscopes market, followed by Olympus Corporation (Japan). Given Imaging was the first company to launch capsule endoscopes and enjoys the first mover advantage. The company has the largest installed customer base and till date, more than 1.5 million patients across the world have benefited by the company’s PillCam capsule endoscopy. It has a wide range of capsule endoscopes such as PillCam SB, PillCam ESO, and PillCam Patency. Furthermore, to widen its customer base, the company is engaged in developing new indications for its capsule endoscopy products.
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