Tracheostomy Products Market Overview
Tracheostomy products are proving extremely useful, especially in the treatment of COVID 19 patients. The Tracheostomy approach allows easier removal of secretions from the airway, which has been a leading cause of death in patients suffering from coronavirus. Also, in tracheostomy, less paralytic medication is involved, which allows patients to stay awake, move, and mobilize to maintain muscle strength.
Hence, tracheostomy products are widely adopted in the treatment of various respiratory disorders and, now, in the treatment of COVID 19 patients. Resultantly, the tracheostomy products market witness a constant rise in its size, globally. The increasing adoption of these products during the treatment of diseases related to breathing and coronavirus is projected to continue to drive the tracheostomy products in the preceding years.
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According to Market Research Future (MRFR), the global tracheostomy products industry is poised to reach a valuation of USD 203,080.97 MN by 2024, increasing at 3.50% CAGR over the forecast period (2019-2024). Rising prevalence of respiratory tract diseases, COPD, and lung cancer, and now, COVID 19 acts as a major growth driver for the market.
Additionally, factors such as favorable reimbursement policies, rising healthcare infrastructures, and increasing per capita healthcare expenses are expected to foster market growth. However, the shortage of tracheostomy products and product recall is projected to restrain its growth. Nevertheless, rising improvements in these products that show a reduced risk of infection spreading to healthcare workers would support the market growth throughout the analyzed period.
Also, most prominent medical institutions and surgical organizations recommend against tracheostomy products' uptake, especially during the early stages of treatments. This is because the more conventional, open tracheostomy often performed in the operating room poses a higher risk to healthcare workers due to their frequent exposure to secretions. Such skepticalnesses are also hampering the growth of the market, restricting the adoption of tracheostomy products.
Global Tracheostomy Products Market – Segments
The report is segmented into four dynamics: -
By Product Type: Tracheostomy Tubes, Cannula, Tracheostomy Clean & Care Kits, Accessories, and others.
By Material: Polyvinyl Chloride, Silicone, and others.
By End User: Hospitals & Clinics, Ambulatory Surgery Centers, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Tracheostomy Products Market – Regional Analysis
North America dominates the global tracheostomy products market. The largest market share attributes to the increasing government support for R&D required to develop tracheostomy products and the presence of major industry players in the region. Besides, the growing incidence of respiratory diseases and favorable reimbursement policies in the US and Canada foster the regional market growth. Additionally, the rising prevalence of COVID 19 in the region is increasing the size of the market.
Also, factors such as the huge COVID 19 patient population, well-developed healthcare sector, and high healthcare spending in the region positively impact the market growth. The North American tracheostomy products market is expected to continue holding the largest share in the global market throughout the assessment period.
The tracheostomy products market in the European region accounts for the second-largest share, globally. The market is exclusively driven by the rising cases of respiratory diseases and the growing geriatric population. Moreover, increasing numbers of Coronavirus patients in the region are influencing the growth of the market. Besides, increasing numbers of advanced healthcare infrastructure and the huge patient population suffering from various respiratory diseases boost the regional market growth.
Furthermore, the rising government support for the R&D activities in the life science domain and the presence of well-developed healthcare sectors in the region, alongside the increasing healthcare expenditures, drive the growth of the market. The European tracheostomy products market is expected to grow at an impressive CAGR over the foreseen period.
The Asia Pacific tracheostomy products market is gradually emerging as a promising market globally. Factors such as the significant advancements in biotechnology and the increasing government support for the R&D activities required for the development of tracheostomy products foster the regional market growth.
Also, rising per capita healthcare expenditures and rapidly increasing awareness about the advantages of these products in the treatment of respiratory diseases drive the growth in the regional market. The APAC tracheostomy products market is estimated to grow rapidly over the assessment period.
Tracheostomy Products Market – Competitive Analysis
Widely expanded, the tracheostomy products market appears highly competitive due to the presence of many well-established players. To sustain their positions, these players incorporate strategic initiatives such as collaboration, acquisition, expansion, and technology launch. The market is expected to witness fierce competition in the coming years due to the expected extensions in products & services. Industry players strive to develop unique devices with adept technology.
Tracheostomy Products Market Major Players:
Players leading the global tracheostomy products market include Troge Medical GmbH (Germany), Medtronic Plc (Ireland), Smiths Group PLC (United Kingdom), Cook (US), Teleflex Incorporated (US), Fisher & Paykel Healthcare Limited (New Zealand), Stening SRL (Argentina), Fuji Systems Corp (Japan), TRACOE Medical GmbH (Germany), and Henan Tuoren Medical Device Co., Ltd (China), and others.
Tracheostomy Products Industry/ Innovation/ Related News
April 6, 2020 ---- Physicians at NYU Langone Health (the US), announced the development of a novel tracheostomy approach that can improve patient care and reduce the risk of "super-spreading" procedures. The newer and safer approach to tracheostomy addresses two important challenges, such as improving care for COVID-19 patients, who require prolonged intubation & ventilator support, and reduce the spreading of infection to healthcare workers. NYU Langone Health chose early tracheostomy as it maximizes COVID-19 patient care.
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